Q: How do Flex non-custodial accounts work?
A: Flex Accounts are non-custodial, meaning only you have the ability to control the account through your username, password, pin, and backup phrase. Slingshot’s technology is built in a way that it can never access your private keys. Private keys are securely encrypted at all times in a multi-party computation (MPC) model, and only you have the ability to decrypt them.
Q: Is Flex a centralized platform?
A: No, Flex is neither centralized nor a platform. Flex is a combination of on-chain and off-chain technology that facilitates easier, faster, one-click interactions with publicly available DeFi protocols. All transactions are executed on-chain and are observable and verifiable on block explorers. Flex does not connect into centralized exchanges, OTC desks, off-chain order books or any other form of centralized platforms. Flex is built exclusively on DeFi.
Q: How does Flex ensure security and privacy?
A: Flex places user security and privacy above all else. This is the reason all Flex accounts are non-custodial and all transactions are executed on-chain. Additionally, we will soon be undergoing security and smart contract audits to ensure no stone is left unturned. You can find our terms and conditions and privacy policy in the profile section of the Flex app.
Q: Should I deposit tokens for gas?
A: No, there's no need for you to deposit or maintain gas tokens. However, you will continue to pay the blockchain network fee when you trade. Before you buy or sell, your estimated receive amount will be net of a network fee displayed just below. Flex aims for transparent and fair network fee pricing.
From time to time, you might notice gas token deposits in your Flex account address on the block explorer (deposits are hidden in the Flex apps). These gas tokens are property of Slingshot (you will not be able to trade or withdraw them) and are used to enable some of Flex’s unique features.
Q: Do I need to bridge tokens for swaps on different networks with Flex?
A: No, Flex eliminates the need for bridging tokens across or even thinking about different networks. Flex helps you focus on achieving your trading objectives, rather than wasting time and mental bandwidth on complexities such as bridging.
Q: What networks and tokens does Flex support?
A: Flex currently provides you a single menu of 3,000+ tokens to buy or sell across Ethereum Mainnet, Polygon, Arbitrum, Optimism, Base, Blast and Canto. Note that some tokens are excluded for your protection, such as those with very little liquidity or those that implicitly include leverage. New tokens are typically available on Flex within an hour from when they are launched. We plan to expand soon to other EVM and non-EVM chains, significantly increasing your access to tokens.
Q: Can I manually import tokens into Flex?
A: Manual import of tokens is not possible on Flex. Flex automatically supports all tokens indexed by Slingshot’s DEX aggregator, with the exception of the excluded token types referenced above.
Q: How can I find a token on Flex?
A: You can search by the token’s ticker ($TOKEN), name, or contract address.
Q: How do I select the network I want to swap on?
A: You can’t and you don’t need to! Flex automatically selects the best network for your desired token based on price, taking into account gas fees and availability (aka cross-chain DEX aggregation). After a trade, you will see a single token balance in your account, whereas in the background, the token may reside on one or more chains.
If you ever need to consolidate USDC or ETH balances on a single chain, Flex lets you withdraw on your choice of chain!
Q: Why is there a minimum balance requirement for trading tokens on Ethereum Mainnet?
A: A minimum balance of $500 is required to buy or sell tokens on Ethereum mainnet. Smaller size trades will experience significant negative price impact after accounting for mainnet gas fees.
Q: Can I change the slippage tolerance?
A: Slippage tolerance is set to 1% by default to balance protection and user experience. You can change slippage under ‘Advanced Options’. Swaps outside the set slippage level will not execute. Note that estimated receive amounts quoted do not include any slippage.
Q: What are the fees associated with using Flex?
A: Fees on Flex include network fees for blockchain transactions and Flex swap fees, which vary depending on your fee tier.
As a closed beta special, all users that join Flex in the first two weeks of its closed beta launch will receive two weeks of Degen tier fee pricing. Fee tiers are dynamically assigned based on your recent exp earned relative to all Flex users.
Q: Can I export my private keys from Flex?
A: Currently, you cannot export your private keys.
Q: Can I import or connect my existing wallet to Flex?
A: You cannot import your private keys into Flex nor connect your external wallets to Flex. Flex requires setting up a new non-custodial account specific to its system to ensure security and compatibility with its features.
Q: What wallets does Flex support?
A: Existing external wallets cannot be imported or connected to Flex. Flex uses its own non-custodial account system to facilitate transactions, ensuring security and compatibility with its unique features and services.
Q: What are XPs? How do I earn XPs?
A: XP is your experience on Flex and contributes towards your Rank, Level and Tier! XPs are granted based on your and your referees’ usage of Flex.
Q: What are XPs and Levels for?
A: Our goal is to reward loyal users of Slingshot. For starters, your recent XP determines your Flex fee tier.