📖Guidelines and Best Practices
Best practices for using the TokenSight platform
Use this page to get more informed on the best way to perform common operations on TokenSight. Minimum Balances
Minimum Balances
TokenSight requires your wallet to have a native currency to be able to execute the transactions on your behalf.
Native currency is also required for Token Approvals, which is done automatically by TokenSight.
The amount of native currency required is dependent on the network and state of the network at the time of transaction execution (high gas prices require more funds for executing the transaction).
Ethereum mainnet is the most expensive network, and in some cases transaction execution can cost more than $50.
It is a good practice to have a little bit of extra funds than the minimum necessary required for transaction execution. You can always withdraw the extra funds.
Having extra funds in your wallet will ensure that your transactions are always executed - they wouldn't fail because of Not enough balance to cover gas fees exception.
The following table summarises the minimum recommended amounts that you should have in your wallet:
Ethereum
ETH
0.03
Solana
SOL
0.02
Arbitrum
ETH
0.005
Optimism
ETH
0.005
Base
ETH
0.005
Avalanche
AVAX
0.5
Polygon
MATIC
3
BSC
BNB
0.1
Blast
ETH
0.005
Scroll
ETH
0.005
Withdrawing funds
You can only withdraw funds from the TokenSight App.
If you're using the TokenSight Telegram Trading bot in a Standalone mode, you will need to export your private key to a wallet of your choice (such as Metamask, Rabby or Phantom) and transfer the funds to your target destination.
If you're using the TokenSight Telegram Trading bot in a Companion mode, you can withdraw the funds from the TokenSight App.
Go to the Wallets page, and press the Withdraw button for the wallet you want to withdraw tokens from.
Withdrawing on Solana
Solana requires each account to have some balance for a rent-fee (sub 1$). When withdrawing on Solana, a tiny balance is left into the account for rent-fee. We do not remove accounts from the network when withdrawing at the moment (in that case the rent-fee is claimed).
Trade order settings
For new token launches and other events with high price volatility, you might want to have your orders executed as fast as possible.
The default settings that TokenSight offers are not optimised for this use-case as these events are rare (regular buy and sell orders don't need super high priority).
Extra priority means more fees for gas, which can significantly impact your cost of execution.
However TokenSight offers highly configurable trade settings - you can configure your trades to have the highest priority easily.
Priority of execution
In general, transactions are prioritised by the gas costs and validator tip that they offer to validators.
This means the higher gas settings and validator tip you use, the higher the probability your transaction will be included in a block.
General guidelines
Slippage
If the token has a high price volatility, you need to use a higher slippage.
Slippage is your tolerance for a worse price of execution than the optimal price.
In decentralised systems, slippage preferences are required because of the time latency between order creation and order execution.
The slippage amount is dependent on many different variables such as:
the liquidity in the pool,
the volatility of the token, and
the token taxes (buy or sell taxes)
In general for new token launches you might find it valuable to increase the slippage few percent points above the token taxes. How much - it depends on your tolerance.
For example if it is a new token launch with high liquidity and 5% token tax, you can use 2-3% extra slippage.
For low liquidity coins the slippage amount should be higher (5-10%).
Using higher than necessary slippage can lead your transaction to being sandwiched by MEV bots and that you get worse execution price (the minimum price of your slippage tolerance).
Gas mode
TokenSight offers 3 different Gas modes:
Normal
Fast
Instant
Setting Instant mode sets the gas price such that the transaction is included in the next block with 99% confidence.
For high priority events, you want to use Instant mode.
Validator tip
The validator tip is an amount in GWEI which are you willing to tip the validators for a higher priority execution. The default values for Ethereum are 2-3 GWEI, depending on the block.
Lower than this and your transaction might wait for inclusion (Validators will include transactions with higher tips first).
Setting the tip higher (10+ GWEI) in normal settings (network not being congested) will almost always ensure that your transaction is included among the first in the block.
The validator tip is not applicable to Solana. We apply priority fees on Solana based on the selected gas mode, ranging from 0.0002 - 0.008 SOL.
Private transactions
Private transactions can help for highly volatile events. They can protect you from being sandwiched, and in some cases ensure that your TX is executed faster.
When you use higher than required slippage, it is awlays recommended that you use private transactions.
Private transactions work best with higher than usual validator tip (10+).
Private Transactions
Private transactions are available on Ethereum Mainnet and Solana.
You can use Private Transaction when using higher than required slippage (new token launches, highly volatile events) to avoid being sandwiched.
The private transactions are protection from MEV bots. They are not protection against high volatility.
The private transactions might not always be included in a block. They are submitted to validators privately, and validators can chose not to include them in a block.
However using relatively high validator tip (10+ GWEI) will significantly increase the probability of your transaction being included in the next block.
Token Taxes
Some tokens have token taxes. This means when buying or selling the token, some amount of your purchase amount is used for paying the token tax.
Depending on the token tax mechanism, this can have an impact on the minimum price received.
Usually if the token has a 5% token tax, slippage should be set greater than 5%, as the token tax is deducted from the purchase amount.
TokenSight auto-detects token taxes for most chains, and sets the token taxes, so you don't need to care about them.
However in some cases the Token Tax cannot be determined by TokenSight. In these cases the Token Tax is set to Unknown.
When setting the slippage for tokens with Unknown token taxes, please make sure you check the token tax yourself and use a slippage value higher than the token tax.
Honeypots and special tokens
Some tokens have special logic in them, to:
not allow selling
change balances of individual holders
or other logic which interferes with the ERC20 standard or introduce absurdly high gas cost
TokenSight displays a Security analysis (powered by GoPlusLabs) for the tokens on all EVM chains. The Security analysis is available on the Trade page on the TokenSight Web App.
Please do your own diligence when buying new or unknown tokens. Probability of buying scam tokens is high.
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