MVSFI — Decentralized Spot Trade Tutorial on BSC
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About MVSFI Project
The vision of the MVSFI project is to build a fully decentralized one-stop metaverse infrastructure solution:
(1) The MVSFI project will develop the easiest-to-use Metaverse ecosystem infrastructure, providing everyone with the safest and most convenient way to create, buy, sell and trade digital assets. The transparency, fairness, credibility brought by the game on-chain will completely change the traditional game industry for a series of centralized evil risks such as opaque game values and cheating.
(2) The MVSFI project provides a new decentralized platform for various Metaverse projects, aiming to become a Web3 platform that gathers outstanding creators, developers, and users. Simply put, MVSFI is “Steam” + “Web3”.
(3) The MVSFI project uses the self-developed TENSOR chain as the underlying infrastructure. The TENSOR chain adopts the native PoS consensus mechanism and VRF random mechanism, which perfectly adapts to various operations of blockchain games in design.
About MFDEX
MFDEX is a dual-model hybrid decentralized exchange using Curve V2, which does not rely on external oracles to reach the “equilibrium point” but on the trading game in the traditional AMM system until the system is in equilibrium. Currently MFDEX supports Binance Smart Chain (BSC) and MVSFI Tensor Smart Chain (TSR).
How to use MFDEX decentralized spot trade on Binance Smart Chain (BSC)
We recommend use Firefox (https://www.firefox.com) and MetaMask (https://metamask.io/download) to access MVSFT DApp.
- Visit https://bsc.mvsfi.net/ to use the MFSVI’s DApp. Metamask will prompt to authorize MVSFI and please click “Approve” to agree.
2. If MetaMask is not on Binance Smart Chain (BSC), MetaMask will remind you to switch to BSC by clicking “Switch Network”.
3. If the wallet has not been connected to the DApp of MVSFI, MetaMask will remind you to connect, click “Next” and “Connect” to connect the wallet.
4. After the wallet is successfully connected, click “MarketPlace” on the left panel, and two sections “Trade” and “My Orders” will appear. The “Trade” section displays the current availalbe market orders, and users can buy and sell tokens on demand.
5. Users can create orders in the “My Orders” section, and view the information of orders in different status.
6. Users can create orders by clicking “Place Order” in the “My Orders” section. To create an order on BSC, the wallet needs to have BNB as the gas fee. At the same time, MVSFI’s DApp also requires at least 30 TSR in the wallet to place an order.
7. Click the red box in the figure below to select the token you want to place an order for. Let’s take MVSFI’s Tensor token “TSR” as an example.
8. If the user wants to place a sell order, as shown in the figure below, the first step is to click “Sell”; the second step is to click “Select a token” to select the token “TSR” that you want to sell; The third step is to enter the amount you want to sell, in this example , sell “1” TSR; The fourth step is to select the trading pair, in this example, “USDT” is used by default, we hope that “1” TSR can be exchanged for “10” USDT; The fifth step is to select the validity period of the sell order, in this example the validity period is “3” days. The sell order parameters for 1 TSR for 10 USDT and valid for 3 days have been set.
9. The first time you place a TSR sell order, an authorization is required. After clicking “Approve TSR(Margin)”, MetaMask will pop up a confirmation prompt, click “Confirm”.
10. After the authorization is completed, click “Place Order”, MetaMask will pop up a confirmation prompt, click “Confirm”. After the confirmation on the chain, a “3-day validity period, 1 TSR for 10 USDT sell order” is successfully created.
11. After the confirmation on the chain (generally less than 1 minute), the user can check the status of the sell order.
12. If the user wants to place a buy order, as shown in the figure below, the first step is to click “Buy”; The second step is to click “Select a token” to select the token “TSR” that you want to buy; the third step is to enter the amount you want to buy, in this example , buy “1” TSR; The fourth step selects the trading pair, in this example, “USDT” is used by default, we want “10” USDT to buy “1” TSR; The fifth step selects the validity period of the pending order, in this example Valid for “1” day. “10” USDT to buy “1” TSR and the buy order parameters valid for one day have been set.
13. For the first time to place a USDT buy order, an authorization is required. After clicking “Approve USDT”, MetaMask will pop up a confirmation prompt, click “Confirm”.
14. After the authorization is completed, click “Place Order”, MetaMask will pop up a confirmation prompt, click “Confirm”. After the confirmation on the chain, a “1-day validity period, 10 USDT for 1 TSR buy order” is successfully created.
15. After the confirmation on the chain (generally less than 1 minute), the user can check the status of the buy order.
16. In the “Trade” section, users can click “Buy” to view their own sell orders, click “Sell” to view their own buy orders, or view other users orders to buy and sell tokens that they are interested in.
17. Please watch the tutorial video of using the MFDEX decentralized spot trade on Binance Smart Chain (BSC).
