What is Yield Echange?
Yield EXC is a decentralized Ethereum Token Exchange
What is a decentralized exchange?
A decentralized exchange is an exchange that doesn't rely on a centralized party to store user's funds and facilitate trades.
In Yield Echange's case, funds are stored in a smart contract hosted on the Ethereum network.
Trades also occur directly between users using the same smart contract.
How do I create an account?
If you have an Ethereum wallet, you already have an account!
Simply link your Ethereum wallet using either MetaMask, Ledger, or importing your account directly using the dropdown in the top right of the trading view.
How do I deposit funds?
After you've selected an account, depositing funds is easy! In the Deposit/Withdraw/Transfer window in the top left, select Deposit, then select the amount of either Ethereum or tokens you would like to deposit. You will then be asked to sign or accept the transaction. Once the transaction has been sent, your funds are deposited securely into the smart contract on the Ethereum network. Then, you'll be able to trade on Yield Echange with those funds!
For an example using MetaMask, watch the gif below.
How do I withdraw funds?
The withdrawal process is very similar to the deposit process. In the Deposit/Withdraw/Transfer window in the top left, select Withdraw, then select the amount of either Ethereum or tokens you would like to withdraw into the connected Ethereum account. You will then be asked to sign or accept the transaction. Once the transaction has been sent, your funds are withdrawn securely into your Ethereum account.
For an example using MetaMask, watch the gif below.
How long does it take to withdraw or deposit funds?
As Yield Echange depends on a smart contract hosted on the Ethereum network, the speed of transactions depends entirely on the speed of the Ethereum network. If you would like deposits, withdrawals, trades, or orders to be processed faster, you can increase the gas price for your transactions. Under normal loads, with a normal gas price, deposits and withdrawals shouldn't take longer than 5 minutes. However, when the Ethereum network is clogged, transactions could be delayed.
For informatino on the current state of the Ethereum network, please go to EthGasStation
How do I place an order?
After funds have been placed in the smart contract, you are ready to place or take an order. If you would like to create a buy or sell order instead of taking an order that already exists, first, find the New Order section. Then, select either buy or sell and enter in the token amount you would like to buy or sell, the price, the expiration time, and hit Buy/Sell. You will then be prompted to sign the transaction, so that it can be sent to the order book. Once a taker for your order has been found, Yield Echange will use that signed order to execute a trade using the smart contract on the Ethereum network.
Where are the market orders?
Yield Echange does not currently have market orders, but it is something that we are working on. For updates on our progress on market orders, please take a look at this GitHub issue
We recommend specifying and taking existing orders to replicate a similar functionality to a market order.
How do I take an order?
To take an existing order, simply click on the order you would like to take in the Order Book. You will be prompted with a window asking you to specify the amount you would like to take. After you hit the accompanying Buy or Sell button, you will then be prompted to sign the transaction, so that your trade can be sent to the smart contract. Yield Echange will give you a transaction ID and a link. You can track your trade status by either clicking the link, or copying the transaction ID and searching it on EtherScan.
Trades don't always show up immediately on EtherScan and the speed of the transaction depends on the Ethereum network's congestion and your set gas price.
How do I cancel an order?
To cancel an order, take a look at the My Transactions section and click the Orders tab. Your active orders will be listed there with a link to cancel them. You will be asked to sign a transaction in order to cancel the order.
For an example using Metamask, watch the gif below:
What fees are associated?
There are two trading fees while using the Yield Echange platform. The first is the small Ethereum fee for signing transactions to the Ethereum network. The second is a 0.3% fee on execution of orders.
Where are the trading fees going?
The fee for signing transactions on the Ethereum network goes directly to the miners on the network.
As we are currently using EtherDelta's smart contract, the 0.3% fee is going to the EtherDelta team as specified in their smart contract. We hope to change this in the future, but would like to make sure we keep the necessary volume on this exchange.
If you are interested in supporting the Yield Echange project, please consider donating.
How do I get my token listed on Yield Echange?
Please contact us to request a token to be listed. Our current listing time is 1 week and we do respond within 24 hours.
More information on the token listing process is available here
How do I change the default gas price?
To change the default gas price, simply click the drop down in the top right of Yield Echange (where you previously set up your account), and click "Gas Price" at the bottom of that menu. Then, you can set your gas price using the Gwei denomination.
How do I use a Ledger directly with Yield Echange?
First, you need to make sure that browser support and contract support are enabled on your Ledger. To do so, navigate to the Ethereum app on your Ledger, go into settings, and enable both browser support and contract support. Then, make sure your Ledger is connected to your computer and navigate to Yield Echange. Your Ledger address will appear in the account dropdown automatically, with a green "Ledger" box next to it. When you deposit, withdraw, place an order, or trade, you will have to approve the transaction on your Ledger.