Ready Product Updates: Introducing Smart Swap

Welcome back!

We are 2 months into our Beta Program and have been making steady progress as we move along this journey. Today, our team wants to officially announce some upcoming features that took us months to iterate and perfect, and we are ready to introduce you.

With every new addition to the app, we get closer to building a full-fledged version of Ready – the next-generation messaging application with crypto wallets integrated. We couldn’t have done it without the support we have seen thus far from you – the Ready Beta community.

Without further a due, here are the new features we will add to the app:

Ready Smart Swap
Updated Chat Interface

Ready Smart Swap

The Ready Swap aggregates decentralized exchanges’ (DEXs’) swap features in one comprehensive interface to facilitate and streamline user interactions with decentralized finance on Ethereum and EVM-compatible chains including Polygon, Binance BNB Smart Chain (BSC), and more to come.

Specifically, it offers:

A smart algorithm to find the best trading route with the most favorable exchange price for every swap request.
More convenience by automatically computing and combining different DEX swaps to fulfill each request. Users only need to enter their desired parameters in Ready, and then Ready Swap will do the rest.
Lower swap fee.
Better and more flexible slippage tolerance. The algorithm designs swap routes with the most minor slippage possible. Users can also adjust the slippage tolerance as they prefer.

Swapping Routes

Routers are created to bring higher efficiency to swaps. Routers find the best pool for each request. They can also carry out swaps in a more sophisticated manner: they split the target swap into multiple smaller ones, each to be performed on a different DEX to optimize the output.

Ready Swap is designed and implemented as a router, with the aforementioned structure and functionality to help Ready users trade more easily and with greater outcomes.

Optimal Trading Fees

One of the Ready Swap goals is to minimize the trading fee for users, even in a complex swap order, with the smart routing protocol. Currently, for each swap, users have to pay involved DEXs only (each DEX defines its own fee rate, normally around 0.3%).

Customizable Slippage Tolerance

Upon making a request on the Ready Swap, users can also specify their slippage tolerance, which is the margin of price change (between order and execution) they find acceptable. Slippage tolerance can be set anywhere between 0.1% and 2%; when not specifically defined, the default value is 0.5%.

If the execution price is within the slippage range, the transaction will be executed. If the execution price is outside the range, the swap will not occur, and the user will be notified that the slippage tolerance needs to be adjusted to make the transaction possible.

Better Price Impact

Slippage occurs due to both others’ actions and the swap itself. The final difference between the price Ready Swap offers and the price of execution is expressed in percentage under the title “Price Impact” at the bottom of the swap module. If the final price impact is larger than the specified slippage, the transaction will fail.

For a deeper description of the Swap feature, please check out our white paper.

App Interface Updates

1. Refined Chat Interface

You asked for it, and we heard you. Our design team has been working hard to make the needed tweaks to the chat interface & banner size to make everything more clear and smooth for app users. Take a look below: