127
For every initial pool/swap transaction
You will need to give permission for the token use
Energiswap (with referral to save 10% on fees)
Energi cryptocurrency has created their own DEX with over 190 tokens already added to it. It has super low fees (currently around $0.01 to $0.02 per swap for transaction fees) and is really easy to use. It is based off of the popular DEX Uniswap but they have worked hard to leap forward. While it has far lower volume than Uniswap at this time, it has some nice bonuses that are making a pathway to leading the pack. We'll take a look at a few of them.
I am going to start with their main security feature since this will likely be very important in the coming months and years considering they have their DEX now and will be working on an NFT platform. Imagine making a mistake and it not being the end of the world. For a more in depth look at the process, check out their Medium post
Energi has a 5000 confirmation delay when moving off of their chain. This works out to about 3.5 days when moving to an exchange or through their bridge (more on the bridge later). While this means that you need to plan ahead (and maybe keep some other quick to move crypto available), it has allowed them to reduce scammers and hackers on their platform by over 70% and successful scams and hacks by over 90%. It has also allowed recovery of over $1 million USD in stolen assets. Here is a brief rundown of their security capability, how it works and why there is the 5000 confirmations.
A user that notices they have been scammed, hacked or their funds have just disappeared from their wallet can contact Energi Support (another feature almost unknown in the crypto space) and report the theft/hack. The 3.5 day delay gives time for you to notice the funds are gone and report it, which should be a decent amount of time when you include their notification ability for transfers from your wallet. Once this is done, their support collects some basic information to confirm a malicious action has taken place.
Once they have confirmed the facts, they will track the funds and put in a proposal to the masternode network to have the bad actor's wallet frozen. After this vote goes through and the wallet is frozen, the full investigation starts.
When they have completed their investigation, providing they find proof of malicious action, they next send in a proposal to have the wallet drained and the funds recovered. After this there is some additional steps to ensure the claimant is who they say they are and then the funds get returned to the victim.
While Energi has their own wallet called MyEnergiWallet, METAMASK is the wallet most use for Energiswap. It is a simple wallet, you can import your MyEnergiWallet into it, is very mobile friendly (so trades on the go are easy) and it can be used for multiple networks with Ethereum added by default. You can easily set up the Energi network on it by going to the link where it will allow an automatic import or following the guide
Interface
To start, they have the basic interface that most DEX's have currently so it is very easy to go from one to the other without any issue when it comes to how it works on a simple side. At the same time, it uses Metamask for the wallet which allows easy connection that most people are used to using and can be the same wallet you use for Ethereum and BSC due to the compatibility.
Liquidity Pools
They have made sure to add liquidity pools in and though they provided the full initial liquidity for the listed tokens, as more people move their assets to the Energi chain and Energiswap, it decreases their dominance and allows more people to get a higher share of the swap fees. I know that some people have an issue with them providing the initial liquidity but this has made it more secure, knowing that the liquidity on the majority of tokens will not dry up and gives a great starting point for most people.
Participating in LPs is another simple thing to do. Make sure you have equal $ amounts of the assets you intend to pool, go to the pool tab, select the 2 assets and how much. Then supply it and you're done.
Energi Bridge
Energi is EVM compatible which is a good reason to start with an Ethereum bridge, allowing users to move their tokens and coins from Ethereum to the Energi chain, saving on massive transaction fees. While the bridge cost is excessive to move to the Energi chain, this is due to the required contract execution on the ETH chain. Once moved to Energi though, all the transactions are pennies as mentioned above.
Energi Bridge is very simple to use for anyone and doesn't need a long complicated explanation. Just select your chain direction (NRG -> ETH or ETH -> NRG), select your coin or token, select the amount and confirm. This will transfer the funds from one chain to the other, using the exact same wallet and address. So there is no need to have multiple wallets for transferring or even using the different chains.
They are also currently planning to work on their next bridge which sounds like it will be a connection between Energi and BSC. When this bridge is in place, it will be easy and cheap to move tokens and coins from BSC to Energi and back.
Yield Farming
Energiswap just recently added a yield farming feature, allowing people to increase their returns from their LPs by farming. The interface is really simple and if you want to join a farm and are not in a LP already, there is an option right at the farming that sends you to the pools page. To get into farming, once you join the liquidity pool, just go to the farming page, select the proper pool and click deposit. Then select how much of your LP to put in to farming and click deposit. That's all there is too it.
While they did start with just an NRG/DAI and NRG/ETH pool, they have just added another 19 pools, with varying rates of return from about 50% for NRG/DAI and NRG/ETH up to 1655% APY for NRG/FIL (at the time of this writing). These high APY are limited time so get in early for the best returns long term.
Additionally, all returns are in NRG and have a very simple claim mechanism. Just a simple click to claim from the farm or it will be automatically claimed if you remove your assets from the pool.
Affiliate System
I've saved the best for last. Energi has created an actual decentralized affiliate system for Energiswap. I have seen projects try this before but it has mainly failed spectacularly. They generally use a link to connect your referrals wallet to yours and if they don't use your link each time, then it doesn't register. Energi has made their referral system so it is tracked right on their chain. What does this mean? It means that once someone uses your referral link and confirms the transaction, it is there and locked in on the chain. So you get rewards from them any time they use their wallet for swapping on Energiswap.
One part that I am kind of up in the air about is how the rewards are processed and each person should decide if they like it or not. Basically, you get the rewards in LP tokens from the pools used for the swap. So let's say your referral makes a swap from NRG -> DAI. You would end up with a LP in NRG/DAI. So it is both good and bad. The good side is there is no real micromanaging with your rewards. They go into an LP and you actually make returns on that. The bad side? To get those funds out of the LP, you need to pay a couple penny transaction fee.
Just to complete this, the referral system rewards are very nice. First, they are 3 tier. So not only do you get rewards from the person you referred (at 10%), you get rewards from the people they referred (at 5%) AND you get rewards from the people who were referred from those people (at 3%). Now really, there is very little incentive in most cases to use someone's referral (even tiered referrals) but at Energi, they added an extra bonus, using someone's referral link actually reduces your fees by 10%
In closing, while I am by no means an expert on crypto, especially the tech side and I don't use other DEXs very often (though I have used several), these features of Energiswap have given me tons of cheap trades already and have me excited for the future.
As a final note, since adding a referral has a minimum transaction fee, there is the Arcade channel on their Discord server where you can collect some rain to get started.
I have added various links through this post to their Wiki guides and downloads (which have simple, step by step instructions and detailed images) but I will add them again below for ease of use.
Energiswap (with referral link to save 10% on fees)
Energi Website
Energi Discord
MyEnergiWallet
MetaMask Quick Connect
MetaMask Guide
Energiswap Swapping guide
Energiswap Liquidity Pool Guides
Energiswap Yield Farming Guide
KuCoin is normally the highest volume CEX to get NRG from.
KuCoin - NRG/BTC
KuCoin - NRG/ETH
As an alternative, you can get NRGE (the tokenized version of NRG on the Ethereum chain) from Uniswap.
NRGE on Uniswap
Standard Disclaimer
This article is not financial advise, it is a look at Energiswap and the functionality. Before taking any steps, it is always best to check with your financial advisor and DYOR.
