BlockWallet has an integrated swaps feature powered by OpenOcean that allows users to conveniently exchange one token for another directly within your wallet. This helps to limit overexposure to third-party protocols, making your token swaps more secure and efficient.
Before you Begin Swapping
Swapping can be a fun and rewarding experience in web3 with many new projects and tokens appearing daily, there is always something new to check out, but it is important to keep in mind these tips and safety reminders before you start swapping.
Do Your Own Research (DYOR)
Before swapping, do your own research and throughly investigate any token before swapping, even if it complies with the ERC-20 standard or its equivalent on other EVM-compatible blockchains (BSC, AVAX, etc.) In the vast and growing DeFi landscape, holding certain tokens can put your entire wallet at risk.
Slippage
Slippage is the allowed difference in price during a swap. Crypto prices can change quickly, so slippage in BlockWallet is set to 0.5% by default. However, some tokens may require the slippage to be set higher due to liquidity and demand. To change the slippage, go to “Settings” on the swaps confirmation page after clicking “Review.”
Custom Tokens
Custom tokens may not appear in BlockWallet’s standard list of tokens if they are not widely recognized. To add custom tokens, copy and paste the contract address in to the search bar.
Learn hot to add custom tokens to BlockWallet.
Gas Fees
Before swapping, ensure that you have enough native network tokens in your wallet to cover the cost of gas for the swap transaction. BlockWallet charges a 0.5% swap fee.
How to Swap
- Choose the network where you want to swap tokens.
- Click Swap on your wallet home screen.
- Select the tokens you want to swap and enter the amount to swap. You can search and add new tokens by using the search function or pasting the token contract address.
- Click Review.
- Review your swap. You can change your gas settings and you can click Settings to review your slippage settings, enter a custom nonce and enable Flashbot protection if available.
- Click Swap.
Your swap will be submitted to the network. The time and success of your swap depends on your settings and the state of the network (congestion). The default settings should be suitable to reliably execute your swaps.
How to Approve Allowance and Swap
- Choose the network where you want to swap tokens.
- Click Swap on your wallet home screen.
- Select the tokens you want to swap and enter the amount to swap. You can search and add new tokens by using the search function or pasting the token contract address.
- Click Approve.
- Review your token approval settings. This will let the DEX smart contract perform the swap with your tokens.
- Click Approve.
- Review your swap. You can change your gas settings and you can click Settings to review your slippage settings, enter a custom nonce and enable Flashbot protection if available.
- Click Swap.
Disclaimer. BlockWallet’s swaps are operated by the third-party processor “openocean” (openocean.finance). BlockWallet does not operate swaps. All the assets that are swapped using Blockwallet are operated by the third-party provider (1openocean.finance). 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 - openocean.finance.Additional Notes on Swaps
- You can review the contract address, fees, and rates to ensure you are satisfied with the swap in the Details view
- Once the transaction is confirmed, you will be able to view it on Etherscan or the relevant blockchain explorer. You will also be able to see the pending transaction in the Activity tab within your BlockWallet home screen.
- It can take a few minutes for the tokens to update and the tokens to appear in your wallet.
- By following these simple steps and being mindful of the tips and safety reminders, you can take advantage of BlockWallet's built-in swaps feature to efficiently manage and grow your cryptocurrency portfolio across various protocols.