How do I swap tokens on DeFi Swap?
You can swap between any two supported tokens upon paying a 0.3% swap fee;
Direct conversion if there is a liquidity pool for the exact same pair and it offers the best price;
Routes trades across several liquidity pools if otherwise (e.g. LINK to ETH and ETH to USDT for LINK to USDT conversion, if there is no liquidity pool for LINK to USDT or if a direct conversion from LINK to USDT incurs a higher price);
To start swapping tokens:
Connect your decentralized wallet to DeFi Swap
Go to [Swap] tab
Select the corresponding input and output token from the supported token list
Review the input/output token values, price, minimum received (due to slippage), price impact and liquidity provider fee (swap fee)
Click [Confirm Swap]
Confirm the transaction on your connected wallet
You will then see the transaction is submitted and you can follow the confirmation status by clicking [View on Etherscan].
Why did my swap transaction fail?
Occasionally, your swap transaction might fail due to “Insufficient Output Amount” Error. Your input tokens will be reverted but network fee (gas) will be spent.
This is likely due to a sudden hike in swap volume for the corresponding token pairs, to increase the chance of your swap transaction goes through and is confirmed during the peak trade period, you may either -
Adjust to a higher gas fees so miners are more likely to confirm your transaction first
Adjust to a higher slippage tolerance % via Settings > Transaction Settings
How are swap prices determined?
DeFi Swap follows a constant product formula, where the product of the quantities of two tokens remain the same before and after a swap is performed.
The smart contract maintains a constant using the following function: x*y=k. In this case x = Token A, y = Token B, k = constant.
For each trade a certain amount of tokens are removed from the pool for an amount of the other token. To maintain k, the balances held by the smart contract are adjusted during the execution of the trade, therefore changing the price whenever someone makes a trade.
Price slippage depends on the ratio and quantity of tokens in the pool.
What is the list of tokens available for swap?
We will support the following tokens at launch and will open up to more tokens in the future. We welcome further suggestions from the community via our web app / social media channels.
Ethereum/Wrapped Ether (ETH/WETH);
USD Coin (USDC);
Crypto.com Coin (CRO).
The following tokens have been added to our token list on the date indicated:
yearn.finance (YFI) - September 15th, 2020;
(Wrapped) BTC (WBTC) - September 16th, 2020;
Uniswap (UNI) - September 17th, 2020;
Harvest Finance (FARM) - September 18th, 2020;
Swerve (SWRV) - September 23rd, 2020;
UMA (UMA) - September 24th, 2020;
Ren (REN) - September 25th, 2020;
Nest Protocol (NEST) - October 7th, 2020;
Aave Token (AAVE) - October 14th, 2020;
Curve (CRV) - November 24th, 2020;
TrueFi (TRU) - November 25th, 2020;
Huobi BTC (HBTC) - December 23rd, 2020;
renBTC (RENBTC) - December 23rd, 2020.
DeFi Pulse Index (DPI) - March 1, 2021
I can’t find a particular token to swap or provide liquidity to. How do I add it?
View here to find out more