🪙Tokens
Last updated
Last updated
Trading tokens is straight forward and easy! Use the buyToken and sellToken endpoints to buy and sell tokens, respectively. The below diagram illustrates the pricing of tokens in DumpEX.
Each token initially starts trading at 1.5 ETH*.** The per token price decreases by 0.000001 ETH per block, so approximately 0.043 ETH per day. Every time sombody buys tokens, the token price goes up by 0.0001 ETH.
Check the token inventory Identify that DumpEX has the tokens in inventory that you want to buy by inspecting the contract page using a block explorer. You can find the contract address on the DumpEX "Advanced Mode" page. Note the amount of tokens you want to buy. Please note that you will need to add the decimals to the amount as well (e.g. 1 x 18 decimal token means 1000000000000000000 units). You can use the Etherscan unit converter to easily check the correct amounts.
Check the total purchase price
Using the getTokenNetBuyPrice, enter the token address and the amount you want to buy and click query. The function returns the price you will need to pay in wei. Copy down the price.
Buy the token
Enter the purchase details into the "buyToken" function. payable value is the price you pay in wei, paste it here. tokenAddress is the address of the token you are buying, paste it here. amount is the amount of tokens you are buying, including the decimals, enter it here. Once all the values are in place, hit "Send".
Confirm the transaction Confirm the transaction in your wallet and you are happy owner of new tokens!
There is a 3% (min. 0.0001 ETH*) protocol fee for buying tokens. Using block explorers, you can use the getTokenBuyPrice function to get the token price before fees and calculate the protocol fee by entering the purchase price to the getProtocolFee function. The getTokenNetBuyPrice function returns the total price, including protocol fees, of a given token.
(Optional) Check the price
You can check the price you can get for your tokens by calling the getTokenSellPrice function . Just enter the tokenAddress and the amount you are selling and click "Read".
Approve the token for trading
Open the block explorer of a given chain and head to the token's contract to approve it for trading on DumpEX. Go to the write tab of the token (you can find the token contract by pasting in the token contract address to block explorer) and find the approve function. Enter the amount of tokens you want to sell in the value field and paste the DumpEX contract address (found on the "Advanced Mode" page on DumpEX) in the spender field. Hit write and approve the transaction.
Sell the token
Use the sellToken function: Fill in tokenAddress and enter the amount of tokens you want to sell (including decimals) in the amount field. Hit write and approve the transaction. The ether will be sent to your account.
There are no fees for selling tokens.
** Or its equivalent on chains that do not use ETH as gas * Applicable to 18 decimal tokens