Can a swap quote show the input needed to receive a chosen token quantity?

The Swap interface accepts a destination amount as well as a source amount. For a comparison based on receiving a chosen quantity, keep that destination quantity unchanged and compare the required source amount. A smaller required input answers a different question from the larger output shown for a fixed input.

Do I need an XOR balance before swapping into XOR through an available route?

A supported swap into XOR can deduct fees from the receiving amount without an existing XOR balance. This condition concerns the direction of the trade. It does not establish that every swap or liquidity operation can proceed without XOR.

Will importing a token automatically make it a TBC reserve asset?

Importing an asset into the token selector does not make it a supported TBC reserve asset. The Custom tab identifies a token by its asset ID, while curve eligibility depends on the assets the TBC supports. A recognized asset can therefore lack a usable TBC quote.

Are liquidity-provider PSWAP rewards paid to the trader using the pool?

Liquidity-provider rewards belong to participants supplying liquidity under the applicable program rules. A trader using that pool does not acquire the provider’s pool share by making a swap. Eligible TBC purchase bonuses concern a separate activity and should not be treated as the pool provider’s reward.

Does SMART routing remove impermanent loss from an XYK position?

SMART routing does not remove the impermanent-loss risk of providing XYK liquidity. Routing evaluates exchanges, while a liquidity position remains exposed to changes in the relative prices of its deposited assets. Trading fees and rewards can affect the position’s return without eliminating that exposure.

Is a more favorable SMART quote also a faster transaction?

A favorable quote describes the exchange price for the selected trade, not its completion time. SORA chain finality and network load influence execution speed. The larger quoted output therefore does not establish that one mode will finish sooner than another.

Can SMART directly use a token still held in an Ethereum wallet?

A SORA swap requires the asset in a form usable on SORA. Connecting an Ethereum wallet alone does not place its assets into a SORA account balance. Cross-chain access depends on a supported bridge route for that asset, followed by available liquidity for the intended exchange.

Are market-maker rebates part of the return from choosing SMART?

The market-maker reward program is inactive. Choosing SMART does not establish a market-maker rebate. Liquidity-provider rewards and TBC purchase bonuses concern separate activities and eligibility rules.

Polkaswap liquidity aggregation - SMART routing and TBC quotes

Polkaswap liquidity aggregation compares available liquidity sources for token swaps on SORA, while TBC mode directs an eligible exchange through the token bonding curve. SMART seeks a favorable swap quote from the sources available to the selected trade. Its calculation excludes PSWAP rewards. An eligible curve purchase can create a separate reward entitlement with vesting conditions. Comparing the modes therefore requires the same assets and amount, plus a distinction between immediate token output and reward eligibility.

Last updated - 2026 October 16

SMART routing, XYK pools and TBC execution

The trader chooses the input asset, destination asset and amount; SMART evaluates the liquidity eligible for that request. TBC selection specifies the bonding curve as the execution source. Polkaswap calculates the quote, while SORA processes the trader’s authorized exchange. Liquidity sources supply pricing rules and the assets available for execution.

XYK pools hold paired token reserves supplied by liquidity providers. Swaps draw on those reserves, and pool prices respond to reserve balances and trade size. A rate quoted for a small amount need not hold for a larger amount. Liquidity providers supply the assets the pool needs; the trader receives the output of the exchange.

The TBC accepts supported reserve assets when issuing new XOR. In reverse, it removes XOR from circulation and releases reserve assets. The protocol manages issuance and redemption through curve rules. Buying XOR from an XYK pool transfers existing XOR from its reserves.

Available liquidity defines the search boundary. SMART cannot select an unavailable source, and it does not promise the best price across all exchanges.

Comparable quotes before wallet approval

The same source asset, destination asset and input amount make SMART and TBC output quotes comparable. Changing the trade direction or amount changes the question the quote answers. A comparison made at different moments can also reflect intervening liquidity changes. The quoted output belongs to the selected asset and amount; a displayed token price alone cannot establish the execution rate for the whole trade. The account supplies the input asset, while the network fee and liquidity provider fee describe different charges. Compare those displayed components on the same basis.

Wallet approval authorizes the displayed transaction. A quote describes the calculated exchange under its quoted conditions, and signing does not establish successful execution. Slippage tolerance bounds the unfavorable price movement the trader accepts before execution. The swap reverts if adverse price movement exceeds that tolerance. Raising tolerance accepts more adverse movement; it does not improve a liquidity source’s pricing.

XOR paths and source allocation

Routing determines which assets an exchange traverses; source allocation determines where each part of the swap finds liquidity.

The liquidity Proxy’s routing choices

Intermediate assets

Standard XOR-paired XYK pools allow routes through XOR between other pool assets. The trader’s chosen input and destination define the endpoints. Each adjacent asset pair forms a swap leg. An intermediate asset belongs to the path the protocol evaluates, even when the trader did not choose it as the final purchase. Compatibility and liquidity must hold across that path, so a usable market at one end does not establish a complete route.

Allocation among eligible sources

A swap leg with one eligible liquidity source requires no split across sources. With multiple eligible sources, the aggregation mechanism can distribute the amount among them. Source filters and disabled sources limit that choice. Path length and source count describe different properties: several sources can contribute to one leg, while an intermediate asset introduces another leg.

Does SMART include PSWAP rewards?

SMART excludes PSWAP rewards when comparing swap prices. An eligible TBC purchase can carry a separate bonus even when another route quotes more XOR. PSWAP rewards and the quoted XOR output use different tokens. Their raw token counts do not form a single output amount.

TBC purchases and vesting

Eligible purchases of newly minted XOR through the TBC can earn PSWAP rewards. The bonus depends on the applicable incentive rules; buying XOR from an XYK pool does not earn it. Reserve conditions influence the TBC reward calculation. The trader must distinguish a reward allocation from tokens already available to claim. Strategic bonus rewards vest, and the vesting speed depends on PSWAP burned through protocol usage fees. A completed swap does not make the full bonus immediately claimable.

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Order-book liquidity and executable prices

The order book supplies a different pricing mechanism through participants’ buy and sell orders. XYK liquidity providers contribute pool reserves; order-book participants place orders at specified terms. Polkaswap also exposes direct market and limit order trading. An available book can act as a liquidity source where the routing configuration supports it. The existence of a trading pair or visible orders alone does not establish that a particular SMART quote includes that book.

An order-book market price and a routed swap quote can differ because they describe different available liquidity. A limit order records a requested price, while a swap quote evaluates the selected amount against its eligible sources. A price displayed in the Trade interface therefore needs its own market context before comparison with SMART or TBC. Any comparison also needs the same asset direction and quantity.

Can aggregation use every listed asset?

Aggregation requires a supported, liquid route between the selected SORA assets; listing or importing a token does not create that route. A usable TBC quote allows a comparison with SMART. If TBC cannot quote the exchange, SMART may still find an eligible alternative. That alternative needs its own usable quote before the trader authorizes an exchange.

Keep the source asset, destination asset and input amount unchanged when comparing the available modes.
If TBC has no usable quote, assess SMART’s quote for the same selection. If neither mode quotes, stop before signing.
Before approval, confirm the receiving asset, quoted amount, slippage tolerance and displayed fee components.
After submission, inspect the transaction in the account Activity tab to establish its actual outcome.
Check the destination balance after a successful swap. If execution reverted, recalculate the quote before deciding whether to submit again.

An unavailable route needs compatible liquidity or another supported mode. Increasing slippage tolerance cannot supply missing reserves or make an unsupported asset eligible.

Polkaswap liquidity aggregation: frequently asked questions

Can a swap quote show the input needed to receive a chosen token quantity?: The Swap interface accepts a destination amount as well as a source amount. For a comparison based on receiving a chosen quantity, keep that destination quantity unchanged and compare the required source amount. A smaller required input answers a different question from the larger output shown for a fixed input.
Do I need an XOR balance before swapping into XOR through an available route?: A supported swap into XOR can deduct fees from the receiving amount without an existing XOR balance. This condition concerns the direction of the trade. It does not establish that every swap or liquidity operation can proceed without XOR.
Will importing a token automatically make it a TBC reserve asset?: Importing an asset into the token selector does not make it a supported TBC reserve asset. The Custom tab identifies a token by its asset ID, while curve eligibility depends on the assets the TBC supports. A recognized asset can therefore lack a usable TBC quote.
Are liquidity-provider PSWAP rewards paid to the trader using the pool?: Liquidity-provider rewards belong to participants supplying liquidity under the applicable program rules. A trader using that pool does not acquire the provider’s pool share by making a swap. Eligible TBC purchase bonuses concern a separate activity and should not be treated as the pool provider’s reward.
Does SMART routing remove impermanent loss from an XYK position?: SMART routing does not remove the impermanent-loss risk of providing XYK liquidity. Routing evaluates exchanges, while a liquidity position remains exposed to changes in the relative prices of its deposited assets. Trading fees and rewards can affect the position’s return without eliminating that exposure.
Is a more favorable SMART quote also a faster transaction?: A favorable quote describes the exchange price for the selected trade, not its completion time. SORA chain finality and network load influence execution speed. The larger quoted output therefore does not establish that one mode will finish sooner than another.
Can SMART directly use a token still held in an Ethereum wallet?: A SORA swap requires the asset in a form usable on SORA. Connecting an Ethereum wallet alone does not place its assets into a SORA account balance. Cross-chain access depends on a supported bridge route for that asset, followed by available liquidity for the intended exchange.
Are market-maker rebates part of the return from choosing SMART?: The market-maker reward program is inactive. Choosing SMART does not establish a market-maker rebate. Liquidity-provider rewards and TBC purchase bonuses concern separate activities and eligibility rules.