FAQs

by | Nov 1, 2019

Luna Wallet Changes

We have made some major design modification to Luna wallet to integrate the exchange. Please note you will find all wallet functionalities (accounts, send, receive, transactions and tokens) in the wallet section. Token Lab and Smart Contract sections have the features that very already present in the Luna wallet.

EXPEX Overview

EXPEX is a decentralized exchange that runs on a smart contract on expanse network. Currently listed tokens are PEX and LAB; both expanse ERC-20 tokens, with further maturity, we plan to add more tokens , other network tokens and also support different token types.
In order to start trade on EXPEX a user must follow the steps given below:

EXP to WEXP Conversion.

In order to start trading select EXPEX item from side menu and then select a wallet account from top right corner of the screen.
After this the first thing you need to do is to get yourself some WEXP (Wrapped EXP) which are equivalent to EXP in value but allow EXP to be tradable with ERC-20 tokens.

Allowance for Buy/Sell Orders

Once your done with converting you can proceed to the marketplace by selecting a token from the token list. You will see a complete view of the marketplace.

In order to place a buy order (bid) you need to make an allowance transaction of WEXP which gives confirmation on exchange to trade on your behalf.

Similarly in order to place a sell order you need to make an allowance transaction of the token you want to sell.

Allowance transaction can be done once for any value you want to allow you ease of trade.

Order Placement

Once you have a significant amount in allowance you can place a buy or sell order on the exchange by entering price and amount.
Your order transaction once placed and confirmed will be shown to you in open orders section under My Orders tab.
Other users will see your order in the order book which has buy order on the left and sell orders on the right of order placement screen.

Order Matching

If the price of your order matches another order the orders will be matched and you will receive respective tokens in exchange of the ones you have.

If the amount of matching order is less than the amount you have entered the order will be fulfilled and you will be shown the percentage of the fulfillment in open orders.

Trade against each order will be shown in my trade history tab.
Other users will be able to view trades being made in the market history section of the market.

Price Chart

The exchange has price monitoring candlestick chart that shows users the values of the trades being done.

Trade Fees & Balance Security

The exchange has no trading fees and the only fee you will pay is the network transaction fee. EXPEX doesn’t take any profit for ourselves during trade, allowance, or other conversions.

In addition your balance remains safe inside your account since all private keys are known by users only.

What is EXPEX?

EXPEX is a decentralized smart contract based exchange that allows trade of ERC-20 tokens on expanse network. We provide users a way to trade directly from their wallets via our Luna wallet application without any commission. 

How does EXPEX work?

EXPEX consists of a smart contract deployed on expanse network and an order matching engine within Luna wallet. The smart contract holds the order book on network and runs the order execution logic when two orders are matched by the matching engine. The token swap happens on the expanse network. All transactions should be signed by the user’s private key for

How does the trading experience on EXPEX compare to other Expanse based decentralized exchanges?

The EXPEX UX matches that of centralized exchanges while maintaining the security standards only available to decentralized exchanges. 

What are the fees to trade on EXPEX?

EXPEX charges no trade fee the only fees you need to pay is the GAS fee for transactions on network. 

What are gas fees?

All transactions on the Expanse network cost gas, a fee that is paid to miners in order to process the transaction. Trades on EXPEX cost ~140k gas. On EXPEX there is no risk of competing for the same order and wasting this gas fee. Traders receive their chosen order regardless of how long the transaction takes to settle, so as the exchange grows EXPEX can continue to use a normal gas price.

How do you safeguard my private key?

We do not save user wallet private keys anywhere within our system. We use UTC files which are encrypted by password set by user. User needs to enter a password in order to make transactions and the UTC file unlocks the wallet for the transaction.  

Who pays the gas fees?

Users are responsible for covering all gas fees required to use the exchange. EXPEX pays the gas fee to the network and deducts this fee from the user’s transaction. This includes both gas fees for trades, paid for by the taker, and gas fees for allowance, paid for by the customer. For trades the fee is taken out of the asset being traded/withdrawn. 

What is WEXP and why I need to convert EXP to WEXP for trade?

In order to trade ERC-20 tokens with EXP on network; EXP need to be converted to equivalent WEXP which is an ERC-20 with same value as EXP. This enables us to easily swap tokens and WEXP can easily be converted to EXP if required by users. 

Why is the allowance and why is it required?

In order to place a buy order (bid) you need to make an allowance transaction of WEXP which gives confirmation on exchange to trade on your behalf. Similarly in order to place a sell order you need to make an allowance transaction of the token you want to sell. Allowance transaction can be done once for any value you want to allow you ease of trade. 

Why is the minimum trade orders on EXPEX?

EXPEX doesn’t have a minimum order price but we have a minimum order quantity of 0.1 tokens that would be swapped.

Are my funds safe on EXPEX?

Yes. All funds are held within the luna wallet are under the user’s control at all times. We can not trade, withdraw, or make any other transactions with your funds without you first cryptographically signing permission for EXPEX to do so. Wallet keys are the only ones authorized to submit transactions which are only known by the user and stored on their local systems.