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Expected output is what the trade is expected to return. For an exact-input swap, minimum received is the output floor the transaction will accept.
An approval gives a contract a token allowance. Submitting the swap exchanges the tokens.
TVL counts a pool’s total value. The route, fees, and liquidity available at the traded prices determine your quote.
ILLUSTRATIVE EXAMPLE
Suppose a quote expects 100 B. A 1% output tolerance gives a 99 B minimum before rounding.
The trade may return more than 99 B; that number is its minimum accepted output.
Key idea: Raising slippage tolerance allows more price movement. It does not improve the quote.
A quote estimates execution against the available route. It includes the effect of the pool prices, available liquidity and applicable fees. Subtracting a percentage fee from the input amount alone cannot tell you how many units of a different token you will receive.
For an exact-input trade, minimum received is the output floor used by the transaction. It is different from the expected output shown by the quote. The market can change between reading a quote and its execution, so review both values.
An approval grants a specified contract permission to use a token allowance. It does not itself exchange the tokens. After a confirmed approval, a swap request may still need to be submitted. Confirm the final receipt and received token rather than treating the first wallet success as completion.
An illustrative exact-input quote expects 100 units of token B. A simple 1% output tolerance implies a 99 B minimum before token rounding. This illustrates the arithmetic only; it is not a recommended slippage setting.
The 1 B difference is permitted execution movement, not another guaranteed fee. A 101 B result is also possible; the tolerance does not force a worse fill.
“Raising slippage makes my quote better.”
It broadens the range of execution outcomes the transaction will accept.
“A token approval means the swap succeeded.”
Check the actual swap transaction and the received asset. Approval and exchange are distinct actions.
Some liquidity may sit away from the traded price. Fee level, the depth crossed by the trade and the complete route all affect the actual output.