To trade Axies in the game Axie Infinity, you must have WETH in Ronin Wallet.
You can get Ethereum Wrapped (WETH) in two ways:
- Wrap ETH in WETH in UniSwap or OpenSea
- Swap SLP for WETH in Katana
In this article, you will learn how to trade Smooth Love Potion (SLP) for Ethereum Wrapped (WETH) in Katana.
Katana is a decentralized exchange (DEX) that runs on the Ronin blockchain. In Katana, you can trade tokens, such as SLP, AXS, WETH, USDC, and RON.
How to trade SLP to WETH?
To exchange SLP for WETH in Katana, first, connect Ronin Wallet to Katana.
Then, give approval for Katana’s smart contract to use your token.
Now you are ready to trade SLP in WETH and vice versa.
To exchange SLP for WETH, you need a liquidity provider fee of 0.15 SLP and a transaction fee of 0.0001713 RON. However, you can escape the transaction fee if you have enough free Ronin transactions.
Steps to trade SLP to WETH in Katana
1. Connect Ronin Wallet to Katana
To interact with Katana DEX, you need to connect Ronin Wallet to it.
Visit the Official Website of Katana and click on the “Connect Ronin Wallet” button at the top right corner of the website.
Next, you need to read the Terms of Service and select the checkbox.
Finally, click on “Connect to Ronin Wallet“.
2. Approve tokens
After establishing the connection, you are one step before exchanging from SLP to WETH.
Select SLP by clicking the drop-down menu in the first slot.
Select WETH by clicking the drop-down menu in the second slot.
Then, enter the amount in the first slot. If you want to use all the SLP in your Ronin wallet, click the “MAX” button.
Now you will be able to see the “Approve SLP” button appear.
Before swapping, you must give one-time approval to the Katana smart contract to use the SLP token.
You must give this approval once for each token you will use in Katana DEX.
Click “Approve SLP“.
By clicking Approve SLP, you will receive a “Confirm Transaction” notification from Ronin Wallet.
That’s all. You have given approval for the Katana smart contract to use your SLP token.
You can view this approval activity in Ronin blockchain explorer and in the “Activity” tab in Ronin Wallet.
3. Swap SLP to WETH
Now you are ready for the exchange.
You must have already selected the SLP and WETH tokens in the first and second slots respectively.
If you want to view the route, supplier fee, amount received, and slip tolerance, you need to hover your mouse pointer over the “question mark” icon.
Finally, click “Trade“.
Now, a confirmation pop-up will appear and this contains details, such as the From and To tokens, the liquidity provider’s fee, the path, the impact on the price, the amount received and the slippage tolerance.
After reviewing the details, click “Confirm Swap“.
When you click Confirm Swap, you will see a prompt for the Ronin wallet confirmation transaction.
In addition to the liquidity provider fee, you also need a minimum of RON 0.0001713 for this SLP to WETH transaction if you do not have free Ronin transactions.
It takes 1-3 minutes for the exchange from SLP to WETH.
4. Set Slippage in Katana
In case you receive a “Swap failed” notification, you try to increase the slippage percentage.
To set the slippage in Katana, you need to click on the “gear” icon.
Then, click the “toggle” icon to set the Automatic mode and type slip tolerance as 1.
Here’s how you can change the slip tolerance in Katana.
If you set the slip tolerance to 1, the transaction may be executed early.
5. Disconnect Ronin Wallet
After the exchange, you need to disconnect the Ronin wallet from Katana.
To disconnect Ronin Wallet from Katana, you need to click on “partial address” in the upper right corner of the web page.
Then, click “Disconnect“.
Exchanging tokens in Katana is not a simple task since it involves approving tokens, setting slippage tolerance, and confirming the transaction.
However, this article has been written to facilitate this process.
You can trade SLP to WETH, AXS to WETH, SLP to USDC, SLP to AXS, SLP to RON and vice versa with the help of this guide.
frequently asked questions
1. What is Expert Mode in Katana DEX?
The Expert mode in Katana DEX provides a 100% guarantee in the execution of swaps. No fail swap occurs if you enable Expert mode since it allows high slippage operations. However, it often results in bad rates, which means more losses for users.
If you enable Expert mode, you will not receive a transaction confirmation prompt.
2. How to fix the error “incompatibility with token in katana”?
To fix the “token incompatibility in katana” error, you need to unlock the Ronin wallet by entering the wallet password. During Katana trades, your Ronin Wallet must be unlocked.
If the error persists, you should try to increase the slippage to 1 and trade again.
3. How to Fix “Swap Failed” Error in Katana?
To fix the “swap failed” error in Katana DEX, you need to do two things:
- Unlock your Ronin Wallet if it is locked during swaps.
- Try to increase the slip to 1.
By doing one of them, you can get rid of the “swap failed” error.