HomeCoinsIndex Cooperative (INDEX)Buying $MVI Using Exchange Issuance - What is it? And how to...

Buying $MVI Using Exchange Issuance – What is it? And how to use it | by Mr Madila | The Index Coop | Oct, 2021

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With one of the biggest companies in the world rebranding to become Meta, there is a lot of interest in the Metaverse theme all of a sudden. We wanted to take this opportunity to remind fellow DeFi users that the TokenSets interface will now automatically compare any MVI purchase between a decentralized exchange (DEX) trade, and something called exchange issuance, to find the best overall price for your purchase.

TokenSets created this feature to reduce price impact for large trade sizings. You send your token of choice (ETH, USDC, or DAI for example) to a smart contract. The tokens are then exchanged into the correct amount of underlying MVI assets necessary to mint new units. New MVI units are minted and sent back to your wallet. From your perspective, as a minter, all these actions are bundled into just 1 transaction.

A simple DEX trade is usually cost-effective for smaller trades when you are not likely to experience price impact (the difference between the current market price and the expected fill price). However, at some threshold on larger trades, you are likely to encounter significant (>1%) price impact. That’s where exchange-issuance can offer cost savings.

With the integration of exchange-issuance into the Buy flow on TokenSets website, when you come to pick up some MVI, the interface will automatically offer you two options. The total cost including gas + price impact will be presented for the DEX purchase and exchange issuance, with the best overall cost being presented.

There are 4 simple steps to purchase MVI in the most efficient way.

  1. Visit the Metaverse Index page on TokenSets and connect your wallet.
  2. Once connected, hit ‘Buy’ on the MVI page

3. Enter the amount of MVI you would like to buy

4. Compare which option is best and complete your order

The best option depends on a number of factors, including gas costs and any premium of MVI tokens compared to the underlying assets. As a result, larger trades will not always need to go through the issuance route to be cheaper, this is especially true now concentrated MVI liquidity is appearing on Uniswap V3. The beauty of the new interface is that as a user, you don’t need to worry about any of this! You’ll be presented with the cheapest option and the calculations are all worked out in the background.

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