Noteworthy information relating to swap on 1inch Network
Are you desirous to perform a swap on the 1inch Network ?
If yes, then do you have a strong knowledge base relating to this?
Well, swap is a very simple process to do but if you don’t know the essentials relating to this function then you are surely going to face some hurdles on your path. But, you can remove those obstacles on your own by gathering fundamental information about it and in this learning journey, we are with you through this read.
The prerequisites of swapping on 1inch Network
Being a decentralized aggregator, this body grants permission to investors to swap tokens at a reasonable rate. Thus, as this network allows users to participate in the swap at the cheapest rate, it is highly used by users. And, for this investors need to take a couple of steps, which are:
1. Get a wallet supported by this network (or a 1inch wallet)
2. Pair up the wallet to the network
3. Perform the steps involved in swapping
Tokens you can swap on 1inch Network
We are not hereby listing all the tokens that you can swap on this network, but some of the tokens that can be swapped here are:
¦ Aurora
¦ Arbitrum
¦ BNB Chain
¦ Avalanche
¦ Ethereum Manniet
¦ Fantom
¦ Polygon
¦ Optimism
¦ Gnosis
Secret tricks you should know to make a swap successful
Witnessing a successful swap is the goal of every investor if he is trying to perform a swap on any network and the same is the case on the 1inch Network. A lack of knowledge of some crucial information might put you in an awkward situation leading to transaction failure.
Thus, after thorough research, we discovered the following crucial information that you should know.
Take a look at it:
Ø Ensure that you are having enough token balance to meet the gas cost of the blockchain. The balance required gets vary depending on the token that you are swapping. You can get an idea of the required token balance by navigating to the “Help Center” of 1inch.
Ø Reducing the gas price (also called the gas limit) might increase the chances of transaction failure. Thus, try not to cut it down.
Ø Increase the slippage tolerance (as required) if you are facing an error/issue. The maximum level up to which you can increase the slippage is 49%.
Ø The tokens that are not listed with the network or the ones that are added by you manually are to be swapped at your own risk.
Final Lines
From this read, you might have gotten a rough idea of the prerequisites and the essential information that you should know before participating in the 1inch Network. Another important fact that you should remember is that the supported tokens cannot be swapped across the chains through 1inch. To do so, investors need to bridge them externally. For further queries, get into its “Help Center” section.
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