What Is MilkySwap?(MILKY)
MILKY is the governance token for the MilkySwap DeFi ecosystem. This is a custom-built decentralized exchange built on the Milkomeda sidechain for Cardano. MilkySwap allows you to exchange tokens with low fees, faster transaction times, and minimal slippage, while also enabling you to bridge your Cardano tokens with Ethereum. MilkySwap adopts a farming model that is a combination of SushiSwap’s and CurveDAO’s farming mechanics.
Important Points Table Of Moonbeam
| Basic | Points |
|---|---|
| Coin Name | MilkySwap |
| Short Name | MILKY |
| Total Supply | 1,008,237,285 |
| Explorer | Click Here To View |
| Documentation | View Document |
| Website | Click Here To Visit |
How to Buy the Continental & Trade On Exchange?
Milkomeda
MilkySwap uses the Milkomeda sidechain to get around the issues many other DEXs face when working on the Cardano mainnet. The Milkomeda C1 sidechain uses MilkADA as its base asset for paying fees and gas. To access the sidechain, you will need a Cardano wallet with some ADA as well as the MetaMask browser extension.
On the following pages we will walk through the steps to create a Cardano wallet in Flint, configure MetaMask to get a Milkomeda C1 address, and finally send ADA to be converted into MilkADA on Milkomeda C1. Our first step is to install Flint Wallet. You can find more details on M1 here.
Getting started with MilkySwap
Getting Started
The Milkomeda C1 sidechain uses MilkADA as its base asset for paying fees and gas. To access the sidechain, you will need a Cardano wallet with some ADA as well as the MetaMask browser extension. On the following pages we will walk through the steps to create a Cardano wallet in Flint, configure MetaMask to get a Milkomeda C1 address, and finally send ADA to be converted into MilkADA on Milkomeda C1.
Configuring Flint Wallet
Flint Wallet is a Chrome extension that serves as a convenient go-to light wallet for DeFi and NFTs. The current version of Flint allows users to enable “Milkomeda mode” to send transactions to the Milkomeda C1 sidechain. Install Flint Wallet by visiting the following link while using Chrome browser and clicking the “Add to Chrome” button:
Install Flint Wallet After installing, click the “puzzle piece” icon at the top right of the Chrome window to access your extensions. Select Flint. Within the Flint Wallet window, proceed past the initial warning screen, click “Let’s Begin”, choose your language, click “I agree”, and when you arrive at the screen shown below, click the “Mainnet” button.
Configuring MetaMask
The next step is to obtain an address on the Milkomeda C1 sidechain where they can receive the MilkADA. For now, we recommend using MetaMask for this step.First, install MetaMask for Chrome. Then, click the Chrome Extensions icon
and select MetaMask. Within the MetaMask window, click “Get Started” and then “Create a Wallet”. Set a wallet password and click through the rest of the setup screens. When finished, you should have a new empty wallet as shown below. Select the network dropdown at the top right of the MetaMask screen.
Obtaining MilkADAOpen the Flint Wallet window and click “Send”. At the next screen, enable the “Milkomeda mode” toggle, paste the Milkomeda C1 wallet address currently in the clipboard into the “Milkomeda Ethereum Address” field, and enter the amount to send (1 ADA in this example). Then click “Continue”.
Token Bridging
If you wish to bring tokens from another chain, you will need transfer them via bridging. Celer and MultiChain (formerly AnySwap) have both provided bridges into Milkomeda network. By bridging your tokens into the Milkomeda network, you will be able to use them on our DEX!We have provided links to their respective guides on operating their bridges. Be sure that in either bridge, you select “Milkomeda Mainnet” as the destination chain
Exchange
MilkySwap deploys a simple swap interface which will allow you to swap tokens seamlessly. Just select the two tokens you wish to exchange and swap them.
The liquidity provided to the exchange comes from Liquidity Providers (“LPs”) who stake their tokens in pools.
Trading Tutorial
MilkySwap makes cryptocurrency trading simple. Starting with a swap is the best way to learn how to use MilkySwap. You ready? Let’s start swapping.
Liquidity Providing
As they all know, DEXs rely on the liquidity provided by its users. It is the most crucial component to any decentralized exchange. With MilkySwap, our users ensure the continued sustainability of platform. Those who provide liquidity into our pools are given .25% of the fees from all trades within that pool.
Farming
Farming on MilkySwap is designed in a way that gives power to the community. MilkySwap applies tried-and-tested farming models and combines them to provide farming that is efficient. It combines the best of SushiSwap’s and CurveDAO’s farming models, providing us the flexibility of SushiSwap’s emissions, with the powerful veCRV locking system of CurveDAO.
Churning
MilkySwap adopts a CurveDAO’s veCRV locking system which allows you to lock your $MILKY tokens for a fixed period of time. This locking mechanism allows you to lock your $MILKY tokens (through a veCRV ERC20 smart contract) in exchange for governance token, $CREAMY. To receive $CREAMY, you must churn (lock) your $MILKY for a certain period of time (between 1 week and 4 years). The longer you churn, the more $CREAMY you get. 1 MILKY left to churn for 4 years is equal to one CREAMY. Over time, your CREAMY balance will decrease according to the length of the remaining lock.
Token Listing
They are always interested in adding new token listings to our DEX. They hope to grow the MilkySwap community by having an ecosystem that other developers can develop in. They have provided a quick guide on how to get your token listed on MilkySwap
