How Swapping Works

Gametoken swaps run on Forge, the on-chain market engine for game tokens. Instead of matching buyers and sellers in an order book, each game token has a Forge liquidity pool paired with ONEUSD, and you trade directly against that pool. See ONE Forge for more on the engine.

Forge pools & virtual reserves

Forge pools use virtual reserves, so a pool can quote a price from the moment a token launches, even before much real liquidity has built up. Real ONEUSD and tokens flow in and out as people trade. The virtual reserves are part of the pricing curve and are not withdrawable liquidity.

• Trades occur against the pool, not between users.
• Price comes from the pool's reserves, not a fixed quote. It updates with every trade.

Price impact

A swap that is large relative to the pool's liquidity moves the price more. This is price impact. The Rate in the trade panel is the rate your swap would actually execute at, so comparing it with the token's current price shows you the impact before you confirm.

Price Impact (%) = | (executionPrice − poolPrice) / poolPrice | × 100

The deeper a pool's liquidity, the lower the price impact for the same trade size. If the expected price impact exceeds your slippage tolerance, Gametoken warns you before the swap proceeds. See Swap Settings & Protections.

Immediate settlement

Because you trade against a pool rather than another person, there is no waiting for a counterparty. A swap either fills immediately within your slippage tolerance, or it reverts. Nothing is left resting on a book.

Forge does not guarantee liquidity depth, price stability, or continuous demand. Every swap is your own signed, on-chain transaction, verifiable on the block explorer.