User Guide: Swap
Swap is a feature of CLV Wallet that allows you to do exactly that: swap one cryptocurrency token for another in the same network. It’s super convenient and straightforward and drastically reduces the number of steps needed and the amount of exposure to third-party smart contracts, to obtain tokens that interest you.
1.Things to know before swapping:
Even if a token complies with the ERC-20 standard, you should only buy or obtain a token after doing your research on it first.
Slippage is the amount of change between the price you click on and the final transaction price that CLV Wallet Swaps will tolerate. Given the highly liquid and fluctuating nature of decentralized finance and cryptocurrencies, prices can change from second to second; therefore, Swaps allow a little bit of a difference between the price you agree on and the final price to ensure your transaction goes through–but not too much, to protect you from sudden spikes or drops.
Custom tokens are what CLV Wallet calls those tokens that aren’t widespread enough to be in CLV Wallet’s whitelist of tokens. If you swap some tokens into your wallet but don’t see them, try adding the tokens manually.
2.Preparing your Swap
(1)First, choose the right network where you have deposited the tokens.
(2)Next, choose the token you’re willing to ‘spend.’
(3)Further down, choose the token you’re interested in acquiring using the second card.
Adjust the amount of the first token up or down until you’re comfortable with your spending and the amount you’re acquiring. At the bottom of the screen, there’s a “Approve” or “Swap” button. Smash that button!
Note: If the token you used to swap is not the native token and it is your first time swapping it in the CLV wallet, you need to approve that token first, then do the swap process.