Are you tired of searching for an exchange that lists all your favorite tokens? You can swap most of the tokens using decentralized exchanges.
A token swap involves the exchange of two different assets that exist on the Ethereum network, for example swapping ETH for DAI (an ERC-20 token). The process is very fast and cheap. You will need to have a crypto wallet to swap tokens.
- have crypto wallet, you can follow this tutorial: How to: "Register" an Ethereum account
- add funds to your wallet
Some popular exchanges are:
- Uniswap(opens in a new tab)
- Sushiswap(opens in a new tab)
- 1Inch(opens in a new tab)
- Curve(opens in a new tab)
If you'd like to learn more about what DeFi is and how these new kinds of exchanges work, we can recommend the Kernel Library(opens in a new tab).
For example, ETH and DAI. Make sure you have funds in one of the two tokens. (opens in a new tab)
The exchange will automatically calculate how many tokens you will get.
Review the details of the transaction. Check the exchange rate and any other fees to prevent ugly surprises.
You can view the progress of the transaction on any blockchain explorer. This process should not take longer than 10 minutes.
You will automatically receive the swapped tokens in your wallet once the transaction is processed.
No, you can only swap tokens that are native to the Ethereum network, such as ETH, ERC-20 tokens or NFTs. You can only swap "wrapped" forms of Bitcoin that live on Ethereum.
It is the difference between your expected exchange rate and the actual rate.