Minswap actions create distinct swap, order, and liquidity states on Cardano

Choose the state change before signing

The right path depends on the state you want to create and the assets that the pool or route supports.

These paths aren't interchangeable. A quote can exist without a completed swap, and an unfilled limit order differs from spendable wallet funds. Adding liquidity exchanges wallet assets for an LP claim. Removing it redeems that claim against the pool's then-current reserves, so the withdrawal mix can differ from the original deposit.

Stop orders form another conditional path. When the market reaches the stop price, the instruction becomes a market order, so the stop level triggers execution rather than guaranteeing the final price. That distinction matters when liquidity is thin or prices move sharply.

How does a swap move through Minswap?

Minswap handles a swap as an on-chain order that must pass compatibility, balance, and output checks before it settles. The quote defines the input and route, while the signed transaction authorizes the request. Submitting the signed transaction starts the request. Once that transaction is confirmed, the input enters the order state. Settlement transfers the resulting asset to the receiving wallet.

Check asset identity, balance, and route

Token identity comes before price. Cardano native assets use a policy ID and asset name, so a ticker match alone can't establish identity. The wallet must hold the selected input plus enough ADA for network costs and any required output deposit. Each pool in the route must support the assets on its corresponding hop.

A route may use one pool or several connected pools. Multi-hop routing can reach an output that lacks a suitable direct pool, although every added hop introduces another pool fee and another source of price impact. The complete quote should identify the path before the wallet signs it.

Execution and wallet receipt

After submission, the request may remain pending before a batcher applies it. Batchers collect submitted swap requests and apply valid groups to Cardano liquidity pools in on-chain transactions. A returned transaction identifier proves submission, not that the output has reached the wallet. Completion requires settlement, the output asset, and no corresponding pending order.

A pending request isn't proof of failure. It may still await execution, so a second signed request can create additional exposure. Check the order state before cancelling or resubmitting. Cancellation requires its own wallet signature and applies only while the order remains cancellable; a filled order has already created the receiving asset state.

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Quotes, fees, and minimum output

A quote separates the estimated outcome from the enforceable boundary. Read the expected output, minimum output, route, price impact, and itemized costs together. A favorable headline rate can still produce a poor outcome when the order is large compared with the available reserves.

Pool reserves and price impact

A swap changes a pool's reserve balance, and its size relative to available liquidity drives price impact. Deeper liquidity generally absorbs the same order with a smaller reserve shift. Stable pools use a different invariant for assets expected to trade near one another, but their decimals and pool parameters must match the intended assets.

Costs attached to the route

Minswap removed its batcher fee in May 2025, but a swap can still include the Cardano network fee, the fee that each pool charges, and any route-specific aggregator cost shown in the quote. Required ADA deposits support Cardano outputs that hold native assets. They should be read separately from service and trading fees.

Slippage and the settlement floor

Expected output is an estimate based on the quoted pool state. Minimum output is the lowest acceptable result after applying the chosen slippage tolerance. Tolerance doesn't remove price impact that already appears in the quote. If reserves move beyond the permitted floor before execution, the order shouldn't settle for less and may remain pending until it can be cancelled or otherwise resolved.

What does providing liquidity change?

Providing liquidity converts separate wallet assets, or one asset through Zap In, into a claim on a specific pool. Liquidity providers receive LP tokens that represent their share of a Minswap pool. That share doesn't freeze the original asset quantities because swaps continually change the pool's reserve composition.

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A standard deposit supplies both pool assets in the required proportion. Zap In starts with one supported asset, swaps part into the paired asset, and contributes both sides. Because that path contains a swap, its price impact and fees affect the LP amount received. If no compatible route can source the other pool asset, Zap In isn't available and a paired deposit remains a separate option.

Withdrawal returns the position's share of the current reserves, not the quantities originally deposited. Relative price changes can make that position worth less than simply holding the two assets, a difference known as impermanent loss. Pool fees may offset part of it, but they aren't guaranteed to do so. Farming is separate: eligible LP tokens can be staked for MIN rewards, while MIN also has a governance role.

Reconciling wallet, order, and pool records

Pending order record

The pending-order record shows whether an order still awaits a terminal state. An order remains pending until it fills, is cancelled, or expires when its protocol supports expiry. The owner address and original transaction input tie a cancellation request to the correct order. If the order still appears, don't infer completion from a stale wallet display.

Completed transaction

A confirmed Cardano transaction identifies the inputs that were consumed and the outputs that were created. Match the output's policy and asset data, not only its ticker. The amount that reached the wallet is the settled result. The earlier quote remains useful for comparison, but it isn't proof of the final receiving state.

Liquidity and farm position

After adding liquidity, confirm the transaction and check that the LP balance or displayed position reflects the accepted contribution. For a withdrawal, the reduced position and returned reserve assets should agree. Staked LP tokens may appear in a farm position rather than as a spendable wallet balance, so reconcile the wallet, pool, and farm records before concluding that a position is missing.

Exiting a trade or liquidity position

A pending trade exits through cancellation before it fills, or through expiry when the order supports it. A completed swap has no undo action; reversing it requires a new quote and swap. Standard liquidity removal redeems the LP claim into both reserve assets. Zap Out also swaps one side into a selected supported asset, adding swap fees and price impact. Staked LP tokens must leave the farm before redemption. Confirm the returned assets and the reduced or closed position. The farm may also return accrued MIN, which remains separate from the redeemed pool assets.

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