1inch Exchange is a decentralized exchange aggregator that allows users to trade tokens across multiple DEXs with the best prices and lowest fees. In this tutorial, we will guide you through the steps to use 1inch Exchange to swap tokens on the Ethereum network.
Step 1: Connect Your Wallet
To start using 1inch Exchange, you need to connect your Ethereum wallet. 1inch Exchange supports several wallets, including MetaMask, WalletConnect, Fortmatic, Portis, and Coinbase Wallet.
Click the Connect Wallet button on the top right corner of the website, select your wallet provider, and follow the prompts to connect your wallet.
Step 2: Select Tokens to Swap
After connecting your wallet, you can start swapping tokens on 1inch Exchange. On the Swap page, select the tokens you want to swap by entering the token symbol or contract address in the search box.
1inch Exchange supports a wide range of ERC-20 tokens, including stablecoins like USDT, DAI, and USDC, as well as popular DeFi tokens like UNI, COMP, and AAVE.
Step 3: Set the Swap Details
Once you have selected the tokens to swap, set the details of the swap, including the amount to swap, the slippage tolerance, and the type of swap.
The slippage tolerance refers to the maximum percentage of price slippage that you are willing to accept. If the price of the token changes by more than the slippage tolerance, the transaction will fail.
There are three types of swaps available on 1inch Exchange: Instant, Limit, and Stop-Limit.
- Instant Swap: An instant swap is executed at the best available price on the market. This type of swap is suitable for users who want to swap tokens quickly and do not want to wait for a specific price.
- Limit Swap: A limit swap allows you to specify the price at which you want to execute the swap. This type of swap is suitable for users who want to wait for a specific price before executing the swap.
- Stop-Limit Swap: A stop-limit swap is similar to a limit swap but includes an additional stop price. Once the stop price is reached, the swap is executed at the limit price. This type of swap is suitable for users who want to limit their losses in case the price of the token drops.
Step 4: Review and Confirm the Swap
After setting the details of the swap, review the transaction details, including the estimated gas fee and the final amount of tokens you will receive.
Gas fees are the fees paid to the Ethereum network for processing the transaction. Gas fees can vary depending on the network congestion and the complexity of the transaction.
Once you have reviewed the transaction details, click the Swap button to initiate the transaction. Confirm the transaction on your wallet and wait for the transaction to be processed.
Step 5: Check Your Transaction Status
After submitting the transaction, you can check the status of the transaction on the blockchain explorer. The blockchain explorer allows you to track the progress of your transaction and verify that it has been confirmed on the Ethereum network.
To check the status of your transaction, copy the transaction hash from your wallet and paste it into a blockchain explorer like Etherscan or Blockchair.
1inch Exchange is a powerful decentralized exchange aggregator that allows users to swap tokens on multiple DEXs with the best prices and lowest fees. By following this tutorial, you can easily use 1inch Exchange to swap tokens on the Ethereum network. Remember to always review the transaction details and check the gas fees before submitting the transaction. Happy trading!