Frequently Asked Questions
What is Venice Finance?
Venice Finance is the first AMM on the Findora Blockchain, Findora uses zero-knowledge proof technology to bring a public blockchain with programmable privacy. Venice Finance uses this technology to bring about a private centric AMM dex.
What is a wallet?
A crypto wallet allows you to store, send, and receive cryptocurrency on the blockchain. Your wallet is a combination of a public and a private cryptographic key that are used together to access your cryptocurrency.
Each crypto wallet also has a wallet address. Your wallet address is used to send and receive cryptocurrency. This means that you can safely share your wallet address with others.
Depending on the type of crypto wallet you have, your access to your private keys and recovery phrase will vary.
There are two types of crypto wallets - software wallets and hardware wallets.
Software Wallet:
A software wallet, or hot wallet, is a browser or mobile app based wallet. There are two kinds of software wallets - custodial wallets and self-custodial wallets.
Custodial Wallet:
A custodial wallet is a wallet in which an exchange (the wallet provider) holds your private keys and securely stores your funds. This is similar to how a traditional bank is responsible for securing your account and funds.
When you use a custodial wallet, you log in with a username and password to make transactions. This password, if forgotten, can usually be replaced, which makes a custodial wallet an easy option to buy, sell, and hold cryptocurrency.
Self-Custodial Wallet:
A self-custodial wallet is a wallet in which you hold your private keys and are responsible for securely storing your funds.
When you set up a self-custodial wallet, you are given the private key and recovery phrase. It is important to remember that anyone who has access to your recovery phrase can access your wallet. Do not share your recovery phrase with anyone else.
You can connect your self-custodial wallet to access the full range of DeFi and web3 decentralized applications (dapps), including Uniswap. Self-custodial wallets have limitations as well, though — no one can help you regain access to your funds if you lose the private key and recovery phrase.
Hardware Wallet:
A hardware wallet, or a cold wallet, is a hardware device that stores your private keys on a secure device.
A hardware wallet is a type of self-custodial wallet.
Your private keys are not stored on an online server, which makes a hardware wallet the most secure option. If you lose your recovery phrase, you can lose access to the crypto you own.
How to get a wallet?
A crypto wallet allows you to store, send, and receive cryptocurrencies on the blockchain.Before selecting the wallet you would like to use for crypto transactions, it is important to learn more about the different types of wallets. The steps to getting a crypto wallet depends on the type of wallet you would like. Here is an overview of how to get a crypto wallet:
How to get a Software wallet
A software wallet, or hot wallet, is a browser or mobile app based wallet. There are two types of software wallets - custodial wallets and self-custodial wallets.
Custodial Wallet
A custodial wallet is a wallet in which a third party holds your cryptographic private keys and securely stores your funds. In most jurisdictions, custodial wallet providers are regulated entities, similar to traditional banks. Like banks, custodial wallet providers are responsible for securing your account and funds. To use a custodial wallet, you log in with a username and password to access your account with the provider, and you instruct the provider to conduct transactions on your behalf.
Download the wallet application to your phone or visit the web browser to begin account set up.
Create a username and password that secures your account. The wallet you choose will have specific set-up steps for you to follow. It is important to know that you will not be given the private key to your account, as the wallet issuer has custody of this.
Common custodial wallets include: Coinbase, Gemini, FTX, and Crypto.com. You cannot use a custodial wallet if you want to trade on Uniswap and other DeFi applications. Do your own research to find the best custodial wallet for you!
Self-Custodial Wallet
A self-custodial wallet is a wallet in which you alone hold your cryptographic private keys and are responsible for securely storing those keys. Self-custodial wallets are software that allow you to directly interact with blockchains and blockchain-based applications like Uniswap or Compound. When you set up a self-custodial wallet, you do not have an account with the wallet software provider, so it is imperative to write down your recovery phrase that is given when signing up for the wallet. That is because no third-party provider can give you access to the wallet if you forget the private keys or recovery phrase.
Download the wallet application to your phone or visit the web browser to set up your account. Create your account and write down your recovery phrase in a secure location. Some wallets may prompt you to backup your recovery phrase to your phone.
It is important to remember that anyone who has access to your recovery phrase can access your wallet. Do not share your recovery phrase with anyone else.
Connect your fiat funding source to your wallet. Depending on the wallet, there are different options for you to convert fiat currency to crypto in your wallet.
Common self-custodial wallets include: Metamask, Rainbow Wallet and Coinbase Wallet. Do your own research to find the best self-custodial wallet for you!
How to get a hardware wallet
A hardware wallet, or a cold wallet, is a hardware device that stores your cryptographic private keys on a secure offline device. A hardware wallet is a type of self-custodial wallet.
Each hardware wallet has different steps for step up, depending on the device.
Purchase a hardware wallet directly from the manufacturer. This ensures it is a brand new wallet.
Follow the directions for set-up included with your hardware wallet or posted on the device’s official website.
Save your recovery phrase. Most hardware wallets will include materials for you to save your recovery phrase.
When you set up a self-custodial wallet, you do not have an account with the wallet software provider, so it is imperative to write down your recovery phrase that is given when signing up for the wallet. That is because no third-party provider can give you access to the wallet if you forget the private keys or recovery phrase.
Common hardware wallets include: Ledger, Trezor and Safepal. Do your own research to fund the best self-custodial wallet for you!
After setting up your wallet and purchasing tokens, you can connect your self-custodial wallet to Uniswap to store, send, and receive cryptocurrency!
How to set up Metamask?
Findora Smart Chain (EVM network)
A key concept to understand about Findora is that it is composed of two different blockchains combined into a single “multi-chain” model. These two blockchains include:
Findora Native Chain
a UTXO-based blockchain
support staking and confidential transactions
token address starting with fra... supported by Findora Desktop Wallet
Findora Smart Chain
an accounts-based blockchain
fully-EVM compatible, supports smart contracts and dapps
token address starting with 0x...supported by MetaMask Wallet
Step 1. Set up MetaMask🦊If you don’t have MetaMask, you will first need to download it here. If you’re setting it up for the first time, please save your private key securely and not on your computer. Anyone who has access to your private key effectively controls all your funds.
Step 2. Configure your MetaMask to Findora's EVM NetworkYou will need to add the Findora Network on MetaMask by clicking on the network listed at the top and then clicking add network. Use the following information:
Network Name: Findora Mainnet
RPC URL: https://rpc-mainnet.findora.org
Chain ID: 2152
Currency Symbol: FRA
Block Explorer URL: https://evm.findorascan.io
Step 3. Fund your MetaMask wallet with FRA tokens
You will need FRA to pay gas fees before you interact with FairySwap contract or any other protocols on the Findora Mainnet.
How to get FRA tokens？
Getting FRA tokens on the Findora Smart Chain (EVM network)
One of the easiest ways to get FRA tokens is from Kucoin or Gate.io, some of the top exchanges in the world. We’ll use Kucoin as an example here.
Once you’ve set up a Kucoin account, you still can’t buy FRA directly with fiat currency or a credit card - you will need to trade for FRA using USDT.
Step 1 is to buy some USDT on Kucoin or transfer some over to your Kucoin account. Then, go to trading.Once you do, you can search for FRA in the search bar on the right-hand side of the screen. You’ll find the USDT/FRA trading pool. Click on that to trade USDT for FRA. Once you click on Trade, you’ll be taken to the USDT/FRA trading pair where you can trade for FRA.
How to bridge tokens (from Ethereum, BSC, Polygon)
Rialto is a bidirectional bridge that connects Findora to other EVM-compatible blockchains. Complete tutorials can be found on the Rialto Bridge User Guide.
Here we'll walk you through how to configure the bridge to move assets from Binance Smart Chain (BSC) to Findora while using your Metamask Wallet. Below are the key steps to move assets over from a source network (such as BSC) to a destination network (such as Findora).
Step 1: Configure Metamask for both BSC and Findora
Go to Metamask’ s “Add Network” screen and configure Metamask to connect with BSC. Next, go to Metamask’s “Add Network” screen again and configure Metamask to connect with Findora.
Step 2: Fund Metamask with BNB Tokens
Rialto bridge transactions whose assets originate from BSC must pay BNB gas fees on the BSC side of the bridge. Thus, you must first buy or transfer BNB tokens into your BSC Mainnet Metamask wallet. If you don’t have BNB tokens, you can buy them from an exchange like Binance.com or any of the exchanges listed on this page.
Special Note: If you are a developer using the testnet version of Rialto bridge, you can get testnet FRA from the Findora Discord #faucet channel.
Step 3: Transfer Tokens Across Bridge
Go to rialtobridge.io and connect your BSC Metamask wallet. Next set the “Source Network” to BSC. Enter the token type and token amount you wish to send from BSC to Findora. Enter your destination (Findora) wallet address and click “Start Transfer”.
To send the funds to the same destination wallet address (i.e. set both sending BSC address and receiving Findora address to the same value), click the “I want to send funds to my address” checkbox.
Step 4: Confirm Metamask Transaction
Metamask will ask you to confirm your transaction.
Step 5: View Transaction Details on EVM Block Explorer
To view the completed bridge transaction log, goto evm.findorascan.io. Enter your wallet address into the search bar at upper right of the block explorer and hit enter. Next, click on the “Token Transfers” tab and look for the “Token Minting” success message. A successful bridge transaction will lock your token on the BSC side of the bridge and mint a new, corresponding token on the Findora side of the bridge.
What is a liquidity pool?
In traditional finance, liquidity is organized using a central limit order book where buyers and sellers create orders (trade) organized by price and demand.
The Venice Finance takes a different approach, using an Automatic Market Maker (AMM) to replace the traditional order book method with a liquidity pool of two assets, where the price is determined by an AMM.
A liquidity pool is group of tokens that are locked in a smart contract and used for trading between assets on a decentralized exchange (DEX) like Venice Finance.
These pooled tokens are provided by liquidity providers (LPs) who receive an LP token in exchange for providing liquidity.
Who uses the Venice Finance?
The Venice ecosystem includes three types of users:
Liquidity Providers (LPs): People who provide their crypto assets to help with trading.
Traders: People who swap one token for another.
Developers: People who work with Venice Finance smart contracts to power new and exciting experiences.
In total, interactions between these classes create a positive feedback loop. They are the fuel that our digital economies need to define a common language. This common language allows users to pool and trade tokens.
Should I pay fees when I make a token swap (trade) on the exchange?
When you make a token swap (trade) on the exchange you will pay a 0.2% commission fee, which is broken down as follows:
0.15% - Given to liquidity pools.
0.05% - Charged as protocol fee.
How to trade tokens?
Follow the step-by-step guide below or watch the swapping tutorial :
Go to the Swap page.
Connect your wallet if needed.
Select the token you would like to swap.
Once you have selected tokens to swap, enter the quantity to trade and press 'SWAP'.
5. Your wallet will pop up asking for confirmation to Swap, press Confirm.
6. Once confirmed in your wallet, you will see a 'Transaction Submitted' pop up and after a few seconds, your trade should be completed!
How to create a liquidity pool?
Step 1. On “Swap” page，click “Add Liquidity”
Step 2. Select the transaction pair, such as FRA-WBNB, enter the amount, and confirm the on-chain transaction on MetaMask to add the liquidity pool.
Step 3. Check your liquidity that you provide
How to add liquidity?
Click “Add Liquidity” in the pool, and enter the amount, click “Supply”, and confirm the on-chain transaction on MetaMask to add the liquidity pool
How to remove liquidity?
Step 1. Check your liquidity that you provide and click “Remove”. If you need to add liquidity, click “Add Liquidity”.
Step 2. If you want to remove part of your funds, you can slide the scroll or just click on the ratio and pay the GAS fee.
What security strategies does Venice Finance have to be committed to the ideals of permissionless access, privacy protection and auditable transparency?
At audit level: Our code has been audited by the most reliable company CertiK, and you can check the detailed report on this page:
https://www.certik.com/projects/venice-finance
At the technical level, Venice's code is 100% open source and open to review by anyone. Finally, our cross-chain solution is integrated through the Rialto Bridge, which is a mature cross-chain solution.
How will Venice Finance make strong privacy with speed and low cost in DeFi? How can Venice Finance make DeFi more innovative along with privacy?
Venice Finance is pioneering Findora’s DeFi and future metaverse and is 100% committed to privacy protection, auditable transparency, and permissionless access. We’re creating a future where anyone in the world can access needed financial services without exposing personal data or risking identity theft.
The best place to get technical support is our Discord channel 🎮
Twitter: https://twitter.com/venicefinance
Telegram: https://t.me/venicefinance
Github: https://github.com/VeniceFinance
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