Swapping on Step

How to swap on Step and earn Reward Options.

The purpose of this guide is to help users get comfortable using the built-in Swap feature on the Step Dashboard. We’ll include a step-by-step on using the Swap, as well as explain the benefits of swapping through Step and earning Reward Options.

To begin, head to app.step.finance and connect your wallet to access the Dashboard.

Connect wallet to Step Dashboard
Connecting wallet to Step Dashboard

From the dashboard, use the Swap button on the left side of the page to open the Swap Tool.

Alternatively, users who swap tokens regularly can bookmark app.step.finance/#/swap to bring them right to the swap page.

Step Dashboard
Step Dashboard. Swap button shown on left tab of page

To perform a swap: 

  1. Select the two tokens you would like to trade by clicking the default tokens with drop down arrows next to them. This will bring up a token search, plus a view of the tokens in your wallet and also some commonly traded tokens to select from. 
selecting token to swap
Selecting tokens to swap

Note: The top token must have an existing balance in your wallet, as you are trading it for the selected token underneath. If you set them in the wrong order, you can quickly reverse the orientation and vice versa with the ↑↓ arrows in between.

token swap pairs USDC and STEP
Trading pair selected
  1. Once you have selected your trading pair, input the value you would like to trade for the top token. You can press the ‘All’ button to swap your whole wallet balance of that token.  

The exchange rate and amount of tokens you receive after trading fees will be calculated automatically, and exact details can be seen below in the Price Info box.

token swap values
Inputting values to trade with swap details shown below
  1. When ready to proceed with the trade, press the Swap button at the bottom and this will prompt the transaction from your wallet. Most wallets display a review of the balance changes taking place.

    Approve the transaction in your wallet to finalize the trade.
Approving swap transaction
Approving swap transaction with balance changes shown in wallet

Swaps on Step run through Jupiter, the top DEX aggregator on Solana. This ensures users get the best rates possible, since liquidity is sourced from all major DEXs, offering the widest range of tradable tokens and the lowest fees. On top of this, Step now offers Reward Options for swaps done within the platform, making Step the best place to swap any token on the Solana network.

Reward Options

Reward Options are airdropped for free to users of the Swap feature on Step pro-rata to the amount of fees paid relative to other users within each 5 day period. The Reward Options function as a call option on STEP with a strike price +10% higher than the price of STEP at the time they are minted and are valid for 15 days. The idea behind the Reward Options is to reward Step users without excessive dilution for token holders. 

Step reward options
Step Reward Options

More details and mechanism of the Reward Options are written in our docs and can be read here

At the end of each 5 day period, swappers will receive their Reward Options in their Step Dashboard. If the price of STEP rises +10% from the time of mint, the call options become ITM (in the money) and will be exercisable by the user. A user will need to hold USDC if they wish to buy STEP at the strike price of the option. 

To exercise an ITM call option, press the Claim button for the option to prompt a wallet transaction. 

In a bear market Reward Options are likely to expire OTM (out of the money) and therefore no new coins are issued, resulting in no dilution to holders. In a bull market with appreciating asset prices, swapping through Step becomes an ideal place to regularly perform swaps and earn additional Step rewards.

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