Wed. Apr 17th, 2024

Introduction

Are you looking to swap cryptocurrencies or tokens on 1inch? Look no further! In this article, we will provide you with a step-by-step guide on how to perform a successful swap on the 1inch exchange platform.

What is 1inch?

1inch is a decentralized exchange aggregator that allows users to find the most efficient token swap routes across multiple liquidity sources. By connecting to various decentralized exchanges, such as Uniswap and SushiSwap, 1inch ensures that users get the best possible exchange rates and minimal slippage.

How to Swap on 1inch

Step 1: Accessing the 1inch Platform

1. Open your preferred web browser and navigate to the official 1inch website.
2. Connect your compatible cryptocurrency wallet to the 1inch platform. This can be done by clicking on the “Connect Wallet” button and selecting the desired wallet provider.

Step 2: Selecting the Tokens

1. On the 1inch platform, locate and click on the “Swap” tab.
2. In the “From” field, select the token you wish to swap. Start typing the token’s name or paste its contract address in the search box to quickly find it.
3. In the “To” field, enter the token you would like to receive after the swap. Similar to the “From” field, you can search for the token or paste its contract address.

Step 3: Adjusting Swap Settings

1. By default, 1inch will display the optimal swap route and estimated gas fees based on its algorithm. You can adjust the swap settings according to your preferences.
2. You can choose between different slippage tolerances, such as 1%, 0.1%, or even set a custom value. This determines the maximum acceptable price impact for the swap.
3. You can also enable or disable the “Partial Fill” option. When enabled, 1inch will split your swap into multiple transactions if it can provide a better rate.
4. If you want to manually set the gas price, you can toggle the “Advanced” mode and enter the desired value.

Step 4: Confirming and Executing the Swap

1. Before executing the swap, review all the details on the screen, including the estimated gas fees and token amounts.
2. Once you are satisfied with the settings, click on the “Swap” button to initiate the transaction.
3. A pop-up from your connected wallet will appear, asking you to confirm the transaction. Review the details once again and proceed with the transaction confirmation.
4. Wait for the transaction to be processed and confirmed on the blockchain. The time it takes may vary depending on network congestion.

Conclusion

Swapping tokens on 1inch is a straightforward process that offers users access to the best exchange rates and liquidity across multiple decentralized exchanges. By following the steps outlined in this guide, you can confidently perform token swaps on the 1inch platform and take advantage of the benefits it provides. Remember to always double-check the token addresses and other transaction details to ensure a smooth and secure swap experience. Happy swapping!
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By admin