> For the complete documentation index, see [llms.txt](https://seacows.gitbook.io/seacows-amm-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://seacows.gitbook.io/seacows-amm-docs/seacows-nft-amm-protocol/user-flow/swap.md).

# Swap

<figure><img src="/files/63RTQ85vbzDm0Gxo7D6q" alt=""><figcaption></figcaption></figure>

The Trader initiate the Swap flow:

1. Trader buys 5 NFT from the pair with 10 Token + 1% swap fee + 0.3% protocol fee
2. 0.1 Token as Swap fee saves in the Pair contract but will not be mixed with the reserves in the Pair
3. 0.03 Token as Protocol fee send to the `feeTo` address specified in the `SeacowsPositionManager`
4. It follows the constant product formula `x * y = k` on the reserves.

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