Guide: How to use Cosmos Gravity DEX and Emeris

Due to an excessive workload, or rather, priorities, I have not been able to spend any time writing for the blog in the past few months.

Just as I dropped off, I was writing an extensive overview and analysis of the blockchain project I am most passionate about: Cosmos Network. Included in that analysis was the upcoming Gravity DEX from Cosmos, which was recently launched. I still plan to finish of that series of blog posts, as I have a strong belief that it is one of the best projects in existence today. Rivalling other similar blockchain projects such as Polkadot, Polygon, Chainlink etc. While those posts have to wait, lack of time, I wanted more quickly highlight a huge milestone in the Cosmos which was reached earlier this week.

How to get started with Cosmos Gravity DEX and Emeris

What is Gravity DEX?

With the Gravity DEX, DeFi is coming to Cosmos. And don't think of it as one of the useless DeFi projects with a forked DEX. No, Cosmos has brought us the most secure and most advanced cross-chain decentralized exchange. Greatly improving the incentive for developers to build in the Cosmos Network. While also allowing you and me to trade cryptos with a greater peace of mind.

At the time of writing this guide on how to get started with the Gravity DEX, the Cosmos Network is worth $105 billion. Their ecosystem includes:

  • BinanceChain
  • THORchain
  • Fetch.ai
  • Terra
  • Cosmos Hub
  • Kava.io
  • Anchor Protocol
  • Band Protocol
  • Akash Network
  • Iris Network
  • Secret Network

To name a few.

Before the Gravity DEX, many of the Cosmos tokens have been difficult to invest in. Including projects such as $DVPN, $FET and $LUNA. Image getting in early on some of those, potential was known, but the friction in investing in these projects early is high. We now have immediate access to projects such as these, and likely future solid project that are bound to be launched.

One of the best parts of using Gravity DEX is that it is fast, and super cheap. Average transaction fee is $0.08. Removing even more friction from buying these token. Anyone can afford it, and in my opinion, many of the Cosmos Projects, including the native token $ATOM, is worth buying today. Lock the assets away and watch Cosmos Network grow over the next couple of years. $ATOM is still a highly overlooked coin when compared to other interoperability projects like Polkadot (lots of hype = bloated valuation).

Another important aspects of the Gravity DEX is the batch execution technology, something that removes front-running bots and significantly decreases actions that will cause price manipulation. Many other popular decentralized exchanges have issues with front-running bots, Uniswap to name one DEX that have these issues (but still remains extremely popular).

Use the Cosmos Gravity DEX through the Emeris beta.

What is Emeris?

Emeris have the operational goal of being a one-stop shop for all crypto-apps, they are first to support Gravity DEX protocol. Once complete, Emeris will provide the following products and services:

  • Integrated wallet and multi‑wallet support
  • Access to multiple DeFi trading platforms (Gravity DEX being the first)
  • Staking on multiple chains
  • Mobile wallet app

As mentioned, the Gravity DEX was launched last month, July 13th 2021. Emeris launched their front-end where the Gravity DEX protocol is integrated. This launched earlier this week, August 17th 2021. Note, this launch is the BETA. So, still early days here and I did not waste any time. The whole thing got me excited, which is why I am writing this - to share the joy with anyone who's interested in doing smart things.

Currently, the following assets are supported in Emeris:

  • Cosmos Hub - $ATOM
  • Osmosis-| $OSMO & $ION
  • IRISnet - $IRIS
  • Crypto.org - $CRO
  • Akashnet- $AKT
  • Regen Network - $REGEN
  • Sentinel - $DVPN
  • Persistence - $XPRT

How to access Cosmos Gravity DEX through Emeris dApp

It is still early days for Emeris, so they are yet to launch all their products. So, we need to rely on a third-party wallet, Keplr:

  • Download the Keplr browser extension (For the beta version Emeris, Keplr is required).
  • Create your Keplr account (Remember to store your mnemonic key safely)
  • Go to the Emeris app and connect your Keplr wallet.

Keplr is required to use Cosmos Gravity DEX during Emeris beta
Keplr is a requirement if you want to use Cosmos Gravity DEX during the Emeris beta.

How to trade, swap, pool and visualize all your Cosmos assets in Emeris

If you do not have any assets in your Keplr wallet, then you need to send some. The process of doing so is the same as with any wallet or CEX, you used in the past:

  • Copy and paste your unique wallet address.
  • Open your wallet, DEX or CEX where you have assets (in my case it was Cosmostation), locate send, paste the address and enter the amount you wish to send.
  • Confirm.

The transaction should not take more than a few minutes (of course depends on your application). Took about 2 minutes for me sending between Cosmostation and Keplr.

Copy and paste Keplr wallet address to transfer Cosmos assets
Copy and paste your Keplr wallet address and use it to send Cosmos assets such as $ATOM or $IRIS.

After your transaction has been processed, and you got your sweet hodling in Keplr wallet. Simply open the Emeris app, and you will see your balance in the low-key super sexy dashboard interface (make sure you connected your Keplr wallet to Emeris app per steps in the previous section).

Swap assets using Emeris

Open Emeris, from the "Portfolio" tab, you will see the swap widget to the right. Select the asset you want to use to swap, and the asset you want to swap to. To try it, I swapped some $ATOM for $AKT. It works pretty much the same was as any other DEX:

  • Pick the assets you want to swap.
  • Choose your transaction fee, I always use "Slow" and it worked well, transfer done in a few seconds at the lowest cost out of the three options.

Went with "Slow" to minimize costs (at every turn of investment or business: minimize costs) total fee including swap came to $1.66 for a $1,001.10 swap of $ATOM to $AKT on using Cosmos Gravity DEX.

  • Click review.
  • Check the expected output and click "Confirm and continue". After clicking, you still need to sign the swap through Keplr wallet.
Review that everything is as expected and then confirm and continue.

  • A dialogue in Keplr wallet will open, so you can sign the swap (transaction).

Sign transaction through Keplr wallet.

  • That's it, your assets will show in your dashboard instantly.

How to use liquidity pools in the Gravity DEX through Emeris

If you are like me, you want to pool some assets in the Gravity DEX. I will continue by pooling the assets I just swapped: AKT/ATOM.

Go to the "Pools"-tab, and you will be presented with a list of pools. This guide will only cover the aspect of using an existing pool, not create a new liquidity pool on the Gravity DEX.

  • Click the pool you want to add liquidity too (In this example, AKT/ATOM).

AKT/ATOM liquidity pool in the Cosmos Gravity DEX (Emeris app).

  • Click "Add" in the Liquidity Pool widget to the right.
  • Either max it or set the amount of each token you want to add to the liquidity pool.
  • Review the transaction, again, you have the option to set transfer speed (I used "Slow" and it took a few seconds).

Set Transaction speed and effectively fees. I used "Slow". It took a few seconds to complete the transaction.

  • Sign using Keplr wallet when prompted.
  • It will take some 10-30 second to add liquidity to the AKT/ATOM pool.

Wait 10-30 seconds for the liquidity to be added.

  • That's it, you can check your equity from the "Pools"-section by click the pair and view the LP widget to the right.

As part of this process, you earned some Gravity G5 tokens.

What is Gravity G5 coin?

Gravity G5 is the liquidity pool token used in the Gravity DEX of Emeris. I did not find too much information about the Gravity G5 coin.

Closing thoughts on the new Gravity DEX and Emeris

That's pretty much it on this guide on how to get started with Cosmos Gravity DEX through Emeris. Some closing thoughts before ending it:

The reason why I am bullish on ATOM and the Cosmos team is because they ship things continuously, of the highest quality. Most interoperability projects are far, far away from having a working product, while Cosmos already shipped and are continuously improving it. There are some really good projects being built in the Cosmos, one of them is Akash Network. I will write an analysis of AKT coin later on.

ATOM is the native token of Cosmos, used in different applications, mainly have utility for transactions and gas fees.

Emeris has a beautiful and extremely easy-to-use application, both when swapping and pooling liquidity. The added step of using Keplr is not a big deal, also something that will be removed in the Alpha version of Emeris. Keplr is, by the way, a great crypto wallet. I have written about it before in different articles and guides.

  • You can read more about Emeris here.
  • Learn more about Cosmos Network here.

A note about the upcoming Cosmos Gravity Bridge

Something I will write more about in the future is the upcoming Gravity Bridge. The Gravity DEX is just the start of cross-chain trading of Cosmos tokens. The Cosmos team is working on connecting major blockchains to the Cosmos network. The first planned bridge is the Gravity Bridge to Ethereum.

The governance for the Gravity Bridge is scheduled for Q3, 2021. It will be a proposal to update the Cosmos Hub with the bridge to Ethereum.

Again, this work will introduce the world to the most secure and efficient cross-chain bridge to Ethereum, one of the largest networks in existence. Once activated, the value and liquidity of the Ethereum network can flow into the Cosmos Hub, further improving the Gravity DEX marketplace. It will also enable the Ethereum community to buy Cosmos tokens on ETH-based DEXs.

Cryptocurrencies