What is swap?
A swap is a type of transaction that allows for the exchange of one cryptocurrency for another on the same blockchain network. It is a simple and convenient way for users to trade tokens without the need for a centralised exchange.
For example, a user may want to swap AAVE coins for SAND tokens on the Polygon blockchain network.
They provide a fast and efficient way for users to trade tokens on the same blockchain network while maintaining control of their own assets.
What are the potential benefits of cryptocurrency swapping?
Swapping can be useful for a variety of reasons, such as:
Portfolio diversification: Swapping allows cryptocurrency investors to diversify their portfolios by exchanging one cryptocurrency for another that they believe has better potential for growth or is more stable.
Profit-taking: If a cryptocurrency has experienced significant price appreciation, swapping it for another cryptocurrency or for fiat currency can allow investors to take profits and lock in gains.
Avoiding volatility: Swapping a volatile cryptocurrency for a more stable one can help investors avoid potential losses due to price swings.
Accessing new cryptocurrencies: Swapping allows investors to easily access new or emerging cryptocurrencies without having to go through the process of purchasing them on an exchange.
How to swap tokens on CrSIP?
1. On the CrSIP Platform, connect your wallet.
2. Select the “Network” on which you would like to swap.
3. Choose the token you want to swap from the dropdown menu.
4. Enter the amount you want to swap.
5. Enter the amount you want to swap and in the lower section you can see the number of tokens you want to swap to i.e. receiving amount.
6. Click on the “give permission to swap” button
7. Once you confirm the gas fees, click on “Approve”.
8. Click on “Confirm“ to give permission to access your wallet.
9. Once you complete your transaction, click on “close”.
10. Scroll down to verify and check all the transaction details.
