The full guide to Balansol - The Balancer on Solana
Balansol allows users to earn a yield from trades by trading supported tokens against one another, creating liquidity pools, or investing in pre-existing pools. Read this guide to learn how to swap and create a new pool on Balansol!
Balansol is a cryptocurrency platform with two faces: an exchange for traders and an investment fund for liquidity providers. Liquidity providers want to own a piece of a Balancer crypto pool because they believe the weighted balance and fees associated with holding assets in the pool will be more profitable than holding assets outside Balancer. Traders are simply looking for the best exchange rates for tokens.
In this blog, we'll show you step-by-step instructions on how to use Balansol - The Balancer on Solana for exchanging tokens and depositing them into the Balansol pool. One more highlight is the guideline for creating your pool on Balansol. Let’s get started!
How to swap on Balansol
This guide will walk you through trading SNTR for USDC on Balansol.
Step 1: Go to Sen Store and install Balansol
Once you open Balansol, you will see the screen as shown below:
Step 2: Enter your type of tokens
Enter the type of token you want to swap on the Swap tab. You can enter the token's symbol, name, or address. Choose which cryptocurrency you want to trade from the dropdown list of available tokens.
Step 3: Enter the amount
After you are happy with your selected tokens, as you begin to enter the "token to trade" amount, Balansol will provide you with the best possible route after it filters through applicable pools containing the tokens requested. Click “Review” when you are done!
Note: The larger the trade, the more liquidity is needed to fill your order, which increases the risk of slippage. Prices can fluctuate when there aren't enough buyers or sellers to meet demand, resulting in your order being executed at a different price than you intended.
You will be notified if the price impact is currently high; click on the check box if you accept the effects and start to swap.
When you’re done, click “Swap” and that's it! USDC will be deposited onto your wallet address once the transaction is completed.
How to deposit on Balansol
Step 1: Select your pool
On the menu tab, switch to “Pools” and find your favorite pool.
Step 2: Starting your “Deposit”
When you find the pool you want to invest in, click “Deposit”.
Step 3: Enter the amount
Now you need to fill in the amount of the assets that you want to deposit.
When you’re done, click “Deposit”. That's all! USDC and SOL will be deposited once the transaction is completed.
How to create a new pool on Balansol
Step 1: Click the “New Pool” button to build your pool.
Step 2: Enter the percentage of the pool
You can enter any numbers in the weights field, though it's easiest to type the percentages simply. The input values will be converted to percentages and then denormalized to pass to the contract factory.
Step 3: Add liquidity
In our case, now you need to add the amount of SNTR and USDC that you want to put into the pool.
Step 4: Confirm
In this step, you can recheck all the information about your pool, including
- Token: The token
- Weight: The percentage of tokens in the pool
- Amount: Total amount of the tokens
- Value: The total value of the tokens in the pool
When you’re done with your recheck, click on “Confirm” and your pool will be created.
Your pool is ready to go, and you can seek it on the “Pools” tab.
About Sentre Protocol
Sentre Protocol is a DApp Store for All Things Solana where:
- Users can install and use their favorite DApps on a single platform;
- Developers and partners can deliver their DApps through Sen Store, fully use available resources and contribute to the platform with no restriction.
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