In this Overline Interchange Basics document, we will walk through how to place a Sell Order on interchange, specifically selling Neo for Waves tokens.
If you have not already done so, follow the instructions here to download and run the interchange application. This “Step 0” is assumed in all Overline Interchange Basics documents.
The first step to executing any trade on the interchange is to navigate to the wallet tab within the application. Once there, you will need two things:
- #1. An Overline wallet with enough Overline tokens to facilitate a collateralized trade.
- #2. Active wallets for both sides of the trade (in our case, both NEO and WAV).
The first item is a result of a core innovation from the interchange: creating proper incentives for fair trades through the use of collateral. In brief, Overline, the mined token of the network, is used as a collateralizing asset for all trades. All Bid/Ask (standard) trades that occur on the interchange will have their values ensured by both parties agreeing to a collateral amount to be award to the proper party (or parties) should anything go awry. A more thorough deep dive on Collateral Based Trading can be found HERE.
Above in the assets panel, I have made sure my Overline wallet is not empty and has enough Overline required for my trade. "Enough" will be dictated by the market and will be volatile during initial price discovery in early phases of the interchange.
The second item is self explanatory. If you want to make a trade, you will need an active wallet filled with enough of your side's token to SEND your pledged order as well as an active wallet to RECEIVE the other side's token once the trade is completed.
Here in the assets panel, I used the IMPORT button to upload a JSON file of a BTC wallet that I know has at least 1 NEO on it (the amount I want to SELL) and used the CREATE button to create a new WAV wallet for me to receive the token I am purchasing. More detailed walkthroughs of how to interact with the wallets can be found HERE.
Step 2: Go to home tab, find WAV/NEO pair in the Order Book, enter your amount & price, and click BUY WAV
Navigate from the wallet tab, to the home tab. This section is where all trade activities will occur. Once there, find the Market Picker and make sure the "Bid/Ask" tab is active within that section. Scroll to find the WAV/NEO pair from the list and click that item. Notice that the Order Book and Place Order sections will update to have relevant information.
The Place Order section will automatically fill out the going market rate for your trade pair. Feel free to adjust this price as well as the amount you wish to purchase and then click BUY WAV.
When you click BUY WAV, you will be shown a window to review your trade information. Note that the amount you require for this trade's Collateral (the amount of Overline you and your trade partner have to put in) is automatically filled out at market rate. You can to change that amount in the details tab of the window. Once you confirm the details, enter your Session Password and click CONFIRM.
Your order information is now displayed in the Open Orders Section and can be viewed and taken in the Order Book by anyone accessing the interchange.
In this scenario we are assuming that you receive a trade partner and that partner will send their side of the trade. Review this document to learn more about alternative mutually beneficial scenarios in Collateral Based Trading documentation.
Once someone accepts your trade, it will be removed from the Open Orders section and will display on the Matched Orders section, where you can send your side of the trade. Once both parties send their sides of the trade, the trade is complete! You can find your new balances for NEO and WAV in the wallet tab.
Finally, after your Settlement window has expired. you can go to the Matched Unlockable Orders section unlock and retrieve the Overline collateral amount to your spendable balance.
And that's it! You have successfully completed a Sell Order on the interchange, trading NEO for WAV.
Updated 6 months ago