So I just completed a swap from WETH to BTC before I realized that my $38 worth of WETH would only be worth about 50 cents worth of Bitcoin. Why the hell is this so far off the actual price and how can I cancel or revert this transaction so I don’t lose $37.50?
Not a surprise considering the PRV-WETH pool only has $37 of liquidity (https://incscan.io/pdex)
So your trade would use two pools (PRV-WETH + PRV-BTC). If this was ETH, it would use PRV-ETH pool which has $1.8mil liquidity so the swap would match most other exchanges.
This would happen on Uniswap or any other DEX as well when liquidity pools are small, unfortunately. Always double check the pool size before confirming the swap, in the incognito app it’s shown at the bottom of pDEX when making a trade.
So why did the trade not use the available $37 PRV/WETH from the pool? I would have been fine if that happened but this trade executed and I received exactly 32 cents worth of Bitcoin. Unfortunately the swap page does not have a dollar value when making the trade. Otherwise I would have caught this before confirming. All my other trades so far have been roughly an equal amount so I thought nothing of it.
I just snatched it back for 1 PRV. Chuck me your address so your WETH can go home.
And I do agree there should be a bit more of a warning. I’ve almost been caught out as well.
I’m off now, but will return your coin tomorrow if you send the address.
Thank you! I will message you my address. I will also send 2PRV.
That is not how the pDex, or any dex without orderbook, works. The more impact your order has on the available pool, the lower the rate gets.
When you make a trade, calculate how many coins you more or less expect in return. If the suggested amount is way different from that number, don’t trade.
When things don’t work out that well, there is a chance, unless someone else is monitoring all trading pairs closely, you can buy back, the way @NickNack did for you this time.
Most important always check the numbers of a trade.
Thank you. I have definitely learned my lesson. How do I check the liquidity pairs though? I am on incscan.io/pdex. Is that the right URL?
Trades on the Incognito pDEX have the poolsizes mentioned at the bottom of the trade screen.
Hi @Jamie…it has been ages since last I saw you or a posting by you…hope all is well with you…holler at me if you wish or can…would be cool to just say hello to you…cheers…Tempestblack… 