CENNZX UI guide
CENNZX is a decentralised spot exchange for generic assets on CENNZnet. It’s built on the CENNZnet blockchain meaning all transactions are signed by CENNZnet accounts and permanently recorded on-chain. This provides CENNZnet users with a fast, secure and transparent exchange experience. CENNZX can be accessed from here.
You can use CENNX in 2 ways:
- As a liquidity provider.
- As a currency exchange user.
In this article, we will explain how to use the CENNZX UI (User Interface).
For an in-depth explanation of how CENNZX works, please refer to the CENNZX guide.
CENNZnet browser extension
To use CENNZX, you will need to install the CENNZnet browser extension. This is because all CENNZX transactions need to be signed by CENNZnet accounts, and this extension provides a secure way to do so.
Please refer to our CENNZnet browser extension user guide to set up and connect the CENNZnet extension.
Once you have successfully connected to the CENNZnet browser extension, you should see your accounts available both in the CENNZnet browser extension and in the “Choose account” drop-down (as shown in the image below).
To buy a currency:
- Choose your account
- Select the currency you’d like to buy by clicking on the button at the right of the Buy dropdown.
- Input the amount you’d like to buy
The estimated price will be shown in the With dropdown.
When you press exchange, you will be prompted to confirm the exchange and sign the transaction using the CENNZnet browser extension. Once you sign the transaction, the exchange request will go on the blockchain, and you will be notified by a popup window on CENNZX once it’s completed.
If you have an amount of currency you’d like to sell, you can input the amount into the “With” field. The estimated amount of another currency you’d get will be shown in the “Buy” field.
The Liquidity tab lets you add or withdraw liquidity. When you add to or withdraw from the liquidity pools, you will need to add or withdraw some amount of CPAY along with an equal amount of another asset, according to the current market rate. This is because the market rate is determined by the exchange.
To become a liquidity provider,
- Go to the Liquidity tab
- Choose the asset type by clicking on the icon at the right of the first dropdown
- Input the amount of asset to add to the liquidity pool.
An estimated amount of CPAY required will be shown in the second dropdown.
You can withdraw liquidity at any time. To withdraw, click on the button next to “Add liquidity” to turn it into “Withdraw liquidity.”
Slippage is the difference between the expected price and the actual price of a trade. This difference exists for spot exchanges because of price fluctuations.
By default, the slippage is 5%, which means if the trading price fluctuates outside 5%, then the transaction will not proceed. If you’d like to change the slippage amount, you can edit it in the Advanced settings.