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2024-10-26 17:31:25
What is a Token Swap?
Bybit Web3 Token Swap is a function that allows users to swap their existing cryptocurrency holdings for another cryptocurrency. It is fast and simple with just a few steps required.
Here's a step-by-step guide to swapping tokens and viewing swap order history through Bybit Web3.
Swap Your Tokens
Step 1: Please click on Swap in the navigation bar of the Bybit Web3 page to enter the Swap page.
Step 2: Create your order.
a) Choose the type of tokens you want to pay and receive.
b) Enter the amount you want to pay or receive.
Note: Please ensure that your Bybit Wallet has sufficient payment currency balance. If the balance in your Bybit Wallet is insufficient, you can make a deposit via the following methods:
b) Click on Transfer from Bybit Account to transfer assets from your Bybit Spot Account to your Bybit Wallet. To learn more about how to deposit funds into your Bybit account, check here.
Step 3: Once there is sufficient balance in your Bybit Wallet, you can click on Swap. We advise you to check on the amount of trading fees and the network fees that will be incurred, followed by the minimum amount you will receive from the swap.
Please note that the exchange rate, trading fee and network fee are subject to change during token swaps. The amount you receive may be slightly different from the minimum amount shown.
Bybit uses a dynamic aggregation protocol to find the cheapest rate amongst a multitude of DEXes as the swap exchange rate and submits the transaction through that DEX.
You can also click on the pencil icon to change your advanced settings: Network Fee and Slippage Tolerance. The Slippage Tolerance is default at 3%. Users can set their own slippage tolerance to ensure that transaction is completed within an acceptable price range. If the final amount received is less than the minimum received amount, your transaction will be canceled. The amount you receive may be slightly different from the minimum amount shown.
Step 4: Please ensure that all information is correct, and click on Confirm.
Step 5: Your token swap is in progress and will only take a few seconds to complete. Once complete, you can view the swap assets in your Bybit Wallet.
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