About Katana Defi
Katana is an automated market maker (AMM) decentralized exchange (DEX) built on top of Ronin.
Basic Details About Katana Defi Review
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Before you can start using the Katana DEX, you’ll need to have a Ronin wallet and activate it via the Axie marketplace.
Downloading Ronin Wallet
Please download the Ronin wallet from the official Ronin wallet page.
Setting up Ronin Wallet
Once you have downloaded the wallet, open it and click on Getting Started.
If you already have the Ronin wallet, you may import your wallet using your secret recovery phrase (aka. seedphrase).
If you are creating a new account, click on “I’m new. Let’s get set up!”
Next, create a strong password for your new wallet. Click on Create Wallet once you’ve filled in the passwords.
The most important part: secret recovery phrase / seedphrase!
Click Reveal Seed Phrase to reveal the 12 English words. This is where you’ll need to write down each word offline, in a book or on a piece of paper. And make copies of it. The order of the words is important.
Once you’re done, click on Confirm Seed Phrase
Katana DEX Basics
Logging in to Katana DEX
When you first arrive to the site you’ll see the Swap page.
There will be 2 buttons to connect your wallet to Katana DEX, click on either of them.
On the pop-up, there will be a link to Terms of Service.
Once you agreed, click on the checkbox and then click on Connect to Ronin Wallet.
When you’re connected, you’ll see the amount of AXS you own and the wallet address you’re connected to.
If you click on that, an account pop-up will appear.
There’s a few details available for you to look at:
- The Ronin wallet address you are connected to. The “View on Explorer” button will bring you to the address page on Ronin Chain Explorer.
- Disconnect button: this will disconnect your Ronin Wallet from Katana DEX.
- Recent Transactions section: your latest transactions will appear here.
When a smart contract first interacts with a token in your wallet, it will ask for your permission. You will be prompted once for each token, and these prompts will appear visibly before you may continue with your desired actions. Example below
What is a Liquidity Pool?
- Liquidity pools are a pool of funds locked in a smart contract. Any users (called Liquidity Provider) can add funds into the pool to make it more liquid.
- When providing liquidity, you are providing equal value of 2 tokens into a pool. For example, if the current value of ETH is USD 4,000.00 and the value of AXS is USD 100.00, and you would like to provide 1 ETH into the ETH-AXS pool, you’ll also need to provide 40 AXS as the pair.
- Liquidity Providers add an equal value of two tokens into a pool to make it more liquid.
- In return, Liquidity Providers will earn trading fees from swaps that happens in the pool, proportional to their pool share.
Swapping is the action of you trading one of your tokens for another token via a Decentralized Exchange (DEX for short). Decentralized Exchanges (DEXs) are applications that allow people to exchange between any two assets without the need of a traditional bank or other trusted third party by using smart contracts.
Katana DEX is an Automated Market Maker. This means it is always ready to buy and sell any tokens immediately.
Earn while providing liquidity
You can stake LP tokens to farm RON. RON is the native token for the Ronin blockchain. Its main purpose is to secure and decentralize the network.
To start farming RON, you will need to have LP Tokens in your wallet. You can obtain LP tokens by providing liquidity. Refer to Pool to learn how to do so.
Start Farming: Stake LP Token
On the page, click on the expand (arrow down) button to reveal token pair menus and information.
If you have not interacted with the LP token before, you will need to approve the token.
Click Approve to allow Katana to use your tokens. When Ronin wallet appears, click on Confirm.
A blue banner will appear on the top left meaning the transaction was completed. Now you can start staking your LP tokens and start farming RON!
On the token pair panel, you can see how many tokens you have staked and how many are available in your wallet.