What is the Verse DEX?
The Verse DEX, available at verse.bitcoin.com, is a full-featured decentralized exchange. It is a key component of the Bitcoin.com/Verse ecosystem, providing anyone in the world with a secure way to permissionlessly swap cryptocurrencies without having to rely on third-party custodians. You can also earn yield by providing liquidity to the Verse DEX. More information about VERSE token is available at getverse.com.
How to connect to Verse DEX
Connect to your favorite Web3 wallet, including the Bitcoin.com Wallet (via WalletConnect). Here’s how:
On mobile
Go to Verse.bitcoin.com and select “Connect Wallet.”
Choose WalletConnect as the connection method, and select Bitcoin.com Wallet.
In the Bitcoin.com Wallet, approve the connection request.
On desktop
Go to verse.bitcoin.com and select “Connect Wallet.”
Choose WalletConnect as the connection method. This will display a QR code.
Open the Bitcoin.com Wallet app, select the scanner icon, and scan the QR code that’s displayed on your desktop.
Tap “CONNECT” in your Bitcoin.com Wallet app to confirm the connection.
You can also use the Verse DEX with MetaMask. Here’s a complete guide for getting set up with Metamask, and here’s how the DEX looks on desktop with MetaMask:
How to swap on Ethereum
On mobile
Make sure your wallet is connected to the Verse DEX (verse.bitcoin.com) (see above for how to connect).
Check to make sure the details of the swap are ok. You can get extra information by tapping the “Show swap details” blue text above the “Swap Preview” button. This will show you things such as the Exchange Path, Exchange Fee, and Slippage tolerance.
Finally, start the swap process by tapping the “Swap Preview” button.
Approve the swap in the Bitcoin.com Wallet.
You’re done! You’ll receive the swapped asset in your Bitcoin.com Wallet when the transaction has been processed on the Ethereum blockchain.
On desktop
Make sure your wallet is connected to the Verse DEX (verse.bitcoin.com) (see above for how to connect).
On Verse.bitcoin.com, create your swap transaction and select “Swap Preview”.
Confirm the transaction in your Bitcoin.com Wallet app.
You’re done! You’ll receive the swapped asset in your Bitcoin.com Wallet when the transaction has been processed on the Ethereum blockchain.
How to contribute to liquidity pools and earn yield
You can provide liquidity to the Verse DEX by depositing assets into liquidity pools. You’ll earn yield in the form of the fees paid by people who trade the pair. The APY for each pool is displayed in the Analytics tab (see “Monitor analytics” below).
Here is how it works:
In the “Pools” tab, select the pool you’d like to add liquidity to and select “Add.”
Enter the amount you’d like to deposit. Note that you’ll need to deposit equal amounts of both assets into the liquidity pool.
Select “Unlock and Transfer Funds.”
Confirm the transaction in your wallet.
You’re done! You’ll now earn a share of all the fees generated in your pool.
You can track your rewards in the “Pools” tab and withdraw your liquidity + rewards whenever you want.
How to use Verse Farms
The following instructions are for using the VERSE-ETH Farm. You can adapt these instructions for other farms. For basic instructions on how to use the Verse DEX (how to connect your wallet, etc.), please see this guide. For more information on Verse Farms, please see the Verse Farms FAQ.
If you already have VERSE-X (VERSE/ETH) LP tokens:
Connect your wallet to Verse DEX.
Go to https://verse.bitcoin.com/farms and deposit your VERSE-X (VERSE/ETH) LP into the VERSE-ETH Farm. You’re done!
If you DON’T have VERSE-X (VERSE/ETH) LP tokens:
Connect your wallet to Verse DEX.
Go to verse.bitcoin.com/pools and deposit VERSE and ETH into the VERSE-ETH Liquidity Pool. You will receive VERSE-X (VERSE/ETH) LP tokens. These represent your deposits in the VERSE-ETH pool.
Go to https://verse.bitcoin.com/farms and deposit your VERSE-X (VERSE/ETH) LP into the VERSE-ETH Farm. You’re done!
To withdraw and claim rewards:
Connect the same wallet above wallet to Verse DEX.
On https://verse.bitcoin.com/farms click view on the Farm you want to withdraw and claim rewards from.
Select Withdraw Farm Deposit.
Enter MAX as the amount to be withdrawn and press Confirm Withdraw.
Follow the approval requests in your wallet. You're done!
To claim rewards:
Connect the same wallet above wallet to Verse DEX.
On https://verse.bitcoin.com/farms click view on the Farm you want to claim rewards from.
Click on “Claim Rewards” and follow the instructions on screen to complete your claim.
Alternatively, you may wish to withdraw all the deposited LP tokens from the farm, and you will automatically receive any unclaimed rewards.
To withdraw:
Connect the same wallet above to the Verse DEX.
Go to https://verse.bitcoin.com/farms and click view on the Farm you’d like to withdraw from (eg. ETH-VERSE).
Click “Withdraw,” then enter the amount of LP tokens you’d like to withdraw. If you withdraw the full amount, you will automatically receive any unclaimed rewards.
You may optionally withdraw your VERSE and ETH tokens from the VERSE-ETH pool at verse.bitcoin.com/pools.
How to stake VERSE
Here's how to stake VERSE using the Bitcoin.com Wallet:
In your mobile browser, head over to https://verse.bitcoin.com/staking/ and connect your Wallet.
Hit the Stake VERSE button, enter the amount to stake, then press Confirm Deposit.
Confirm the transaction in your Bitcoin.com Wallet and you’re done!
Staking rewards will accrue automatically and you can withdraw at any time without penalty.
For more information about VERSE Staking, please see this article.
How to look at DEX analytics
This is a dashboard for viewing DEX statistics such as APY, total liquidity, volume, and the most popular trading pairs.
On mobile
Tap the 3 dot (meatballs) menu button in the top right corner of the DApp, and tap “Analytics.”
This will take you to the Dashboard, which shows an overview of the Exchange’s liquidity, volume, top liquidity pairs, and top tokens. Scroll down to see all of these categories.
You can get more detail on liquidity pairs and tokens by clicking on the Pair or Token name. For example, tapping on “VERSE-WETH” reveals information such as fees generated, number of transactions, and average trade size in the last 24 hours.
On desktop
Go to verse.bitcoin.com and click on the “Analytics” tab.
This will take you to the Dashboard, which shows an overview of the Exchange’s liquidity, volume, top liquidity pairs, and top tokens. Scroll down to see all of these categories.
You can get more detail on liquidity pairs and tokens by clicking on the Pair or Token name. For example, tapping on “VERSE-WETH” reveals information such as fees generated, number of transactions, and average trade size in the last 24 hours.
How to do cross chain swaps
You can toggle between CEX and DEX modes, and the CEX (centralized exchange) enables cross-chain low fee swaps of popular coins on blockchain networks that aren’t yet supported by the DEX. Cross-chain swaps are facilitated by our partners Sideshift and Changenow.
Here’s how it works:
From the network drop-down menu, select “Centralized” then “Connect wallets.”
Choose a connection method. If you’ve already created a Bitcoin.com account, you can sign in with Apple or Google. You can also sign in to your Bitcoin.com Wallet with WalletConnect or, separately, choose to connect to your Ethereum wallets via MetaMask.
Once connected, your Wallet’s assets will be shown in the Verse dashboard.
Select the assets to swap, then select “Swap Preview.” This will display a QR code for a wallet address and requested amount of cryptocurrency.
Scan the code in your Bitcoin.com Wallet and confirm the transaction.
You’re done! You’ll receive the swapped asset in your Bitcoin.com Wallet once the transaction has been processed.
How to trade on smartBCH
Verse DEX enables permissionless trading on smartBCH, the Bitcoin Cash sidechain. For this, we recommend interacting with the Verse DEX via MetaMask. Here’s a complete guide for getting set up with Metamask.
Getting set up on smartBCH
To use the Verse DEX on smartBCH you’ll need to add smartBCH to your web3 wallet. While the VerseDEX will soon be integrated directly to the Bitcoin.com Wallet, for now we recommend trading on the Verse DEX using MetaMask.
Here’s how to set it up:
Adding smartBCH RPC to MetaMask
Add smartBCH network to MetaMask
Go to your MetaMask wallet.
Go to settings -> Networks -> Add Network**> Network Name:** SmartBCH**>RPC URL:** https://smartbch.fountainhead.cash/mainnet or https://smartbch.greyh.at (either of the two)>Chain ID: 10000**>Currency Symbol**: BCH**>Block Explorer URL:** https://www.smartscan.cash
2. You now have a wallet on the smartBCH network. This address can be used to send/receive SBCH
Benefits of funding liquidity
Supports the growth of the Bitcoin.com Verse ecosystem.
Allows you to earn a proportional share of the fees generated on the trading pair you’ve funded. Specifically, 0.25% of trading volume is paid out to liquidity providers (LPs). This means that if you were the only liquidity provider to the VERSE/ETH pool, and the pool did $100,000 in volume, you would earn $250 in fees. If you and one other person each provided 50% of the liquidity to the VERSE/ETH pool, and the pool did $100,000 in volume, you would each earn $125 in fees, and so on. You can track your LP position in the pools tab of the Verse DEX (verse.bitcoin.com) to see how much you have earned. Third-party DeFi tools including Debank will also show you your LP positions.
Eligibility for bonus incentives, including upcoming Farm Rewards which will require you to stake your LP position to earn even more VERSE. Coming very soon!
What is Impermanent loss?
Impermanent Loss (IL) refers to the unrealized opportunity cost that happens when, between the time you deposit tokens in a liquidity pool and the time you withdraw them, the price of one token in the pool changes relative to its pair. It’s an unrealized opportunity cost - ie. not a real loss - for two reasons. First, because it is measured against what the value of your deposited assets would have been had you simply held them (ie. had you not deposited them in the pool). This means that it’s entirely possible for the dollar value of your liquidity pool tokens to increase while you are still in an IL position. Second, it is unrealized, or impermanent, because the relative value of the tokens in the pool can return to the same ratio as when you deposited them. In other words, as long as you don’t withdraw your liquidity from the pool when the ratio is out of balance, your loss will not be realized.
So why do people still provide liquidity to DEXs if they’re exposed to potential losses? It’s because the yield that is paid out to liquidity providers has the potential to more than offset the risks associated with IL. In the case of the Verse DEX, as described above, yield for liquidity providers is a proportional share of 0.25% of the trading volume for the pair. In many cases, there is also the opportunity to stake liquidity pool tokens in exchange for additional rewards, which is known as yield farming — and for VERSE, Farm Rewards will be coming very soon!