DAT Sales Ticket
How to buy and sell DATs using the sales ticket
Last updated
How to buy and sell DATs using the sales ticket
Last updated
Buying DATS As explained here, before buying DATs, a trader is required to have a $KIX balance in their wallet. Once the trader has a sufficient amount of $KiX in their portfolio purchasing DATS is done by:
Press the buy button next to the footballer DAT of choice:
Pressing this will bring up the Buy sales ticket:
These are the definitions for each field: a. 'Your Balance': The amount of $KIX in your wallet available to be spent on DATs. b. 'Buy Price': The current market buy price for the DAT, please note that this is only the current lowest offer price, it will NOT be the cost for the trade - cost is a different calculation. c. 'Number Of Tokens': Here the trader enters the quantity of tokens that they want to purchase. The quantity you can afford will depend on your $KIX balance. d. 'Acceptable Slippage Level': These radio buttons determine how much slippage a trader is willing to accept in the event that there is a race condition. Slippage is the amount which you are willing to let the price 'slip' by, i.e. in the image it is 1%, therefore you are willing to pay 101% of the cost. A race condition comes about when two traders submit tickets with the exact same details at the exact same time - the higher the acceptable slippage the greater the success. e. 'Total Cost': This is a very important field as it is where the smart contract call is made to calculate the amount of $KIX required to complete the trade. Once the trader enters the desired number of tokens they want to buy; the system will make a smart contract call to request how far up the bonding curve this number of tokens equates to, then apply the slippage and a cost can be calculated. As an example, in the above image if the trader were to enter a quantity of 1, then the price is highly likely to be 21.63 $KIX. However, if the trader were to enter a quantity of 10, then this would not simply be a 10X cost. The value of the trade will be different as the higher quantity may move the price up the curve and could therefore be more than 10 * Buy Price.
Once all the fields have been checked by the trader, and they wish to continue, then the 'OK' button can be pressed. If this trade is wrong, the quantity and slippage can be changed, or it the entire trade is no longer required, then the trader can simply press the 'Cancel' button.
As we are self custody, once pressing 'OK' this will trigger the wallet interaction and the steps need to be followed to confirm the trade via the smart contract on the blockchain.
Once the wallet interaction has been completed, all traders can be monitor progress on the Polygon Networks scanner - Polyscan: https://polygonscan.com/.
After completion on the distributed ledger the purchased tokens will be visible in the Portfolio.
Selling DATS There is no 'shorting' on the KiX platform. This means that in order to sell DATs, a trader must have followed the above steps and purchased one first. The selling process is very similar to the buying one; to access the ticket press the 'SELL' button anywhere within the platform. All the fields are the same within the sell sales ticket apart from two:
'Sell Price': The current highest price in the locked liquidity reserve for the DAT. Please note that this is only the current highest bid price, but will NOT be the value for the trade - value is a different calculation.
'Estimated Value': Similar to 'Total Cost' but for selling, this field will make the call to the smart contract to calculate how much the quantity entered by the trader will move price down the bonding curve - Please remember that selling will use the bonding curve too. This will ensure that the liquidity locked within each individual DAT smart contract will be sufficient to liquidate all DATs in circulation according to the bonding curve.
Swapping DATs
One of the latest features of trading DATs is the SWAP feature. In essence what this feature does is combine both a Sell and a Buy together into one transaction. A key feature here is that traders can make savings on the SWAP transaction as the commissions are half of what they would be if each leg was transacted individually.
First the trader will pick the DAT NFT they wish to sell and select the SWAP button within the portfolio.
After pressing SWAP the trader will select the quantity of NFT's they want to swap, which in effect will be sold back to the AMM via our guaranteed liquidity.
Once a quantity of NFT's in the sale is selected this will calculate the amount of KIX that has been made available for the purchase of the new DAT NFT.
Now the trader must select the footballer they wish to purchase DATs from the drop down list.
Once the DAT NFT being purchased is selected the system will automatically calculate the quantity of DATs in the new footballer the transaction can afford.
At the end of the transaction there will be a residual KIX balance that goes into the wallet of the trader because the quantity to purchase will always be rounded down to not create any challanges with the balance of KIX being transacted.
Once all legs are completed by the system the new positions will be reflected within the traders portfolio.
