Saffron x DinoSwap Tutorial
Helping onboard the Saffron community into the Polygon Network
As a result of a successful governance proposal several months ago, Saffron Finance is proud to start showing the fruits of our labor by announcing our partnership with DinoSwap — the premiere DeFi platform on the Polygon Network. As of this writing it boasts over $450 million dollars in TVL.
This feature-robust decentralized exchange has a lot to unpack here, so I figured a brief tutorial was in order.
Today, we’ll show you how to join the Polygon Network through Metamask, transfer your ERC-20 tokens to the Polygon Network, and use DinoSwap.
Let’s get started.
Step 1. Add Polygon Network (MATIC) to your Metamask
First you’ll want to open your Metamask and click the “Ethereum Mainnet” button at the top, (which your wallet should default to). This will open up a dropdown menu of different networks that you can connect to. There are only a few default options that come with Metamask and the Polygon/Matic Network isn’t one of them. To fix this we’ll have to go down to “Add Custom RPC” and fill in the following details.
Alternatively, simply going on DinoSwap’s website will also prompt you to add the Polygon Network automatically and saving you the hassle — but knowing how to add your own custom RPCs is a good practice to learn.
Regardless of the method, you can now easily switch back and forth between the Ethereum Network and the Polygon Network.
Step 2: Transferring Tokens to Polygon Network
Now, Polygon and Ethereum are two separate networks and are treated as two different ecosystems — even though you may own an asset like SFI in Ethereum, you do not own it in another network. To get around this, you can send tokens in between networks provided there is a working bridge.
For example, we have some MATIC in our Ethereum wallet, but we’ll need it on its native network to be able to actually utilize it. In order to transact on the Polygon Network we’re going to need to bridge it over.
We’ll head to https://wallet.matic.network/ and click the “Move Funds from Ethereum to Polygon” button. You’ll find this to be a familiar screen if you’ve used other decentralized exchanges like SushiSwap — simply select the ERC-20 assets that you’d like to transfer and pay the gas fees.
Note that this process can take up to several minutes depending on network congestion. We’ll also be doing this for SFI (you’ll have to search for Spice on the dropdown) and ETH to bridge both assets to the Polygon Network.
An easy way to tell if you’ve got the right token is if the SFI balance and the Spice balance are the same.
After a few minutes all of our tokens have successfully been transferred to the Polygon Network, and we can start looking into using DinoSwap itself.
Step 3: Utilizing DinoSwap
As stated earlier, DinoSwap offers a wide range of DeFi products and while it’s exciting for the power user, it can be overwhelming for newcomers. However if you have some familiarity with other DEXs like Uniswap and SushiSwap, you can begin to see the parallels. Let’s take a quick look at two of the products on offer today that may interest Saffron users the most:
Fossil Farms
Here — just like in Uniswap — users are able to create a WETH-SFI liquidity pairing and stake those LP tokens. Newcomers might want to educate themselves on the risks of impermanent loss before diving headfirst into providing liquidity though, and we have a special video that might help new users make an informed decision.
The fundamental difference between DinoSwap and other DEXs is that by staking your LP you are able to earn DINO — DinoSwap’s native token. You can then stake your DINO to earn other tokens that have partnered with the DinoSwap platform. This segways perfectly into another product that I think our community will be extremely interested in:
Jurassic Pools
In addition to narrowly avoiding copyright infringement, these staking pools allow you to stake your own DINO at accelerated yield to earn other tokens that have partnered with DinoSwap. Thanks to our partnership with this emerging DeFi platform, we’re excited to announce that DinoSwap users can stake their DINO and earn — you guessed it — SFI. Pretty nifty, right? Check out some of the accelerated yield it offers:
These are far from the only features that DinoSwap has — you can also use the Paleo Bridge to bridge assets from Ethereum to Polygon and use the Exchange tab to trade tokens on the Polygon Network. With a large variety of features and options, DinoSwap is shaping up to be one of the biggest DeFi players for the Polygon network.
This is just scratching the surface of the features that DinoSwap has and there’s plenty more to dive in here and learn about — I encourage you all to check out their community and white paper.
Community resources
Web3 app: https://saffron.finance
Telegram: https://t.me/saffronfinance
Discord: https://discord.gg/pDXpXKY
Twitter: https://twitter.com/saffronfinance_
Github: https://github.com/saffron-finance/saffron
