Hello guys,
@polkaswapper is here with another Sora and Polkaswap related post.
Today I want to share with you how I buy XOR or PSWAP tokens without paying ETH fees for bridges between SORA mainnet and Ethereum mainnet. For those who don't know, you can buy PSWAP or XOR directly from polkaswap.io, but for smaller amounts it's not worth doing it that way because Ethereum gas fees are high as usual.
My way to do it is linked to one of the CEX(which I know is not very wanted by people using the Sora blockchain and other decentralized platforms), but this exchange allows if you have less than $9999 in your account NOT TO DO KYC, which will again let you be anonymous.
The exchange I use is called DigiFinex and according to Coinmarketcap this exchange is ranked 42nd in the world with almost $1B daily transaction. To be honest, I started using it only after the XOR-USDT and PSWAP-USDT pairs were listed on the exchange.
So once you register on DigiFinex you can deposit USDT with your card or transfer from your wallet(or other exchange) through the Tron/ network (TRC20) -> This is the most recommended way and actually the deposits are coming really fast.
After depositing USDT, you have 3 options:
-Buy SORA/XOR from USDT/XOR
-Buy Polkaswap/PSWAP from USDT/PSWAP
-Buy SORA Synthetic USD/XSTUSD from USDT/XSTUSD
It is really important to check all 3 pairs and the liquidity and volume in the last 24 hours, but the most important thing is to check the open orders. This way you will find out which option is the cheapest at the moment. Typically this is the third option – to buy XSTUSD.
However, as XSTUSDT is a stable coin, it is supposed to have a minimal difference from the market price. As you can see below, it's the price that really matters:
There is no market price in DigiFinex like other exchanges, so if you want to complete the order, you have to choose the lowest selling price (in the photo this is 1.0088) and to get XSTUSD in exchange for your USDT.
Then you need to go to Account-Spot and you will see your XSTUSD balance. What you need to do is go and click on Withdraw.
Of course, there is only one network (SORA) that supports XSTUSD withdrawals. Then you need to go to your Sora wallet and copy your Sora deposit address.
Here are the links to the app if you don't have it yet:
It is important to mention here that the withdrawal fee for XSTUSD is 0.001 XOR, which means you should have some Sora balance before the withdraw (you can exchange even 1 USDT for a small amount of XOR tokens to confirm the withdrawal).
Once you have the Sora fee amount and you enter your withdraw address, you have to confirm the 2-FA verification process, then you will receive XSTUSD in your Sora wallet within 2-3 minutes.
As you can see, the XSTUSD tokens came from DigiFinex to my Sora wallet. Now I can use them to buy XOR, Pswap, DAI, DEO, Ceres or whatever I want:
I decided to trade them for XOR and finally I got 2.20 XOR for 10.27 USDT.
This method of purchase is the best and cheapest for me because I don't deal with any Ethereum gas and Bridge fees.
Of course, if there are good open trades on the USDT/XOR or USDT/PSWAP pairs, you can withdraw XOR or PSWAP directly to your Sora wallet. It’s up to you. It is good to mention that this is a temporary solution.
Very soon the Sora card will be open for KYC registration and once the functionality is launched, the ways to purchase SORA will be much easier and cheaper.
Stay tuned for more SORA and Polkaswap related content.