Glossary

What you would still receive if your slippage tolerance were used up in full. It is an estimate of the low end, not a guarantee.

Called "estimated" rather than "minimum" on purpose: the chain is never given an amount, only a price limit, so nothing enforces this figure directly. With partial fill off (the default) the trade is all-or-nothing at a price no worse than your limit, so you land at or above it. With partial fill on, the chain fills only what fits under the price limit and refunds the rest, which can settle well below this number, with no error and no warning. A normal trade lands on the expected output, not on this.

Submits your swap encrypted, so nobody can read it while it waits in the queue and trade in front of it. It is only decrypted once its place in a block is fixed.

Your signed swap is sealed with post-quantum encryption for the key of the validator due to build a block about two blocks ahead. Only that validator can open it, and it does so inside the block it is building, so the envelope and the revealed swap land together in that block: the two blocks are the wait for a builder that holds the key. Either the relay carries and pays for the sealed envelope, or you send it yourself. The relay never sees the contents of your order, though it does receive your wallet address in the clear, so it knows that you traded and when, not what. Each mode can be turned off on the server side, so the toggle is not always available.

What the blockchain charges to include your transaction. Taoswap takes no fee of its own.

Not to be confused with the pool fee, which is about 0.05% taken out of the token you put in and is already inside every quote on the page. That pool fee does not go to the subnet: it goes to whoever builds the block. It is a per-subnet chain parameter that only governance can change, up to a hard ceiling well above the current value, so it is not necessarily the same everywhere. The envelope adds a smaller fee, priced on a stand-in of the same length, so its share is close but not exact. Smart Actions shields its batch the same way, and in self-custody its estimate adds the envelope too. The network fee is paid even when the trade is rejected for exceeding your slippage tolerance, and on a sale or an alpha-to-alpha swap a wallet with no free TAO still pays, out of the position itself.

How much worse your effective price is than the quoted pool price, from your own trade moving the pool and from the pool's 0.05% fee. The movement grows with your size and shrinks with pool depth.

The number covers the subnet fee as well as the curve movement, so it is the whole cost of the trade, as a share of what your input is worth at spot: it never passes 100%, and a trade that loses half its value reads 50%. Your own impact does not use up your slippage tolerance: the price limit already includes it, so the whole tolerance is left for the market to move between signing and inclusion (see Slippage tolerance). Only the curve part stays in the pool; the fee itself leaves the pool and goes to whoever builds the block. Splitting a large order costs less only if the price recovers between the pieces: traded back to back, they move the curve as much as one order. The 1% and 5% marks colour the figure rather than warn you: the actual warning fires on the dollar cost, above $100. Free TAO and root trade 1:1, so their impact is 0.

How far the price may move against you between signing and inclusion before the chain refuses the trade. Default 0.5%, minimum 0.1%.

Your own price impact is already inside the limit: through one pool the app builds it from the price your trade leaves in the pool, which is the price the chain checks, so the whole tolerance is left for the market to move between signing and inclusion. Set it too low and ordinary movement makes the transaction fail. A rejected swap costs the network fee and nothing else. With partial fill enabled the chain executes what fits under the limit and refunds the rest instead of rejecting everything, though it still rejects outright if the price is already past your limit when the transaction lands. Swapping alpha for alpha is only approximately bounded, because the chain checks that limit with an approximation, and a move between validators of one subnet carries no limit, since it never touches a pool. The 0.5% default and 0.1% minimum apply on the swap page and in the cart; Smart Actions starts from the same setting and offers wider presets.