Getting Started with the New Matcha
Dear Bankless Nation,
DEX use continues to climb in popularity, and while centralized exchanges still reign supreme, there's a big competitive opportunity.
Today, we check out the latest upgrades to the Matcha decentralized exchange.
- Bankless team
Bankless Writer: William Peaster
Matcha is a decentralized exchange (DEX) for trading just about any token you can imagine. With over 3 million tokens indexed across eight blockchains and aggregated liquidity from 100+ sources, Matcha provides a near comprehensive trading experience. For today’s post, let’s explore how to use the new and improved Matcha DEX!
- Goal: Try the new Matcha DEX
- Skill: Beginner
- Effort: 15 minutes
- ROI: Experience a slick new DeFi trading UX
Matcha: a Refreshed DEX Experience 🌿
Powered by the 0x protocol, Matcha is a DEX that goes all-in on user friendliness. Last week, the DEX introduced over 10+ upgrades to its trading infrastructure, all of which optimize its UX that much further.
Zooming in, one of the latest key upgrades is Matcha Auto. This is a new transaction mode system that offers faster trade confirmation and zero failed trades. And it does so all while maintaining competitive prices.
Matcha Auto leverages 0x’s Tx Relay API system and dynamically adjusts gas fees in real time, making your trade around 2x more likely to land in the next block. This means you can trade before the market moves and avoid having transactions stuck in the mempool!
Other upgrades included in this newest Matcha makeover include deeper liquidity, wider market coverage, a smarter token search engine, limit orders on Polygon and BNB Chain, gas-free token approvals, improved UX and UI, and a refreshed Matcha brand.
With these evolutions, Matcha aims to provide the most frictionless experience for you to search and trade tokens. So now let’s dive into how you can actually get started trading on this slick, remade DEX…
How to Trade on Matcha ♨️
Trading on the new Matcha is straightforward. Here's a step-by-step guide:
- 👛 Connect Your Wallet: Visit Matcha and connect your Ethereum-based wallet. Matcha supports various wallets like MetaMask, WalletConnect, and Coinbase Wallet, etc.
- 🪙 Select a Token: Use the search bar at the top of the page to find the token you want to trade. Matcha's enhanced search functionality allows you to find the newest drops within minutes of them hitting the chain, now with many more tokens tracked than before!
- 🏦 Choose Transaction Mode: When performing a swap, you can pick between two transaction modes: Standard or Matcha Auto. Select Matcha Auto for faster trade confirmation and reduced failed trades.
- 🔄 Swap: Enter the amount you want to trade, review the details, and click "Swap". Confirm the transaction in your wallet.
- ✅ Confirm Transaction: Wait for the transaction to be confirmed. Once confirmed, the swapped tokens will appear in your wallet! Boom, that’s all it takes!
Looking ahead 😲
With its latest upgrades and the introduction of Matcha Auto, Matcha is taking a significant step towards combining decentralized trading with a frictionless trading experience. Indeed, by providing an easy-to-use platform with deep liquidity and wide token availability, Matcha seems poised to become an increasingly go-to platform for traders in the crypto space! This is a DEX to watch accordingly.
Action steps
- Try the new Matcha: consider your next trade on matcha.xyz 🍵
- Check out Safe: see last week’s tactic write-up, Playing it safe with a Safe multisig 🔐