The built-in Swap feature in the Crypto.com DeFi Wallet app, which is powered by the DeFi Swap protocol, 1inch V3, and VVS Finance, allows you to exchange almost all your tokens on Ethereum and Cronos with ease.
Here’s how to swap tokens:
Open DeFi Wallet and go to the ‘Swap’ tab
Acknowledge that you’re not a resident/citizen of a geo-restricted region
Select the ‘From/To’ networks and tokens to view the estimated exchange price
Enter either the ‘From’ or ‘To’ token amount and tap ‘Swap’
Review the network, protocol, swap pair, exchange price, minimum received/maximum sold amount, and estimated network fee
Please Note: There will be an additional service fee for swapping via 1inch V3.
The swap price is inclusive of the service fee, and the receive amount is estimated according to the adjusted price after the service fee deduction. Users can enjoy a service fee waiver for a limited time.
Tap ‘Confirm Swap’ and authorize the transaction with your passcode and 2FA code (if enabled)
Swap transaction submitted successfully
Wait for the swap to be confirmed on-chain; you can go to the corresponding wallet to check your new balance once the transaction is completed
1.Go to the 'Swap' tab from the bottom navigation bar
2. Accept the DeFi Swap Terms and geo-restrictions
3. Choose the From/To networks and tokens
4. Enter the amount and tap 'Swap'
5. Review the swap details and tap ‘Confirm Swap’
6. Authorize the transaction with your passcode/2FA code
7. Swap transaction submitted
8. Swap transaction completed
How many blockchains are supported for DeFi Swap?
DeFi Swap currently supports the following blockchains:
BNB Smart Chain
For Cronos Bridge, the Crypto.org Chain and Cronos Beta are currently supported.
Expect to see support for more blockchains in the future, including Polygon.
How do I know which protocol the swap will be routed to?
You can find this information in the Protocol field once you’re at the ‘Confirm Swap’screen. Currently, there are two protocols on Ethereum: DeFi Swap and 1inch V3. For Cronos, there is the VVS Finance swap protocol. For BNB Smart Chain, there is the PancakeSwap protocol.
Please note that there will be an additional service fee for your corresponding swap amount on 1inch V3. The swap price is inclusive of the service fee, and the received amount is estimated according to the adjusted price after the service fee deduction. Users can enjoy a service fee waiver for a limited time.
Why are some networks and tokens disabled?
When a network or token is disabled, it means that the transaction type is not supported yet. For example, we don’t currently support Cronos Beta ⇔ Ethereum transactions. You may encounter this when you visit the Swap page.
How do I switch the network?
For example, if you select a swap pair on Ethereum and want to switch to Cronos Beta, you can tap the ‘Reset to Default’ button on the swap page or via the ‘Unsupported Chains’ pop-up.
How do I use the Cronos Bridge feature in DeFi Swap?
The process is similar to the normal Swap feature, but Cronos Bridge allows you to swap tokens across different blockchains. For example, you can select CRO on the Crypto.org Chain from the ‘Swap From’ dropdown and CRO on Cronos Beta from the ‘Swap To’ dropdown. Then, you’ll see the bridge reminder; simply tap the ‘Transfer’ button to finish the swapping process. Please refer to Cronos Bridge FAQ if you have more questions.
How are swap prices determined?
Please refer to this FAQ for more details.
What does the minimum receive or maximum sold amount mean?
The swap output is estimated, you will receive at least the “minimum received” (if you specified the From amount) or maximum sold amount (if you specified the To amount) or the transaction will revert if there is a large, unfavorable price movement before it is confirmed.
Why did my swap transaction fail?
Occasionally, your swap transaction might fail due to an “Insufficient Output Amount” Error. Your input tokens will be reverted but the network fee (gas) will be spent. This is likely due to a sudden hike in swap volume for the corresponding token pairs.
Are the DeFi Swap’s Boost and Pool functions also built within the DeFi Wallet app?
No, only the Swap function is built within the app at the moment. If you’re a liquidity provider who is interested to add liquidity to the DeFi Swap Protocol via the [Pool] function and stake CRO to increase your DeFi yields via the [Boost] function, please visit www.crypto.com/defi/swap via desktop or mobile web and connect your DeFi Wallet to the protocol via WalletConnect to access the 2 functions.
View here for the step-by-step instructions.
Can I customize the transaction settings for the swap function in DeFi Wallet?
Yes, you can customize the Slippage and Gas Fees (Gwei) under the “Advanced Settings”. Simply go to the Swap tab and click the settings button to do so:
Slippage Tolerance: 1% - 49.9% (minimum received amount variation)
Gas Fees: Average/Fast/Super Fast
Why is there a Price Impact / Why is the price of my asset rising/falling?
Price Impact is the influence that swapping has over the market price of the underlying asset pair. It is directly related to the number of funds in the pool. When you execute a swap through DeFi Wallet, you interact directly with a liquidity source that offers the best price for the trade you made. DeFi Wallet does its best to optimize each trade before committing your executed swap.
Price Impact is affected by:
The size of your trade relative to the size of the liquidity pool;
The algorithm of the relevant swap protocol
The constant product formula: x * y = k. Imagine a scenario where x and y are the reserves of two tokens: A and B. In order to withdraw some amount of token A, one must deposit a proportional amount of token B to maintain the constant k before fees. For this reason, the pool can always provide liquidity no matter how large a trade/swap is.
When a user buys ETH from a DAI/ETH pool, they reduce the supply of ETH and add to the supply of DAI. This results in an increase in the price of ETH and a decrease in the price of DAI. How much the ETH price moves depends on the size of the trade relative to the size of the pool.
If the trade assumes a smaller proportion of the pool, then there will be a smaller Price Impact and less slippage, and vice versa.
Why can I view the Price Impact some of the time and not others?
DeFi Wallet extracts multiple quotes from various DeFi protocols, including DeFi Swap and 1inch V3 on Ethereum, and VVS Finance Swap Cronos. You’re able to view the Price Impact of swaps on Defi Swap and VVS Finance Swap.
What is Slippage Tolerance in the advanced settings for DeFi Swap?
Slippage Tolerance allows the user to specify a percentage range, where the swap transaction will be canceled to prevent unexpected losses if the swap index price deviates above the specified amount. The customizable range for Slippage Tolerance is 1% to 49.9%.
What are Gas Fees in the advanced settings for DeFi Swap?
Gwei is the denomination (sub-currency) of Ether (e.g. what cents is to dollars). Gas Fees, measured in Gwei, are payments made by users for the computing energy required to process and validate transactions on the Ethereum blockchain. In the advanced settings, there are 3 levels/speeds: Slow, Average, and Fast. The faster the transaction speed, the more Gas Fees, or gwei, you will need to pay.