How To Bridge And Swap On Ruby.Exchange
The launch of Ruby.Exchange marks the beginnings of a vibrant new DeFi ecosystem, powered by SKALE V2’s zero-gas, high-throughput multichain network. Users can now connect instantly and frictionlessly to the Europa SKALE Chain and trade tokens for any of the dApps in the SKALEVERSE using Ruby.Exchange.
This three-part blog series provides full details for using Ruby.Exchange, including:
- Bridging funds to the Europa SKALE Chain and Swapping tokens
- Liquidity Provision for XY=K and StableSwap pools
- Yield Farming, Staking and Locking RUBY, and managing rewards
You can also find a complete guide to using Ruby.Exchange on our Github.
Get Some sFuel
Before you do anything on any SKALE Chain, including Europa, you’ll need some sFuel. This is the equivalent of gas on Ethereum. Every operation on the Europa chain requires some sFuel.
sFuel has no market value, and a little goes a very long way. You should only need to top up your wallet once, using the faucet, which is free to use.
Select GET SFUEL from the top menu to bring up the box below. Then click Get Tokens.
Occasionally the faucet transaction may fail, in which case, keep trying. Within a few seconds you’ll have all the sFuel you need for the foreseeable future.
How To Bridge Tokens Between Ethereum Mainnet And Europa
SKALE’s IMA Bridge provides fast, decentralized transfers between SKALE Chains and Ethereum mainnet. At present, users are restricted to one bridge transaction every five minutes. Read our IMA Bridge documentation for full details.
Mainnet -> Europa
Go to Ruby.Exchange and select Bridge from the main menu. Make sure you’re moving funds from Ethereum mainnet to the Europa SKALE Chain, not the other way round. You will be prompted to connect to mainnet using MetaMask.
Next, select the token you want to bridge to the Europa SKALE Chain, then enter the amount in the box.
You will need to Approve the token with the bridging contract before you click Transfer to bridge your tokens (two MetaMask confirmations).
Not all tokens are shown in the list above, so you may need to enter a token name into the box. A bug that affects some tokens means you may need to paste the token address into the box instead. You can find all token addresses in Ruby’s documentation.
On clicking Transfer, you’ll see the confirmation box above, and receive a MetaMask prompt.
You’ll need to pay the Ethereum gas fees, but once on the Europa SKALE Chain, all transactions are gas-free!
Once confirmed on the blockchain, your funds will be available on Europa and can be used on Ruby.Exchange. This typically takes 3–5 minutes, but can be faster.
When your funds have safely bridged, you can start trading immediately, or deposit liquidity and stake your LP tokens to start farming RUBY.
Europa -> Mainnet
As with using all bridges to Ethereum mainnet, you’ll need to pay gas for the smart contract operations that take place on mainnet side.
SKALE uses a Gas Wallet: a dedicated address that holds ETH to pay these fees. Bridging tokens back from SKALE to Ethereum mainnet, you’ll need to make sure that wallet has some ETH in it.
To deposit ETH, use the Gas Wallet Info button at the bottom of the Bridge page. (You will only see this button when you are connected to mainnet.)
You can transfer ETH into this wallet on the Gas Wallet page, or withdraw ETH you don’t need there to your main (MetaMask) wallet.
The Gas Wallet currently requires a minimum balance in order to process transactions quickly and reliably, despite unpredictable gas costs on Ethereum mainnet. The current recommended Gas Wallet balance is 0.08 ETH. Additional bridges to other blockchains with lower gas fees are being integrated.
Select the token you want to transfer to mainnet, and the amount, or click Max. Click Transfer, and confirm the transaction using MetaMask.
If you are bridging ETH from your Europa to mainnet, the last step is to Claim your ETH on the main Bridge page. This is because ETH is not an ERC20 token, like all other bridged tokens, and so needs to be wrapped and unwrapped to be used with the bridge.
When the transaction has confirmed on Ethereum, you will have access to your tokens. Again, this process typically takes 3–5 minutes, though can be faster.
How To Trade On Ruby.Exchange
Trading on Ruby.Exchange is fast and easy. Start by heading to the Swap menu and selecting Swap, or StableSwap for exchanges between two stablecoins.
Use the dropdown menus to select the token you want to swap, and the one you want to receive. Enter the amount in the top box, or click Max to swap your entire balance of that token. Click the Swap button.
A dialog box with information about your swap will be displayed. Check the details and click Confirm Swap, and then confirm the transaction when prompted by MetaMask.
If it’s your first swap, you will be prompted to approve another transaction first, to allow Ruby to trade your tokens. The transaction should confirm within a few seconds, and your balance for each token will be updated.
The process for using Ruby’s StableSwap is almost identical. In fact, you can use either the main Swap interface or the dedicated StableSwap interface to exchange stablecoins. The result will be the same.
Ruby.Exchange Is Live
Ruby is now live in beta. Please send us any feedback you have, let us know about any bugs you find, and help us to refine the platform.
- Learn more about Providing Liquidity to Ruby’s XY=K and StableSwap pools
- Learn more about Yield Farming, Staking and Locking RUBY, and managing rewards
Follow us on Twitter and Telegram for news and updates, and subscribe to the Ruby blog.