Important information on Uniswap slippage, and trading TOTM

This article lays out important information on how to interact with TOTM when it lists on Uniswap, in particular around adjustments which users will have to make to the slippage tolerance when selling on the platform. Please note there is no requirement to adjust slippage on buying other than for personal preference to adjust speed or likelihood of occurrence of the transaction.

Please remember that we’re launching on Uniswap on April 6th. Only buy TOTM from the contract address which we’ll post across our official channels. All other contract addresses claiming to be TOTM are scams.

TotemFi’s decentralised app (dApp) launches mid 2021, sign up to our mailing list now at www.totemfi.com for news, exclusives and further incentives.

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What is slippage on Uniswap?

Typically, slippage is the difference between the expected price of a trade and the executed price of that trade. On Uniswap, the slippage setting also takes into account transaction fees built into the protocols of fee-to-transfer (FoT) tokens. So if a token recalls a certain percentage of the transaction value to execute the swap, a user will have to adjust their slippage tolerance to accommodate this.

Why this is relevant to TOTM

TotemFi offers a non-punitive prediction market platform — the first of its kind on the market — meaning that if you incorrectly predict the future price of BTC, you won’t lose any of your initial stake for being incorrect. To facilitate this innovative feature, a very small ‘recall’ of 3% is applied to the sale and transfer of TOTM tokens.

This means that on Uniswap, a user will have to adjust their slippage tolerance to greater than or equal to 3% in order for the sell transaction to be executed successfully.

How to chance slippage settings on Uniswap

Adjusting Slippage tolerance on Uniswap is very easy. At the bottom of the transaction box in the middle of the Uniswap platform, you’ll see the words “slippage tolerance” and a percentage next to them:

Simply click either the words or the number and the following box should appear:

All you need to do is enter a number greater than or equal to 3% in the box on the far right of “slippage tolerance” section, like so:

After you’ve entered the number, just click anywhere on the screen outside of the “Transaction Settings” box to close it and go back to the main Uniswap platform. Your new slippage tolerance should now be displayed at the bottom of the transaction window:

You’ll now be ready to buy and sell TOTM! Just carry out the transaction as you would any other Uniswap trade, and there won’t be any problem executing the trade.

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We hope you found this useful!

Please do get in touch with any ideas or feedback, as we will always be looking to work with the community to better the project.

Join us on Twitter and Telegram to stay tuned. Sign up for early access at www.totemfi.com.

Thanks for reading,
Team Totem

Stake. Predict. Grow. // Staking-based prediction markets for the crypto community.

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