Buying player tokens on ScoutX is an extremely simple task: follow along and find out how to do it!
So you've connected your wallet and have USDC available to trade: time for you to invest in a player! For this guide, we will assume that you want to buy tokens in Rafael Nadal, the current world No.4 Tennis Player in the ATP.
Step 1 - Navigate to Nadal's Player Page
Head to the Browse tab and either search for the player, or find them on the homepage. Once found, click on their name to access the Player Asset Page. Here, you can view information about the player to make informed investment decisions. When ready, hit Trade
Note that prices and quantities in these screenshots are only used for explanation purposes and do not necessarily correspond to real prices within the ScoutX Protocol.
Step 2 - Choose either a Long or Short buy
ScoutX allows you to choose whether you want to buy Long or Short tokens. The way it works is simple: the open market will set an expectation of Nadal's earnings (detailed as $6.70M above). If you choose to buy a short token, you are betting that Nadal's earnings will be less than $6.70M at the end of the season. The converse applies for long tokens; you are betting that he will earn more than $6.70M.
As the season goes on, expectations will change based on his performance in tournaments and what he actually earns, these expectations change the price of both long and short tokens respectively.
For more details on how ScoutX works with Long and Short tokens, head over to the ScoutX AMMor FAQssections!
Step 3 - Enter Amounts and Slippage
Note that these images are from our Testnet launch, hence we use $SUSD tokens instead of $USDC tokens to purchase players.
This trade screen allows you to either enter the amount of USDC you want to use to purchase Nadal's tokens, or you can enter the amount of tokens and we will calculate how much USDC is needed. From there, make sure to double-check the fees and Slippage Settings to make sure you are okay with the terms of this trade.
Slippage refers to the phenomena where there is a difference between your quoted and executed prices. In a sense, if you want to buy 2 tokens of Zverev at a price of $0.67, the executed price might differ slightly from $0.67 depending on a variety of factors.
What is Slippage and why does it matter? (Uniswap example)
You can set your Slippage Tolerance (how much you're willing to take) before you execute your buy order. Note that if there is low liquidity in the particular player you are buying, and you are buying a large volume, your transaction may fail. You can mitigate this by altering your slippage tolerance and by buying in smaller transactions.
ScoutX charges Transaction Fees on each Buy order, if you'd like to see a breakdown of our fees, you can click on the dropdown available on the Buy menu above.
Step 4 - Buy your Token
Once you are ready, hit Buy. A window will open up with your wallet prompting you to approve the transaction, ensure you review the terms (including the Gas Fees you are paying). Ensure that you have enough USDC to cover the Gas. After approval, you will have another prompt asking you to Confirm the transaction, once again ensure you are okay with the terms before hitting Confirm.
Congratulations! You will have now bought your first ScoutX Player Token! You can view the transaction hash and information on Polygon's block explorer within this menu, and once you're satisfied you can hit Go to Portfolio to view your new holdings.