Magic Eden, the leading cross-chain NFT platform, has revamped its pool creation feature to improve the experience for collectors. This guide will walk you through the updated process for creating pools on Magic Eden, whether you're using a desktop or mobile platform.
Notable changes in the redesigned pools
When creating pools on Magic Eden, there are a few significant changes to be aware of:
New orderbook: This feature allows you to view the market positioning of your buy and sell orders in relation to others.
All pools are double-sided only: This means you can set both buy and sell sides within the same pool.
New clean UI: The updated user interface is easier to navigate and manage.
Creating pools on desktop and mobile on the collection page
The process of creating pools has been streamlined to provide a cleaner and more intuitive user experience. To create a pool on Magic Eden, follow these steps:
Navigating to pool creation
Go to the collection page: Select the collection you want to create a pool for.
Click on "Pools": This will take you to the pool creation interface.
Creating a pool
Start by clicking "Create Pool": This action will open a new screen.
From here, you can set the parameters of your pool. All the NFT's you own for that specific collection will show up with the bar to set your pool on the right.
Add NFTs to the sell side
Click on the NFTs from the collection that you want to include in the sell side of your pool.
Use the slider on the right panel to set the quantity of NFTs you want to sell and adjust the starting sell price.
Set the buy side parameters
Use the slider to choose your desired buy quantity.
Set your starting buy price and add specific traits for the buy side if needed.
Set additional parameters
Set the "LP Fee" and "Change By %" by adjusting the sliders. This will influence the liquidity provider fees and the incremental changes in prices.
Scroll down to verify the pool's details, including the buy and sell quantities, prices, LP fees, and other parameters.
Once you're satisfied with the configuration, click "Create Pool."
Complete the transactions
After clicking "Create Pool," you'll need to approve two transactions: one for depositing your sol into the pool to purchase NFTs and the other for setting up the pool and depositing your NFTs to be sold.
A pop-up will appear confirming that your pool was successfully created.
Best practices for setting up your pools:
Start by setting your starting sell and buy price and then tweak your change by % first.
Following that, change your LP fee to get your desired starting sell price. You can also use the Up and Down arrows on your keyboard to micro tweak your LP fee to the desired percentage. Providing visibility into your position on the order book near the floor.
Utilizing the orderbook
Magic Eden's redesigned pools include a new feature called the Orderbook. This allows you to view where your buy and sell orders stack up against others, providing a clearer understanding of market trends and positions.
Creating pools on Magic Eden has become more user-friendly with the redesigned UI. The new features and streamlined process makes it easier for traders to create and manage their pools. If you need further assistance, reach out to our support team through the chat widget on our platform.