# What is First Ledger?
First Ledger is the fastest way to trade on the xrpl. This tool allows you to trade with speed within a couple of clicks.
# First Ledger Set Up
Either head over to the official First Ledger website ([www.firstledger.net](http://www.firstledger.net)) or search @firstledger\_bot within telegram.
# Wallet Setup
Within this section we will be going over new wallet setup and also importing an existing wallet\
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**PLEASE READ BEFORE SETTING WALLET UP!**\
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**First Ledger is a self custody wallet**\
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The keys are stored in the browser you used to set up the wallet. If you created the wallet through the Telegram bot, the encrypted wallet file is saved in the Telegram mini app browser. If you set it up directly on the FL site, it’s stored in that browser (like Safari or Chrome).
You can’t open a wallet created in one browser (like Chrome) in another (like the Telegram mini app). To access your wallet in both, you’ll need to import the encrypted wallet file or recovery phrase into the other browser.
You can trade using both the FL site and the Telegram bot. They are interchangeable, but ensure your keys are imported into both platforms if you want to use them outside of Telegram as well as within it.\
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We SUGGUEST the best way to create your wallet is to start on the website first!
# New Wallet
From the home screen click on the “wallet” button or type in /wallets
Click “Create XRPL Wallet”\
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Give you wallet a name and hit enter\
How to Set up a new wallet on the First Ledger Website. \
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**ALL FIRST LEDGER WALLETS ARE CLIENT SIDE SELF CUSTODY WALLETS. PLEASE SAVE YOUR SEED AND ENCRYPTED FILE!** \
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1\. Click the wallet button located in the top right of the screen . A pop up will show in the top right.
Keep in mind if you link your social accounts to an already existing wallet, that social account will be used as a sign in method and you will be unable to create a fresh wallet with that social account. \
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**You have the choice to either link social accounts or use them as a fresh start!**
2. A window will pop up prompting you with multiple options to create a wallet . \
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First Ledger Telegram Verification - Create a wallet through telegram. Telegram will work as a verification method when logging into the website. \
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Google account - Create a wallet using a google email. (READ ONLY/ No Storing of data)\
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Twitter account - Create a wallet using your twitter account. (READ ONLY/ No Storing of data)
3. Input your wallet name within the test box under "add new wallet" and click next
**VERY IMPORTANT SAVE YOUR SEED PHASE AND BACKUP. THIS IS A SELF CUSTODY WALLET!**
4. Once seed and encrypted file have been saved, check off the i saved my seed box and click confirm.
5. Congrats you have created your wallet! Similar to every other wallet on the xrpl, send 10xrp to your new wallet to activate it.
# Linking your social accounts
For users that want to have multiple ways to log into their already existing wallet, please follow these steps on how to link your social accounts below!
1. Go to and click wallet on the top right .
2. Log in using the telegram verification method
3. Once logged in click open wallet and navigate to the gear on the top left
4. You will then be brought to your social link manager
5. Click on the social account you'd like to link and walk through the linking process. IT IS READ ONLY WE DO NOT STORE DATA.
6. Once the account has been linked you'll be able to use said social account as a sign in method.
# Funding a New Wallet
Once the wallet has been created, you will have to fund the wallet\
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The XRPL requires 10 xrp to activate the wallet. Once you are done using the wallet you can get the 10 XRP back once you go through the deletion process.\
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Type in /wallets\
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From this screen, copy your wallet address by clicking on it \
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Send 10 or more xrp to the wallet \
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Once you've sent the xrp, type in /wallets to confirm the wallet has been activated. You'll know if the wallets been activated by the green circle next to the wallet's name.\
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# Importing a wallet
Type in /wallets
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Once on the wallet screen click the “import XRPL wallet” button
You will then be prompted to input a seed phrase
Paste the seed phrase within the text box
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Once you have input the seed, give the wallet a name\
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To confirm the wallet has been successfully imported, type in /wallets\
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Importing a wallet using the web application.\
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1\. Open the wallet by clicking the "wallet" button\
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2\. Once the wallet has been opened click "import existing wallet"
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3\. Once youve clicked the import button you will be brought to this screen shown below. Select the import method youd like to do.
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4\. Once you have input all required information to import your wallet, click confirm and you will have successfully imported your wallet!
# Migrating Wallets (TG Mini-App Users)
Due to Telegrams most recent update, self custodial mini apps that do not support the TON blockchain will be shutdown. \
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For those users that use the mini app and want to move off of telegram completely, follow the steps below.\
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How do i migrate off of telegram? \
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1\. Type /start\
2\. Open wallet \
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3\. You will be greeted with this message giving you a rundown on whats going on within the telegram ecosystem. \
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4\. Once you click " I acknowledge" youll be brought to the wallet overview page with a button that says "reveal private key"\
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5\. Click "reveal" and your private key will populate. PLEASE KEEP THIS SAFE!\
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6\. Once you have your private key copied, go back to and click the connect button on the top right to start the wallet creation process.
7. Select which form of verification youd like to use (TG, X, Gmail) and import your wallet!
# Buying
**Purchasing a token within First Ledger Telegram bot**\
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1\. Find token you'd like to purchase \
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2\. Paste token address or link to dex to pull up the trading panel \
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3\. Click one of the predefined buttons or enter a custom amount with the "buy x" button \
**Purchasing a token using the First Ledger Web Application** \
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1\. Navigate to the tokens page that you would like to purchase
2\. Below token statistics youll see a buy/ sell panel
3. Input the amount of xrp you would like to purchase of the token (please keep slippage in mind, we will provide a warning message showing the minimum slippage needed to purchase the token)
3. Click the green button that says "buy (ticker)" to purchase the token \
4. To check your balance, click the wallet button on the top left of the website.
3. A pop up showcasing your wallet balance will pop up in the top right of the screen.
# Tracking PnL
To track active positions, Type in /positions \
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This will showcase all active positions \
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If you are trading on the website, navigate to the bottom of the page to the bottom right to see position info
# Selling
To sell a token, click one of buttons that says "sell x%" or the sell all button. \
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You can customize each button within the settings tab.
To sell a token on the website, navigate to the tokens detail page and click the sell button within the trading platform.
You will be in sell mode once the color changes to red. You can now either type in the amount of the token youd like to sell or click one of the pre defined %s above the text field.
# What is Stay to Earn?
**Stay to Earn** is an initiative designed to bolster on-chain liquidity and increase the use of the AMM on the XRPL.
By providing liquidity to the RLUSD/XRP Automated Market Maker (AMM) through First Ledger, you don’t just earn standard trading fees.
You also earn boosted rewards every 30 days. This program is designed to make your XRP work for you directly on the ledger, paying you a premium for helping facilitate decentralized trades.
At the end of each epoch (30 days), you will be able to claim your rewards.\
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We recommend using Joey Wallet for this for a more traditional experience.
# How can I participate?
Before joining any pools, please review the information below to understand how AMMs work and determine the best strategy for you.\
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**How the AMM Pays You**\
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Instead of a traditional order book, the XRPL DEX uses liquidity pools (like an RLUSD/XRP pool) to let users swap assets instantly.
* When you deposit your assets, you become a Liquidity Provider (LP) and receive LP tokens representing your share of the pool.
* The Base Yield: Every time someone trades against that pool, they pay a fee (0–1%). That fee stays in the pool, steadily growing the value of your LP tokens.
* The Boost: On top of these standard fees, our Stay to Earn program drops additional rewards into your wallet just for keeping your liquidity active.
**Managing Risk: Impermanent Loss**\
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The hidden cost of providing liquidity is something called impermanent loss.
* Because the AMM automatically rebalances to maintain the pool's ratio, if the price of XRP skyrockets (or tanks), the pool will adjust. You may end up holding more of the worse-performing token.
* If you withdraw your funds while the prices are heavily skewed compared to when you deposited, you might end up with less total value than if you had simply held the tokens in your wallet.
* It’s "impermanent" because the loss only locks in if you withdraw. If the prices return to their original ratio, the loss disappears. Plus, the combination of base trading fees and our boosted Stay to Earn rewards are designed to help offset this risk!
**Single-Sided vs. Double-Sided Liquidity**
* Double-Sided (Recommended): You deposit equal parts of both tokens (e.g., XRP + RLUSD). This exposes you to both trading fees and impermanent loss as the ratio shifts.
* Single-Sided: You deposit only one token, and the protocol automatically swaps a portion to balance the pair for you. It’s easier, but you are still exposed to the same price risks.\
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\*We suggest users to use the double side feature
# Acquiring XRP and RLUSD
Next, acquire RLUSD and XRP if you do not already have them.
We offer Coinbase Pay directly within the embedded wallet, or you can purchase XRP through MoonPay in the Joey Wallet by clicking the “Buy” button on the home screen.\
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If you already have XRP and are looking to acquire RLUSD, you can trade directly on First Ledger using the link below. There are no fees when swapping XRP for RLUSD and vice versa.\
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\* We suggest users to double side into liquidity pools.
# Jumping in the Pools
Now that you have your coins, you can deposit them into the XRP/RLUSD pool.
Head over to First Ledger () and navigate to the Pools page located in the header.
{% file src="/files/crmoA8CpN8wNZjSLcTQM" %}
Locate the XRP/RLUSD pool. During the Stay to Earn program, the XRP/RLUSD pool will always be pinned to the top, making it easy to find.
Click the three dots next to the pool and select “**Add Liquidity.**”
Enter the amount you would like to deposit into the pool (single-sided or double-sided).
Once you have entered the amount, click “**Deposi**t” to finalize your transaction.\
# Jumping in the pools with Joey Wallet
For users on mobile using Joey Wallet, this section is for you.
To get started, download Joey Wallet by visiting and installing it on your device.
Once Joey Wallet is installed, either import your existing wallet or create a completely new wallet.
Then, navigate to the in-app browser, located at the bottom right of the screen.
Once you’ve tapped that button, you’ll be taken to Joey’s in-app browser, where you can see platforms supported by Joey. Click on **First Ledger**.
Click the hamburger menu at the top right and navigate to the **Pools** page.
Locate the XRP/RLUSD pool. During the Stay to Earn program, the XRP/RLUSD pool will always be pinned to the top, making it easy to find.
Click the three dots next to the pool and select “**Add Liquidity.**”
# Tracking my position
Now that you hold a position in the XRP/RLUSD pool, you can track your active position by clicking the **My Positions** button on the **Pools** page.
You’ll be able to track the value of your position, your percentage share of the pool, the current APR of the pool, your Stay to Earn reward APR, and your PnL.
To withdraw from your position, the process is very similar to depositing.
Click the three dots next to the pool and select the “**Remove Liquidity**” button.
Choose either double-sided or single-sided removal.
Click “**Confirm**,” and your balance will be reflected in your wallet.
# How do i claim my rewards?
At the end of the first epoch (30 days), you’ll have a pending claim in the **Stay to Earn** rewards tab.
Simply click the tab, then click “**Claim**,” and the XRP will automatically be deposited into your wallet.
# FAQ
**Q: What happens if I pull my funds from the liquidity pool during the epoch? Will I lose my rewards?**\
**A:** Nope! There is no minimum time required in the pool to claim your rewards.
**Q: Am I giving up custody of my assets?**\
**A:** Nope. This is a fully self-custodial service. You are depositing your funds into a liquidity pool over which you have full control. You can withdraw your assets from the pool at any time, on your own accord.
**Q: What are the fees?**\
**A:** When using the First Ledger embedded wallet or Joey Wallet, there are no platform fees for depositing or removing liquidity from the pool. Additionally, there are no platform trading fees when swapping RLUSD directly on First Ledger.\
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If you provide a single-sided deposit to any liquidity pool, you will pay the pool fee, which is determined by a weighted vote of the top eight holders of that LP. The pool fee can be viewed directly on the UI within the Pools page. This is applied at the protocol level, not the platform level.\
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The same fee applies at the protocol level when you swap between XRP and RLUSD (or vice versa).
Fees accumulated from single-sided deposits, as well as trades between that pair, are then distributed back to the LP providers.
# Settings
To access settings, type in /settings\
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This will allow you to customize your experience while trading with First Ledger .
# Slippage
## Slippage: How We Do It & Why It Matters
### What Is Slippage?
Slippage is the tolerance you set to account for the difference between the price you expect when you submit a trade and the price at which it actually executes. On any decentralized exchange, market conditions can shift between the moment you quote a trade and the moment your transaction settles on-chain. Slippage tolerance is your buffer for that movement.
How that buffer is calculated, however, varies significantly between platforms — and the difference has real consequences for your trades.
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### Our Approach: Slippage Relative to Market Price
We calculate slippage relative to the **current market price**, not the quoted price impact of your trade.
Here's what that means in practice:
When you enter a trade, we show you the current market price and the expected price impact of your order. Your slippage setting is then applied directly against the live market price — independently of the price impact figure.
**Example:**
* Market price of Token A: $1.00
* Your trade has a price impact of 5% (execution price \~$0.95)
* You set slippage to 4%
In this scenario, we will warn you that your trade is unlikely to execute. Why? Because your slippage tolerance of 4% only covers price down to $0.96, but your own trade's price impact is already pushing the execution price to $0.95. You're not giving yourself enough room relative to where the market is actually moving. You'd need to set at least 5% slippage for this trade to go through.
**Pros of this approach:**
* **Transparent and predictable.** You always know exactly what price range you're authorizing relative to a real market reference point.
* **No silent over-tolerance.** You can't accidentally approve a trade at a far worse price than intended just because a large price impact was already baked in.
* **User warnings on low-probability trades.** If your slippage setting isn't wide enough to cover the price impact, we tell you before you waste a transaction fee.
* **Full user control.** We do not automatically adjust your trade size or minimum output based on price impact. Market conditions on the XRPL can change rapidly, and we believe traders should retain direct control over their parameters rather than having the platform silently modify their intent.
* **XRPL-native philosophy.** On the XRP Ledger there is no Miner Extractable Value (MEV). Validators cannot reorder transactions to extract profit, and front-running is a matter of chance rather than a structural attack vector. This means the slippage tolerance you set is genuinely yours — it's not being gamed against you by sophisticated bots the way it can be on chains where MEV is prevalent.
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### The Alternative Approach: Slippage Relative to Quoted Price Impact
Many other DEX platforms calculate slippage on top of the quoted price impact, not on top of the current market price.
**Example using the same scenario:**
* Market price of Token A: $1.00
* Your trade has a quoted price impact of 5% (quoted execution price: $0.95)
* You set slippage to 3%
On platforms using this method, your 3% slippage is applied on top of the already-impacted price of $0.95. This means you're authorizing execution at up to $0.9215 — more than 7.8% below the current market price — even though you only set 3% slippage.
**Cons of this approach:**
* **Slippage feels smaller than it is.** A 3% slippage setting can expose you to far larger losses once price impact is stacked underneath it, without it being obvious at a glance.
* **Harder to reason about your actual risk.** Your effective worst-case price is price impact + slippage combined, but that math isn't always surfaced clearly.
* **Can mask bad trades.** Because slippage is layered on top of an already-moved price, it's easy to approve a trade at a significantly worse level than intended, particularly on low-liquidity pairs.
* **No warning on low-probability trades.** If your price impact already consumes most of the realistic price movement, adding slippage on top just extends your authorization further into unfavorable territory rather than flagging the trade as unlikely to succeed.
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### Summary
| | Our Platform | Other Platforms |
| ------------------------------------ | ------------------------- | ---------------------------------------- |
| Slippage calculated relative to | Current market price | Quoted price impact price |
| Effective worst-case price | Market price − slippage % | Market price − price impact − slippage % |
| Warning if trade unlikely to execute | Yes | No |
| Trade size auto-adjusted by platform | No — full user control | Often yes |
| XRPL MEV risk | None (no MEV on XRPL) | N/A |
Our goal is to keep slippage exactly what it should be: a clear, honest tolerance relative to where the market actually is — not a hidden multiplier stacked on top of an already-impacted quote.
# Preset Buys
**For Telegram Only**
Preset buys allow you to customize quick purchase buttons \
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To change the value, click on one of the preset values and you can customize it to your desired amount\
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To confirm the update has been made, type /settings to confirm changes have been made
# Wallet Encryption
First Ledger **DOES NOT** have access to your private keys. We keep users safe by employing AES256 encryption, one of the most robust encryption standards available. This ensures that any data exchanged between users and our bot remains confidential and protected from potential breaches.
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**DO NOT** transfer more funds to First Ledger Bot than you can afford to lose. Treat this as a hot wallet and only funds you wish to use for trading. The withdraw feature allows users to transfer back and forth to their cold wallet.
# Point System
More information to be released soon around what points do!\
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Season one will kick off shortly!!!!
# Fees
First Ledger has a 1% transaction fee when trading tokens.\
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Break down \
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20% - Referral program \
25% - To the Team \
10% - Infrastructure and scaling \
45% - TBA\
# Referrals
How to generate a referral link within First Ledger?
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On the home page in the bottom right-hand corner, you will see a button labeled "Refer Friends"\
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Once you click the "Refer Friends" button, a screen will pop up with your custom referral link.\
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Anytime someone signs up to First Ledger through your referral link, it will be tracked within the referral section.
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You will earn 20% of their fee forever!\
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\*As volume increases, payout periods could potentially change to a biweekly basis.
# Launching a coin
**Costs for launching a token** \
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5 XRP : First Ledger fee \
25 XRP : Minimum amount needed for the starting liquidity pool \
3.84 XRP : Account reserves and protocol fees\
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When launching a token on First Ledger, the token issuer is required to provide liquidity post-launch with a minimum of 25 XRP and no maximum. This liquidity will be burned on launch and the token will be blackholed shortly after.
This means the starting liquidity can never be removed and no more tokens can be minted for that token.
If the token issuer provides more than 50 XRP in the starting liquidity pool, they will be able to allocate up to 50% of the token supply to themselves pre-launch, which will be placed in escrow and unlocked within certain timeframes.
Continue to the next page for a token allocation and escrow breakdown.
# Token Launch Tiers + Escrow
| Starting Liquidity Pool Size | Token Allocation % |
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| 25 – 49 XRP | 0% of total supply |
| 50+ XRP | Up to 50% of total supply |
\* Dev supply percentage is set at token creation and cannot be modified after launch.
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All tokens that launch on First Ledger will be escrowed upon launch. 25% of the allocation will be unlocked after 24 hours. The remaining 75% will be held in escrow for a minimum of 1 month and up to a maximum of 1 year. These conditions are set by the token issuer.\
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**Example**
The token launcher allocates 10% of the total supply to themselves on launch. \
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24 hours after launch, you will receive 25% of that 10% (2.5% of the total supply). \
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The remaining 75% (7.5% of the total supply) will then be placed in escrow — set by the launcher — for a minimum of 1 month and up to one year.
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To claim your unlocked tokens, you must have the token's trustline set, which you can do right after launch. \
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Navigate to your token's trading page and click the "Add Trustline" button. Once the tokens are unlocked, they will automatically be sent to your wallet.
# First Ledger FAQ
Frequently asked questions
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[**1. How do I withdraw XRP from First ledger?**](/first-ledger-faq/1.-how-do-i-withdraw-xrp-from-first-ledger)\
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[**2. What happens if a token I purchased rugs?**](/first-ledger-faq/2.-what-happens-if-a-token-i-purchased-rugs)\
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[**3. What does it mean when a project removes liquidity?** ](/first-ledger-faq/3.-what-does-it-mean-when-a-project-removes-liquidity)\
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[4**. What does locking or burning liquidity mean?**](/first-ledger-faq/4.-what-does-locking-or-burning-liquidity-mean)\
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[5**. Why am I missing 2 xrp when I'm trading a token?**](/first-ledger-faq/5.-why-am-i-missing-2-xrp-when-im-trading-a-token)\
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[6**. How can I import my First Ledger into another XRPL-supported wallet?**](/first-ledger-faq/6.-how-can-i-import-my-first-ledger-into-another-xrpl-supported-wallet)\
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Always DYOR before purchasing a token!
# 1. How do i withdraw XRP from First ledger?
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To withdraw XRP from your First Ledger wallet, type in /wallets \
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Once the wallet tab has been opened, click either withdraw all or withdraw x.\
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You will either enter withdraw all the XRP within the wallet or a defined amount determined by you\
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Once the amount has been defined or you are withdrawing all XRP, you will be asked to input the destination address \
# 2. What happens if a token I purchased rugs?
In the instance the token you are purchasing removes liquidity or rugs, First Ledger is not liable for any trades made by the user. You can either burn the token (burn app) to retrieve your 2 xrp.
# 3. What does it mean when a project removes liquidity?
When a token is first released, the creator puts his own money to make the initial liquidity pool. Once the token is live and people start buying (adding more liquidity to the pool), the token creator removes the liquidity, taking all the money out of the pool.
# 4. What does locking or burning liquidity mean?
When the creator burns (sending the tokens back to the blackholed issuing wallet) or locks (escrows) the liquidity for a certain amount of time. While the token can still be a rug, the creator cannot remove their initial deposit within the liquidity pool.
# 5. Why am I missing 2 xrp when I'm trading a token?
Similar to signing contracts to interact with daaps on EVM chains, to interact with tokens on the XRPL you have to sign a "trustline" ( bit.ly/TrustLines ). When signing a trust line, 2 xrp will be held in reserves to interact with a token. Once you completely sell your position, First Ledger will automatically remove the trust line for you, giving you your 2 xrp back.
# 6. How can I import my First Ledger into another XRPL-supported wallet?
# Terms and Conditions
### TERMS AND CONDITIONS
## BY USING FIRST LEDGER SERVICES YOU AGREE TO THE TERMS AND CONDITIONS
The First Ledger Services Agreement is an agreement between you and First Ledger that governs your use of First Ledger online products and services. The parties of the agreement are “First Ledger and the services that they provide that include, but are not limited to, Telegram bots, channels, groups, and any application created and distributed by First Ledger ” hereinafter called “First Eledger Services” and “The users of these services and applications in telegram and other platforms” hereinafter called “users”.\
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**Limited liability**
We endeavor to update and/or supplement the content of our service regularly. Despite our care and attention, content may be incomplete and/or incorrect. The materials we offer are provided without any form of guarantee or claim to their correctness. These materials can be changed at any time without prior notice from us. Particularly, all prices on our services are stated subject to typing and programming errors. No liability is assumed for the implications of such errors. No agreement is concluded based on such errors. We shall not bear any liability for hyperlinks to websites or services of third parties included in our service. From our services, you can track Telegram channels and visit other websites by following hyperlinks or clicking on buttons to such external sites. While we strive to provide only quality links to useful and ethical websites and channels, we have no control over the content and nature of these sites and channels. These links to other websites and channels do not imply a recommendation for all the content found on these sites and channels. Site owners and content may change without notice and may occur before we have the opportunity to remove a link which may have gone 'bad'. Please be also aware that when you leave our services, other sites may have different privacy policies and terms which are beyond our control. Please be sure to check the Privacy Policies of these sites as well as their "Terms of Service" before engaging in any business or uploading any information. Unless otherwise required by law, in no event shall the owners of, or contributors to, First ledger Services be liable for any damages of any kind, including, but not limited to, loss of use, loss of profits, or loss of data arising out of or in any way connected with the use of First Ledger Services.\
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General Disclaimer
All First Ledger services and their contents are provided "as is" and "as available" without any warranty or representations of any kind, whether express or implied. First Ledger is a distributor and not a publisher of the content supplied by third parties; as such, First Ledger exercises no editorial control over such content and makes no warranty or representation as to the accuracy, reliability or currency of any information, content, service or merchandise provided through or accessible via the First Ledger Services. Without limiting the foregoing, First Ledger specifically disclaims all warranties and representations in any content transmitted on or in connection with the First ledger Services or on sites that may appear as links on the First Ledger Services, or in the products provided as a part of, or otherwise in connection with, the First Ledger Services, including without limitation any warranties of merchantability, fitness for a particular purpose or non-infringement of third party rights. No oral advice or written information given by First Ledger or any of its affiliates, employees, officers, directors, agents, or the like will create a warranty. Price and availability information is subject to change without notice. Without limiting the foregoing, First Ledger does not warrant that the First Ledger Services will be uninterrupted, uncorrupted, timely, or error-free.
