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Q1: How can I start using DerpDEX?
-> To use DerpDEX, you’ll need an Ethereum-compatible digital wallet like MetaMask. Once you have a wallet set up, you can visit the DerpDEX website and connect your wallet to start trading.
Q2: Are there any risks associated with providing liquidity on DerpDEX?
-> While DerpDEX aims to mitigate impermanent loss, there are still risks involved in liquidity provision. It’s important to understand the market dynamics and carefully select the price range and tokens you provide liquidity for.
Q3: Can I use DerpDEX with tokens other than Ethereum?
-> DerpDEX primarily operates on the ZkSync, Base and opBNB, but there are bridges and interoperability solutions that allow users to trade tokens from other blockchains as well. Tokens from other chains can be bridged by wrapping them into Ethereum-compatible tokens and then they can be traded if supported by the DerpDEX pools.
Q4: Why are gas fees so high on zkSync Era?
-> Gas fees on zkSync Era currently work a little differently from other chains. You may see a high gas cost in your transaction preview, but a lot of those fees should be refunded to you, meaning you pay lower net fees. If you want to check how much gas you actually spent on a transaction, you can consult zkSync's block explorer.
Q5: Gas fees refund on zkSync:
-> A gas estimate may be higher than the actual cost of the transaction. This means users usually only spend a portion of the estimated transaction cost.
The refund, therefore, returns the unpaid transaction fee portion to the user.
- Only one transaction is recorded on the block, even if a portion of the original estimate is refunded.
- Users can compare their token balance against the transaction cost on the block explorer to verify they did not overspend.
- Users may see no notification in their wallet depending on which wallet they use.
Refunds are calculated by defining a fair value for the amount the user spent on the transaction and subtracting it from the actual spend Please read more from zkSync documentation: https://era.zksync.io/docs/reference/concepts/fee-model.html#refunds
Q6: How does DerpDEX verify and filter meme tokens before listing them?
-> As DerpDEX is a decentralised exchange, we cannot prevent users from listing their own tokens on our DEX. However, we have implemented various safeguards to encourage users or traders to make thoughtful choices before trading:
- When selecting tokens on our DEX, the token image does not appear, and a reminder message appears. Please see the image below:
- Liquidity locked or send the liquidity ownership to black hole address (0x0000000000000000000000000000000000000000)
- Token contract verification and source code is open-source
- Token logo
Final decision is at the discretion of the DerpDEX team.
Q7: I just want to exchange tokens, why do I need to approve unlimited USDC quota for one month?
-> This is the Permit function. This is how Uniswap v3 works, and we didn’t change anything to prevent other technical risks. You can change the parameters on the MetaMask during this permit function.
Q8: How to start using DerpDEX with OKX Wallet?
- 2.To ensure cross-compatiblity on using DerpDEX, change the default OKX Wallet mode to "Custom Network".