How to Buy $LIKE from a Decentralized Exchange (DEX)
Hello Only1 Community!
We have been receiving constantly receiving questions from the community to ask where can they buy $like from? In this article we will walk through the step on how to get like from a DEX (using Raydium.io as an example)!
If you have never heard of a decentralized exchange, don’t worry we’re here to help! In a few simple steps you will be able to safely purchase the $LIKE token and be a proud $LIKE token owner!
CEX vs. DEX: What’s the Difference?
Before we started, you might be asking what is the different between a DEX and a CEX?
Centralized exchanges (CEX), like Gate.io, are online trading platforms that match buyers and sellers via an orderbook. They function essentially the same way as online brokerage accounts, which is why they are so popular among investors.
Decentralized exchanges (DEX), like Raydium are autonomous financial protocols powered by smart contracts that enable crypto traders to convert one digital asset for another with all transactions viewable on the blockchain.
The main difference between centralized and decentralized exchanges is that the former has control over your funds while you are interacting on the trading venue while, with the latter, users retain control over the funds while trading.
Either way has it pros and con to manage your digital assets. In this tutoria we will showcase on how to buy $Like from a DEX (using Raydium as an exmaple).
Step1: Go to Raydium
Raydium is an Automated Market Maker (AMM) and liquidity provider built on the Solana blockchain for the Serum Decentralized Exchange (DEX).
Step 2: Swap on Raydium
After launching the app, you will be brought to the swap interface where you will have the option to enter the token pairs that you would like to swap. However, in order to swap, you must first connect your wallet which can be found on the top right corner "Connect".
Step 3: Connect with your SPL wallet
Once you click on “Connect” you will be taken to an interface where you will have a plethora of SPL wallets to choose from. SPL wallets are built for interacting on Raydium and storing funds on the Solana blockchain.
Step 4: Swap and buy $Like
Now that your wallet is connected, you can simply enter the currency for the pairs you hope to swap. Since we're trying to purchase $LIKE, you can type in LIKE into the search bar. If you can't find the token or want to verify, you can also go on coinmarketcap.com or coingecko.com and find the token's contract address.
The contract address for $LIKE is: 3bRTivrVsitbmCTGtqwp7hxXPsybkjn4XLNtPsHqa3zR
Once the contract address or the name of the token is input, the token will pop up. Simply select the token and choose the token you would like to use to swap with and complete the swap.
You can select the amount of $LIKE you would like to purchase with your chosen token to swap with.When there is an error swapping the coins, you may need to adjust the slippage.
Slippage is a common term in crypto as it occurs quite often when traders are unable to get the price they desire. Hence, you would often need to adjust your slippage to settle for a different price to fulfill the order. If you are uncomfortable with the slippage, you can also change it by going to the “settings” icon.
After you are happy with the slippage, simply confirm the gas fees.
Congrats! You’re now a $LIKE token holder!
Other DEX you can buy $LIKE
Apart from being available on Raydium, $LIKE is also available to purchase on AscendX and Serum.
These two platforms are also decentralized exchanges that work similar to Raydium. If you would like to purchase $LIKE through other means, you can also find it through centralized exchanges like ZT, Gate.io, LBank, BitMart, and MEXC, follow this tutorial where we have written a tutorial on how to buy $like from a CEX (using Gate.io as an example).
Disclaimer: This article does not serve as financial advice.