How to Trade Assets on the Fusion Blockchain Using Quantum Swap
Quantum Swap is the groundbreaking technology developed by the Fusion Foundation which enables peer-to-peer trading of any and all assets issued or locked in on the Fusion blockchain. At the time of writing, the only Fusion Foundation verified assets are P-FSN and ERC-20 FSN. This however, is bound to change as more blockchains are added to Fusion’s interoperability solution. Due to the Fusion blockchain’s and Quantum Swap’s advanced features and flexibility the swap process might appear complex for first time users. Let this be as a step-by-step guide to help ease users into utilizing this revolutionary part of the Fusion platform while avoiding making any devastating mistakes.
At the end of this article there is a checklist that I recommend anyone who isnt completely sure about a swap to keep with them during every step of the Quantum Swap process in order to make sure no mistakes are made.
The first step is accessing the Quantum Swap platform, this is done from within MFW (www.myfusionwallet.com). Login using MFW credentials and open the Quantum Swap interface by hitting Swaps in the menu pictured in Figure 1. Remember that MFW is currently used for PSN, do NOT send ERC-20 FSN directly to the wallet but use the Asset Gateway.
You will be greeted by the Quantum Swap Marketplace as pictured in Figure 2. The marketplace lists all available swaps including all information needed to assertain wether or not a specific swap will match any or all parameters you are looking for.
At the top of the marketplace you see a menu containing “Open Makes” and “Open Takes”, Open Makes will take you to a page where only the swaps you have created are shown whereas Open Takes will display any private swaps sent directly to your address.
From here you have two options. You either find an existing swap matching all of your criteria in which case you should hit “Take Swap” to initiate the trading process. The other option, if you are unable to find a matching swap is to create your own by hitting “Make Swap”. We are going to start by focusing on the former.
So you find yourself on the Quantum Swap marketplace and looking to select a swap from the list to take. We use the swap pictured in Figure 3 as an example to quickly go over the different parameters of a swap.
- Time Initiated: Date and time when the swap was created.
- Send: Ticker symbol and amount of the asset you will send if taking the full swap. Green tick for Fusion Foundation verified assets.
- Receive: Ticker symbol and amount of the asset you will recieve if taking the full swap. Green tick for Fusion Foundation verified assets.
- Swap Rate: The amount of the asset you will send to recieve one unit of the asset under “Recieve”.
- Fill Size: Minimum increments of the asset you are able to fill the swap with.
Date interval under either of the assets? If you look at Figure 3 you might notice a date interval under recieve. This implies that there is a time-lock applied to the assets you will recieve. Time-lock essentially means that you will only recieve ownership of that asset for the specified duration. In this case the date displayed is Apr 18, 2020 — Apr 18, 2020 which means you will only recieve ownership for less than one day which most likely is a terrible deal so whenever there is time-lock involved in a swap you need to make sure you understand what it is that you are getting. For a more detailed description of “Time-Lock” I recommend you read the articles posted in Fusion’s zendesk
Green tick for Fusion Foundation verified assets? After both of the asset’s ticker symbols in Figure 3 you see a green tick. This green tick is very important as it implies that this specific asset has been verified by the Fusion Foundation which will be done for all of the major assets. Unless you are absolutely sure you know what you are doing you need to make sure that both assets of the swap has that green tick before you take it.
After you have located a swap that you want to take, just press the “Take Swap” button and the “Take Swap” page for that specific swap will be displayed, see figure 4. Here you can see all of the same parameters you saw on the swap list to make sure everything is correct. Next you choose “Fill Quantity” which equates to how many times the “Fill Size” you wish to swap with.
Triple check that the amounts are correct, the assets have green ticks where they are supposed to and the “Swap Rate” is what you are expecting, hit “Review Take Swap” which takes you to a new page, see figure 5. This is the final page before the swap is completed and you have one last chance to cancel the swap if the amounts or swap rate is incorrect. Take that chance, check everything again!
If everything is correct, hit “Take Swap” and after the next block has been validated on the chain you will have recieved your new assets in place of the old ones.
Congratulations, you have just completed your first swap on Quantum Swap!
Let’s say you are unable to find a suitable swap in the marketplace. Then you only have one option left, to create your own swap by hitting “Make Swap”.
The “Make Swap” page pictured in Figure 6. will be opened. This is where you customize your own swap by selecting all of the parameters discussed in the “Take Swap” section of this article. What assets you want to send and recieve, the swap rate, the send amount and the minimum number of fills.
Make sure that all assets have green ticks unless you are completely sure that the asset you are trading isnt supposed to have one.
If you wish that ownership of either asset should be for a limited duration you can set a “Time-Lock” here. Again, the time-lock you select is the duration of which the assets ownership will be transfered.
You may also choose to have the swap appear on the marketplace or if you just want to send it to a specific address with the “Access” option.
When you are happy with every parameter of the swap you hit “Review Make Swap” for one last confirmation of the most important parameters as pictured by Figure 7. Triple check sending and recieving amounts, green ticks and swap rate before you hit “Make Swap”!
Your newly created swap will appear in the marketplace after the next block has been validated and you just have to wait for someone to fill it. If you want to cancel a swap you hit the “Recall Swap” button that will be displayed to the right of all swaps created by you.
Checklist for a safe Quantum Swap experience:
[ ] — All assets of the swap have the correct ticker symbols.
[ ] — All assets have green ticks unless I am 100% sure they shouldnt have them
[ ] — Swap rate is correct. (easy to make a mistake if it’s inverted)
[ ] — There is no date intervals displayed by the assets of the swap unless I am 100% sure I want to send/recieve a specific duration of ownership and not the complete asset.
[ ] — I have double and triple checked the above four points.
If this guide somehow helped you and you wish to show your gratitude, feel free to do so with som eth/fsn or whatever you want to:
Donations: 0xFaFCd500C32D28d0614052E1742d150e070bDa7d [FSN/ETH]
Even if you dont, the fact that you read all of it makes it all worth it. ❤