¶ Overview
MYNT is a continuous token backed by SOV using a bonding curve smart contract. You can find more details in the wiki concerning the MYNT bonding curve or bonding curves in general. The MYNT bonding curve app is a graphical user interface for trading SOV or MYNT directly against the MYNT bonding curve, creating or burning MYNT in the process. This app is being released initially as a Sovryn Labs project, indicating that while the app is functional it should be considered experimental and may not have the same user experience or interface design you are used to with Sovryn.
¶ Known limitations
Known limitations of the app are listed below. Please familiarize yourself with them before using the app. If you aren’t completely comfortable with the limitations of this initial release, note that it is also possible to trade MYNT using the Sovryn AMM here or here.
- Make sure your browser is not set to delete cookies automatically if the browser tab/window is closed. If you place an order to trade against the bonding curve and your cookies or local storage is deleted (either automatically or using a “hard refresh”) and your browser tab/window is closed (either intentionally or unintentionally), the bonding curve order flow could be disrupted and your funds could be stuck in the smart contract. If this happens, you will either have to interact with the bonding curve smart contract directly to claim your order or wait until a bonding curve recovery app is created to claim your order. There is currently no estimated date for when such a bonding curve recovery app will be available.
- The bonding curve has a built-in slippage limit of 3%. If an order would cause the price to move up or down by >3%, the order will fail. This order failure will cost the user gas but will not cost any other funds otherwise. At this time we recommend entering order amounts <4000 SOV or <350,000 MYNT to avoid hitting the slippage limit.
- The bonding curve app currently only works with RSK-compatible injected Web3 wallets (e.g. Frame, Liquality, MetaMask, Nifty, etc).
- The app will have you reset the approval on the SOV token every time you use SOV to buy MYNT from the bonding curve, even if you have not set an approval yet or have already reset the approval. This will cost some gas.
The bonding curve app devs are working to solve some of these known limitations and will share more updates once they are ready. In the meantime, if any devs in the community are interested in working on these problems, Mynt devs encourage the development of new/alternate user interfaces that provide access to trading against the MYNT bonding curve, with full order workflow and recovery capabilities.
¶ Step-by-Step Procedure
Navigate to the Bonding Curve UI on Sovryn Labs here.
¶ Step 1. Connect your wallet
Click the “Connect wallet” button in the top-right corner, then click the MetaMask icon. Although the icon says “MetaMask” it should work with any RSK-compatible injected Web3 wallet e.g. Frame, Liquality, MetaMask, Nifty, etc.
¶ Step 2. Enter amount to trade
If you are buying MYNT, enter the amount of SOV you want to exchange with the bonding curve. To enter the maximum amount of SOV to spend, click the “Convert all” button. You will be shown an estimate of the amount of MYNT that will be created and returned to you by the bonding curve smart contract:
To switch from buying MYNT to selling MYNT, click the “↑↓” button in the middle of the screen.
If you are selling MYNT, enter the amount of MYNT you want to sell back to the bonding curve. To enter the maximum amount of MYNT to sell, click the “Convert all” button. You will be shown an estimate of the amount of SOV that will be returned to you by the bonding curve smart contract:
¶ Step 3. Confirm trade transactions
The MYNT bonding curve uses a batching system to prevent frontrunning transactions. Traders first create an order, then wait up to 10 blocks for the batch to complete, and can then claim their order. Orders selling MYNT will require two transactions, and orders buying MYNT will require four transactions.
If your browser tab/window closes or refreshes during the order process, you should be able to reopen the web page, reconnect your wallet, and pick up where you left off. You can reject either the “Reset approval” or “Raise approval” transaction and click the “Abandon process” button that appears to go back to the main order screen if you change your mind and want to place a different order or cancel the process altogether. However if you confirm the “Create order” transaction then you will have to wait until the batch time is over and claim your order before you can place another order by clicking the “Start new conversion” button.
¶ Selling MYNT
¶ Buying MYNT
¶ Retry transaction
If you reject a transaction in your wallet, or the transaction is confirmed but fails for some reason, then a button to “Repeat transaction” will appear. Click the “Repeat transaction” button to retry signing and sending your transaction.
