Wave 3 of the Linea Defi Voyage on Intract
Embark on the Linea DeFi Voyage: Unleash the Power of Token Swapping
The Wave of the EPIC Linea Defi Voyage is live on Intract.
Guide
FAQ Core task 1: Swapping ETH for Supported Tokens on Linea's DEX
FAQ Bonus Task 1: Using an Aggregator for Token Swaps on Linea
FAQ Bonus Tasks 2 and 3: Advanced Swapping Challenges on Linea
Navigating the Web3 Ecosystem: The Essential Role of Token Swaps in DeFi
In the dynamic landscape of decentralized finance (DeFi), token swaps stand as a crucial bridge, connecting a multitude of web3 ventures and DeFi platforms. Each token, a distinct piece in this vast digital puzzle, unlocks a world of possibilities—from protocol access and service discounts to unique utilities. However, these tokens aren't typically accessible via direct fiat transactions. Instead, major cryptocurrencies like ETH serve as the gateway, allowing for the exchange of a variety of other digital assets.
The process of token swapping, especially on Layer 1 (L1) blockchains, can often be sluggish. This is where Layer 2 (L2) solutions like Linea make a groundbreaking difference. Designed for speed and cost-effectiveness, Linea enhances the token-swapping experience, enabling swift transactions at a fraction of the cost.
Engaging in token swaps on Linea involves the use of a decentralized exchange (DEX). This platform, grounded in the principles of decentralization, employs smart contracts on a blockchain to facilitate token exchanges. Users, through their web3 wallets, can seamlessly initiate and approve trades, maintaining full control over their assets throughout the process.
Streamlining the Fundamentals of Token Swapping in Web3
In the web3 world, liquidity pools are essential for token swaps, acting as reservoirs for different tokens. To swap Token X for Token Y, one uses an X/Y liquidity pool. You deposit Token X and receive an equivalent value of Token Y, with the exchange rate fluctuating based on market dynamics.
Automated market makers (AMMs) are crucial, using liquidity pools to facilitate trades and set rules for pool interactions. Aggregators enhance this system by sourcing liquidity from various decentralized exchanges (DEXs) to offer optimal trade rates. Innovations like ve(3,3) DEXs are emerging to balance incentives among liquidity providers, token holders, DEXs, and users, further refining the swapping process.
Understanding and Mitigating Risks in Token Swapping
Engaging in token swapping within the web3 landscape requires a careful approach to managing inherent risks.
One key risk is slippage, which occurs when there's a discrepancy between the expected price of a token swap and the actual execution price. This often happens in conditions of low liquidity, leading to less favorable trade outcomes or receiving fewer tokens than anticipated.
Liquidity risk is another concern. This arises when you acquire a token that becomes difficult to trade due to limited demand within the network. Furthermore, the potential for bugs in smart contracts poses a significant risk, as they can either lock your funds indefinitely or create vulnerabilities for hacking and fund theft.
To safeguard against these risks, one effective strategy is to set a slippage tolerance for your transactions. For instance, you can configure your swap to abort if the anticipated price drop (slippage) exceeds 0.1%. This precaution helps in maintaining control over the terms of your token exchanges.
FAQ Core task 1: Swapping ETH for Supported Tokens on Linea's DEX Ecosystem
What is the core task for interacting with Linea's DEX ecosystem?
The core task involves swapping at least $25 worth of ETH for any of the supported tokens using a DEX available on Linea.
How many experience points (XP) can I earn by completing this task?
You can earn 150XP upon successfully completing this task.
Can I use any DEX on Linea for this task?
No. You are free to use any of the decentralized exchanges (DEXs) that are listed for this task. See the list inside the task description.
What tokens can I swap my ETH for?
There is a specific list of supported tokens available for swapping with ETH. Please refer to the provided list to choose your preferred token.
ETH
USDC
USDT
WBTC
DAI
BUSD
BNB
agEUR
KNC
MATIC
CAKE
AVAX
NABOX
APE
LINK
LDO
HAPI
PEPE
XFIT
IZI
HZN
LEET
ECP
wstETH
STONE
USD+
USDT
What is the source token for this swap?
The source token has to be ETH.
Are cross-chain swaps valid?
Cross-chain swaps such as WeTH from Arb To USDC on Linea are NOT considered valid. Also Eth to wEth or wEth to Eth is NOT considered.
Do I have to swap $25 in one go?
Yes.
Is the $25 amount pre-slippage or post-slippage?
The amount is post-slippage.
Can I claim XPs during the entire duration of Linea Voyage?
Yes. If you’ve completed the transaction you can claim XPs during the duration of the Voyage.
What is the chain for this swap task?
Linea only.
FAQ Bonus Task 1 - Using an Aggregator for Token Swaps on Linea
What is Bonus Task 1 in the Linea Swap wave?
Bonus Task 1 involves using an aggregator to swap a minimum of $25 from any token to another token of your choice.
How many experience points (XP) will I earn for completing this task?
Completing this bonus task will reward you with 40XP.
What is the purpose of using an aggregator in this task?
Aggregators in the Linea ecosystem are designed to enhance efficiency in your daily DeFi trading activities.
How do I choose an aggregator for this task?
You can select an aggregator from a list provided in the Linea ecosystem specifically for this task.
Can I swap any supported token to any supported token?
Yes. You can choose to swap any supported token you want.
Is the $25 swap amount pre-slippage or post-slippage?
Post-slippage.
What is the chain for this swap task?
Linea only.
What is the list of partners for Bonus task 1?
Here is the list of partners:
FAQ: Completing Bonus Tasks 2 and 3 - Advanced Swapping Challenges on Linea
Bonus Task 2 FAQs: Execute more than 20 swaps in total, each with a minimum value of $5
What does Bonus Task 2 involve in the Linea ecosystem?
Bonus Task 2 requires you to execute more than 20 swaps, each with a minimum value of $5, during the token swaps wave.
How many XP can I earn by completing Bonus Task 2?
Successfully completing this task will earn you 60XP.
Can I perform these swaps on any DEX within Linea?
No. You are free to use any of the decentralized exchanges (DEXs) that are listed for this task. See the list inside the task description.
Where can I find a list of DEX partners for this task?
A list of DEX partners can be found here.
Is the $5 swap pre-slippage or post-slippage?
$5 is the minimum amount that you need to swap. Post-slippage only.
What is the chain for this swap task?
Linea only.
What if I completed the above 2 swaps? (core task swap & bonus task swap) Would I need to then complete only 18 more swaps for Bonus task 2?
Yes. If you have completed 2 swaps you will need only complete 18 more swaps to complete this task.
Can I verify one swap at a time?
No. You have to complete all the 20 swaps and then verify the task. Verification will only succeed if you have done all 20 swaps.
Bonus Task 3 FAQs: Swap more than $1000 in total volume across multiple DEXs.
What is required to complete Bonus Task 3?
Bonus Task 3 involves swapping a total volume of more than $1000 across multiple DEXs during the token swaps wave.
How much XP will I receive for completing Bonus Task 3?
Completing this task will reward you with 60XP.
Can I use different DEXs to achieve the $1000 total volume?
Absolutely, you are encouraged to try various DEXs on Linea to reach the $1000 total volume requirement.
Are aggregators included in the completion of Bonus Task 3?
Yes, you can use aggregators as part of this bonus task to meet your swapping volume target.
Will the $25 swap from the core task be counted towards the $1000 task?
Yes. The $25 swap (Core task) and the 20 swaps ($5 minimum) will be counted towards the $1000 task (Bonus task 3).
Is the total $1000 amount pre-slippage or post-slippage?
The amount is post-slippage.
What is the chain for this swap task?
Linea only.
Is there a minimum amount for the $1000 swap task? Can I swap any amount if the total is reaching to be $1000?
Yes. You can swap any amount provided the total swap amount is reaching $1000 post-slippage.
Do I have to choose ALL apps when verifying $1000 volume?
Yes. All apps that contributed to 1000$ volume - some apps may have also been used for previous task verification. Choose them again here to reverify (no need to redo transactions)
FAQ: Completing Bonus Task 4 - Swapping ETH for RWA or LST on Linea
What is the objective of Bonus Task 4 in the Linea ecosystem?
Bonus Task 4 involves swapping a minimum of $25 worth of ETH into either a Real-World Asset (RWA) or a Linea Security Token (LST).
How many experience points (XP) can I earn for this task?
Successfully completing this task will reward you with 40XP.
What are the asset classes involved in this bonus task?
This task focuses on trading ETH for RWAs and LSTs, two distinct types of asset classes.
Can I perform this swap on any DEX within Linea?
No. See the list of supported DEXs inside the task description.
What is the source token for this task?
The source token has to be ETH.
What specific assets are eligible for this task?
You can trade your ETH to wstETH, STONE, USD+, USDT+, and wUSK.
What if I made a swap earlier in the core task? Will that be valid here?
Yes. The swap made earlier will be valid (provided the swap was done during the duration of this wave). You will however need to verify it again.
Is the $25 amount pre-slippage or post-slippage?
The amount is post-slippage.
What is the chain for this swap task?
Linea only.
FAQ: Completing Bonus Task 5 - Reviewing a DEX on DappSheriff
What is Bonus Task 5 about in the Linea ecosystem?
Bonus Task 5 involves writing a review on DappSheriff about your favorite decentralized exchange (DEX) that you've used on Linea.
How much XP can I earn by completing this task?
Completing this bonus task will earn you 20XP.
What should the review focus on?
Your review should detail your experience with the DEX, including aspects you liked and the reasons for your preference.
PS: You need not mint an NFT after submitting a review.
Are there any specific requirements for the review?
You should review at least one DEX or dApp that you've interacted with during the token swaps wave on Linea.
hey, i made wave3 core task on linea, rewards claimed, but still have core task marked as 0/1 finished. please review it, maybe its bug on my account or maybe everyone have it, please help
Hello, i made wave3 core task on linea, rewards claimed, but still have core task marked as 0/1 finished. please review it, maybe its bug on my account or maybe everyone have it. Could someone answer me because I'm worried?