How to buy Cherries (CHRY tokens)?
When you mint a new Story, you are supposed to pay one Cherry (that gets burnt). If you don't, you'll be asked to pay with FTM. In case you prefer to pay with Cherries, here is how you can get some of them.
Cherries are a classic blockchain token complying to the ERC-20 standard. Their ticker is CHRY. Like any other of such token, they are really easy to get.
The CHRY ERC20 token contract address is:
SpookySwap: your favourite token dealer
SpookySwap is Fantom's first DEX. This decentralised exchange allows you to swap tokens one for another using AMMs (Automated Market Makers).
Of course, SpookySwap is a Dapp (Decentralised Application), so you don't need to register to use it (just like on StoryPress). Simply log in with your crypto wallet, and use.
So, simply go this page, and you can buy Cherry tokens:
In case the CHRY token does not auto-populate on SpookySwap, you can manually add the token using its address: 0x4C41bFf37db389BA1edC7ED7e757059a1D08ceb5
On the above screenshot, you can see that if I swap 10 FTM, SpookySwap tells me that I should get an estimated 98 CHRY tokens, with a minimum of 94 CHRY.
From the 10 FTM I'll pay, 0.02 FTM will be kept as fees for SpookySwap. (Their fees are 0.2% of the amount you put in). Once you've got your Cherry tokens, you can come back to StoryPress.info and start using it.
But before buying, please read the 3 warnings that follow:
1. Beware of copycats
It is very easy to create a token on blockchains. And you can give your token any name.
Any cheeky bugger can create another CHRY token, add it to SpookySwap and if you use SpookySwap inline search to look for the CHRY token, you might very well pick the copycat instead of the original CHRY token. It happened to me on some other token!
So please, buy your Cherries by following the links on the screenshot above, or from the modal you get from the top bar.
2. Don't buy too much
As you can see on the second line from the bottom on the screenshot, the price impact of buying 10 FTM of CHRY is currently 0.99%. This means that buying around 100 CHRY slips the price up by 1%. Imagine if you had entered 100 FTM!!! The price impact would be much higher, and you'll end up with less cherries than you would expect.
So, for the time being, don't buy too much cherries, or at least, buy them in small amounts to see where it leads you.
100 cherries is enough to write 100 stories on StoryPress.info, or make 50 comments or put 50 thumbs up!! That is more than enough to start with.
3. Beware of sandwich attacks
What the hell is that, you might wonder. Well, when you send a transaction to a blockchain, your transaction goes into some memory pool (aka mempool) while it is waiting to be mined inside the next block.
Some other cheeky buggers, continuously scan the mempool in search for future token swaps. When they see one, they might trigger a sandwich attack.
Imagine you sent a transaction to buy 10 FTM worth of CHRY and at current price, you expect to get 100 of them:
- before your transaction gets mined, they buy thousands of cherries: this pumps the price of CHRY like crazy. Imagine now that 1 CHRY = 1 FTM
- your transaction gets mined: you get 10 FTM worth of cherries, that is 10 cherries
- just after your transaction was mined, the attacker sells back all the cherries he bought just before you.
In the end, you just got 10 cherries for your 10 FTM, and the attacked pocketed all the rest with his vicious sandwich attack.
You might wonder: how can people be so fast? Are there really people looking for hours inside the mempool for vulnerable transactions? Of course not. The sandwicher just programmed a bot that does that 24/24h. And because this is easy and very cheap to execute once they have programmed their bot, you might see that you get sandwiched even for ridiculously small amounts of profits.
What can you do to prevent that? Simple. Set your maximum slippage (the fourth line from the bottom on my screenshot) to as low as possible. All swap that go above that slippage will get rejected by SpookySwap.
In my screenshot above, you can see that the expected slippage is 0.99%, and my maximum slippage is set to 5%. This is not a good idea. I should put the max slippage to 1% for example, otherwise, I'll most probably get sandwiched. Don't trust me? Well, just look at that one:
Here you can see that the attacker bought for 15.66 FTM of Draco token just before the person who bought for 10 FTM. Then, within the same second, the attacker finished his attack by re-selling the 561.86 Draco he had bought earlier for a 0.33 FTM profit.
Yes, you can get sandwhiched for as low as 0.10$!!
Now you are ready
Ok, knowing these three pitfalls, you are now ready to buy some cherries and participate in StoryPress.
Copycats, slippage issues and sandwich attacks are very common on DEXes, so what we've seen here doesn't just apply for cherries, but for any token swap, may it be on Fantom with SpookySwap, on Ethereum with Uniswap, on Binance Smart Chain with PancakeSwap, etc...
Now you've been warned and can better navigate the treacherous waters of DEXes.
Don't hesitate to comment or react if that story helped you. 😀