The Beginner's Guide to Swapping on Jupiter Exchange
Jupiter Exchange is an excellent platform if you're new to decentralized finance (DeFi) and eager to explore the exciting realm of swapping digital assets.
This guide will walk you through the basics of swapping on Jupiter, providing step-by-step instructions and essential information for beginners.
As always, please do your research. This isn't financial advice but rather a guide to help newcomers navigate a service many of our players utilize.
What is Jupiter Exchange?
New to crypto? The TL;DR is Jupiter lets you trade one token for another. That's the premise.
Now, onto a more detailed explanation.
Jupiter Exchange is a liquidity aggregator on the Solana blockchain, providing a user-friendly experience and tools for developers to integrate swap functionalities into applications and on-chain programs.
The platform identifies optimal trade routes and can distribute a user's trade across various integrated liquidity sources. Users can engage in trades across multiple decentralized exchanges on Solana, such as Serum, Raydium, Saber, Orca, Mercurial, Penguin, and Supernova.
A Guide to Jupiter Exchange Token Swaps
Now, onto swapping! Below are the basic steps you'll need to follow to turn SOL into CROWN if that's the sort of thing you're interested in.
Consult Jupiter's platform before performing swaps if you read this well after publication (December 2023).
- Ensure Correct URL: Open your web browser and make sure you are on the correct Jupiter Exchange website by visiting https://jup.ag/.
- Connect Your Wallet: Click the “Connect Wallet” button in the site's upper right corner. Jupiter supports many wallets in the Solana ecosystem and some multi-chain wallets. Check the site for the full list of supported wallets.
- Select Token Pairs: Choose the token pairs you want to swap from the token selector after connecting your wallet. Enter the number of tokens you wish to swap. Make sure you have sufficient funds to perform the swap. (Note: in the image, we don't!)
- Best Price Routes: Jupiter will find the best price routes for your swap among various decentralized exchanges (DEXs) and automated market makers (AMMs) in the Solana network. Refer to the fully supported list on the site.
- No Protocol Fees: Jupiter Exchange charges no protocol fees. Any fees incurred are transaction fees and exchange fees. Be aware that additional SOL deductions might be related to creating Associated Token Accounts or Serum Open Orders accounts.
- Configure Parameters: Before proceeding with the swap, configure parameters such as Transaction Priority Fees, Slippage Settings, and Swap Settings. You can customize settings like Direct Route Only, Use wSOL, and Versioned Transaction.
- Understanding Slippage: Slippage is the potential difference between the expected price of a trade and the executed price. Set your slippage rate to prevent failed transactions if the price falls below your specified rate.
- Execute the Swap: Click the “Swap” button once all parameters are confirmed. Your connected wallet will prompt you to approve the transaction. Once approved, your swap will be executed.
- Transaction Notification: A notification toast will appear in the lower left corner, confirming that your transaction has been sent and completed.
- View Transaction History: Check your transaction history by clicking on the wallet section in the upper right corner of the site.
Visit this blog on the official Jupiter website for a detailed breakdown of all Jupiters' settings and swap features.