You can easily and quickly swap from one asset to another in Kadena, directly from inside Koala Wallet. This feature is powered by the decentralized exchange KDSwap.
The KDSwap smart contract is active on Chain 1, so any assets that you want to exchange MUST be on that chain. If the service shows you have a lower balance than you thought you had, it's because only balances on chain 1 are being counted! Don't worry, you can always simply send funds to yourself from a different chain first, and then initiate your swap.
How to swap
To initiate a swap, press the "Swap" button at the bottom of the screen.
At the top you can set the asset and amount to swap from. The bottom section allows you to set which asset to receive. The amount to receive will automatically update according to the current exchange rate and liquidity. The "flip" button in the middle will change from swapping "KDA → tokens" to "tokens → KDA"
Once you've decided about the values, press "Review" to see the final summary of the trade. Finally, press "Swap" and authenticate with your PIN or biometrics. Swaps are atomic, this means that if successful, the same transaction sending the top asset will be the one receiving the bottom one.
A gas station is set up that will cover the KDA transaction fees for your swaps. So even if you don't have KDA you can still trade your favorite tokens! The Liquidity Provider (LP) fees are 0.3% of the amount swapped and are charged directly by the swap smart contract. Koala Wallet does not add any fees for itself. If liquidity is low, swaps of large values may have high slippage, but it's shown before you confirm the exchange. After you initiate the swap, extra price slippage limited to 1%. If the price changes more than that due to other operations happening simultaneously, the swap will fail. No assets are lost, you can simply try again and agree to the new rates.
You will be swapping your assets with ones that other KDSwap users worldwide have added to the liquidity pool. It is possible for you to add assets to a liquidity pool too, you would need to connect your wallet to the kdswap.exchange website using WalletConnect and use that functionality there. Read about WalletConnect here.