We’re excited to introduce our swaps feature - letting you swap one cryptocurrency token for another cryptocurrency token without leaving BlockWallet.
It’s convenient, extremely straightforward, and reduces your exposure to third-party protocols.
Before you start swapping
Here are a couple of tips and safety reminders you should keep in mind before swapping.
Do your own research (DYOR)
Even if a token complies with the ERC-20 standard, you shouldn't swap a token without doing your research on it first. With the vast token utilities available in crypto and DeFi, tokens you hold may compromise your entire wallet, like this.
Slippage is the amount of change between the price the swap was initiated at and the final transaction price that BlockWallet will tolerate. Given the highly liquid and fluctuating nature of cryptocurrencies, prices can change from second to second. By default, slippage is set to 0.5% - if you’d like to increase or decrease the slippage on your swap, select the “Settings” tab in the swaps confirmation page (after you click “Review”).
Custom tokens are tokens that aren’t common or widespread enough to be in BlockWallet’s standard list of tokens. If nothing shows up in your search query, try adding the tokens manually by copying and pasting the contract address into the search bar.
Even though there are zero trading fees for your swap, you still need to pay gas fees. Be sure to have enough native network tokens to pay the gas fees for your swap!
How to Swap
- Select the desired network to swap tokens.
- Select the Swap icon in BlockWallet’s home screen.
- On the top, select the token you’d like to swap FROM and enter the amount.
- Underneath, select the token you’d like to swap TO.
- Press “Review”
- On the swap confirmation page, there are several features to ensure you’re satisfied with your swap.
- In the “Settings” tab, you can customize slippage and also turn on Flashbots Protection.
- In the “Details” tab, you can view the contract address and other details like fees and rates
- Once the transaction is confirmed, you’ll be able to see the transaction on etherscan as well as the pending transaction in the “Activity” tab in your BlockWallet home screen.
- It may take a few minutes for the tokens to update in BlockWallet
Disclaimer. The BlockWallet’s swaps are operated by the third-party processor “1inch” (1inch.io). The BlockWallet does not operate swaps. All the assets that are swapped using the Blockwallet are operated by the third-party provider (1inch.io). If you have any questions and/or concerns in relation to swaps supported by Blockwallet, you can always find the information on the third-party provider’s web page - 1inch.io.
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