How to Use Whales Market
Connecting to the platform
Access the platform through its website and connect your wallet (e.g., Phantom for Solana) to interact with the available features. The platform supports multiple blockchains, so select accordingly for your transactions.
Navigating the different sections
The Tabs are pretty straight forward. Every section has Buy, Sell, 100% filled, and Closed as well as the tokens for that section. In buy these are tokens which can be bought. Sell is people who are buying that token and you can supply it to be sold. The 100% Filled shows you filled orders and is normally a good indicator of the current floor price for that token or points. You can click on the Protocol to filter it even more.
Pre Market
In the pre-market section, you can list a token for sale at a specific price or purchase tokens listed by others. The interface allows you to view open and closed orders, including the prices at which tokens have been traded. This is specifically for tokens and not points which are speculative.
OTC Market
The OTC Market section can be largely ignored as these are tokens which have already dropped and can be found cheaper on a decentralised exchange such as Jupiter.
Points Market
The points market is most likely where you will spend the majority of your time. These are platforms which have announced a points programme but no token yet, but this is normally speculated to be the case. It is important to understand selling points is not the same as selling a token.
As an example, if I have 10 000 points on the Grass app this doesn’t mean I will get 10 000 $GRASS as this isn’t confirmed yet. Instead what it means is I can sell the 10 000 points and in the end will have to give the other user whatever 10 000 points converts to when the Grass team announces it. This could be 100 $GRASS tokens or it could be something completely different. Either way this is what I will be sending to the other person when it is time to settle the trade.
Executing Buy and Sell Orders
To start navigate to the “Create Offer” button on the right hand side. First you select your market, it will most likely be points but if you are selling something you see listed under Pre Market choose this option. Next choose whether you are buying or selling. You are most likely selling so choose this if the case.
- If you haven’t already, visit the site and connect your wallet.
- Choose the protocol you are buying or selling
- Enter the amount of points you wish to buy or sell
- Choose the token to receive, I normally choose USDC for this.
- Enter the total amount you wish to receive, not per token. After entering this the price per token can be seen above with 1 points = $x.xx
- Ignore the Description box
- Choose partial Fill, all this means is whether 1 user can buy your tokens all at once or if multiple people can fill it.
Deposit the collateral for your trade which equals the amount you wish to receive in total. The reason for this is to avoid you scamming when you receive it so if the price shoots up you don’t not fulfil your trade.
For example, if I want to sell 100$ of $GRASS token I will have to put up 100$ of my own money. When $GRASS drops regardless of whether the market value is now $150 or $50 I need to settle the trade otherwise I will lose my own money. This is to keep both the buyer and seller safe.
Settling a trade
For orders that are ready to be settled (where you are the seller), make sure you have the required amount of the token in your wallet. You’ll need to confirm the settlement, which transfers the tokens to the buyer and returns your collateral and any funds due to you. Once you’re ready and have verified that all conditions are met, proceed with the settlement. This action will finalize the transaction, distributing the tokens to the buyer and returning any collateral and funds to the respective parties.
Closing Unfilled Offers
If you have any offers that weren’t filled, you can close these to retrieve your collateral, minus the platform fee. This step ensures that you’re only focusing on relevant transactions for settlement.
Handling Delayed or Unsettled Orders
If an order hasn’t been settled in time, the platform provides a grace period for the seller to complete the settlement. If the seller fails to settle within this period, the buyer has the option to cancel the order and receive their deposit back along with the seller’s collateral as compensation. Doubling their money for free.
Considerations for Delays
Be aware of potential delays in token distribution (airdrops) which could affect settlement times. Wales Market may intervene manually to adjust the cancellation window in such cases, ensuring fairness to all parties involved.
