165% slippage on SecretSwap! SNX to sSCRT

Trying to swap $400 of sSNX to sSCRT and slippage is so high I would get just $98 worth of sSCRT. Slippage is also 165% for sSNX to sUSDC, converting $400 to $126.

This is obviously ridiculous.

Please advise.

Not much to advise on, the slippage is determined by the liquidity of the pool.

You can check pool liquidity in the secretswap section of secretanalytics.xyz

Thanks. But with liquidity this poor isn’t secret swap useless for all?

No, because there are pools that have significant liquidity and don’t have this issue. Obviously you should not trade on a low liquidity pool unless you know what you are doing, that’s how it is for every AMM out there.

As with every (relatively) new product, growth (liquidity in this case) takes time.

Sure. I see.
I had staked sSNX but rewards went to zero

Because it was a subsidized incentive to increase liquidity in the ecosystem. You were receiving free money at no risk, it wasn’t going to last forever.

First steps into defi. I made less than 1 sSCRT, paid fees from Binance to wallet, wallet to bridge, bridge to Secret network. Now it looks like I have to pay repeat fees again, to get out

I had hoped it would be cheap to swap to sSCRT and then stake it

All I can say is one needs to be very clear about how these things operate before getting involved. Some reading up on AMMs is required (what is IL, how do AMMs really work? You need to be able to answer questions like these). Generally, eth-based defi requires a ton of $ to make it worth it so you shouldn’t be surprised that unbridging is going to be super expensive. I had done the math for about 700snx and it wasn’t really worth bridging it to Secret because the rewards were too small and temporary for such a small amount of snx given how high and unpredictable the gas for bridging /unbridging will be.