The Swaply Interface
Swapping tokens made easy!
In this section, we'll explore the Swaply swap interface so you understand what each item on the app does.
Use the numbers on the image to quickly find the individual results descriptions below.
#1 My In App Address
Your in-App wallet address is called an "embedded wallet." It is created on your behalf and then assigned to your Swaply account. This wallet address is yours and yours alone, and resides on the blockchain which means it is non-custodial.
A crypto wallet address is like an account number for your cryptocurrencies. It's a unique string of letters and numbers that you can share with others to receive crypto, similar to how you'd give your bank account number to someone to deposit money.
Here's a breakdown:
Think of it like an email address: Just like your email address allows people to send you messages, your wallet address allows people to send you cryptocurrency.
Public and safe to share: Your wallet address is public information, kind of like your email address. It's safe to give out to anyone you want to receive crypto from.
Example of what an address looks like:
0x14536667Cd30e52C0b458BaACcB9faDA7046E056
Remember: Don't share your private key with anyone!
This is just like you don't share your email password. There is NO reason to provide your private key EVER, and Swaply staff will never ask for it.
#2 Available Funds
This shows the quantity and $ value of the native token for the chain you have selected. Each chain has a different native token, but it can be a bit confusing as they are sometimes called the same thing. Let's take a look at the Ethereum chain and its native token (ETH) to understand how it all works.
In the world of crypto, Ethereum funds refer specifically to the cryptocurrency called Ether (ETH), the native currency of the Ethereum blockchain. Think of it like this:
Ethereum: The Highway: Imagine Ethereum as a giant highway for digital transactions. It allows people to send and receive value, similar to how cars move people and goods on a road.
Ether (ETH): The Fuel: To use this highway for transactions, you need fuel. In Ethereum's case, the fuel is Ether (ETH). Every time someone wants to use the Ethereum network for something (like buying an NFT or running a program), they need to pay a small fee in ETH.
Here's a breakdown of Ethereum funds (ETH):
Used for transactions: Just like cash pays for tolls on a highway, ETH pays for fees on the Ethereum network.
Can be bought and sold: You can buy ETH on cryptocurrency exchanges, just like you might buy gas for your car. The price of ETH can fluctuate, similar to gas prices.
Used for more than just fees: ETH can also be used as a store of value, similar to how you might hold onto cash for future purchases.
Not the only currency on Ethereum: While ETH is the main currency, other digital assets can also exist on the Ethereum blockchain, like NFTs.
Remember: When someone talks about Ethereum funds, they're referring to the cryptocurrency Ether (ETH) used to pay fees and interact with the Ethereum network.
#3 Add Funds
Funding a crypto wallet address isn't actually about putting money directly into the wallet itself. Imagine your wallet is more like a fancy mailbox for your cryptocurrencies. It can't hold the actual crypto, but it has an address where you can receive them and a key to unlock and send them out.
Funding your crypto wallet is like putting money into your bank account so you can use your debit card.
You can fund your In App wallet using any of the following methods:
Use Swaply's built-in connection with Coinbase to transfer funds from your Coinbase account
Use Swaply's built-in connection with Ramp, a service that allows purchasing funds with a debit card
Transfer funds from an existing wallet or exchange to your In App wallet address
#4 Select A Chain
In crypto, when someone talks about "chains," they're most likely referring to blockchains. Imagine a giant public ledger where everyone can see what's written on it, but no one can erase or change what's already there. That's the basic idea behind a blockchain.
Here's a breakdown to help you understand:
Blocks hold information: Think of the ledger as being made up of pages ripped out of a notebook. Each page (block) holds a bunch of information, like records of crypto transactions.
Blocks are chained together: These pages aren't just loose in a pile. They're cryptographically linked together in a specific order, like a chain. This makes it nearly impossible to tamper with any one block without messing up the whole chain.
Security through transparency: Because everyone can see the entire chain, it's very secure. If someone tried to change a transaction, everyone else would immediately know.
Different blockchains exist: Just like there are different notebooks for different purposes; there are different blockchains for different cryptocurrencies. Bitcoin and Ethereum are two popular examples, each with their own blockchain.
Remember: Blockchains are the foundation of cryptocurrencies. They provide a secure way to track ownership and transactions without needing a central authority.
#7 PAY
The PAY side refers to what token you wish to use to swap for another token.
Swapping tokens in crypto is like exchanging different arcade tokens at a game center. You have tokens for one game (token A) but want to play another game that uses different tokens (token B).
When you swap tokens, the amount you select of token A will be removed from your wallet in order to change the dollar value of token A into token B
#8 RECEIVE
The RECEIVE side refers to what token you wish to use to swap for another token.
Swapping tokens in crypto is like exchanging different arcade tokens at a game center. You have tokens for one game (token A) but want to play another game that uses different tokens (token B).
When you swap tokens, you will receive a quantity of token B in your wallet.
#9 Select (token)
Here you will select the token you wish to pay or receive. You will either choose the base token for the chain you are using or a CA (contract address) of the token you wish to buy.
Imagine a vending machine for special tickets at an amusement park. This machine is like a token contract in the world of crypto. Here's why:
The contract sets the rules: The vending machine dispenses specific tickets (tokens) based on certain rules. It might only give out blue tickets (for the Ferris wheel) when you insert a dollar bill, and green tickets (for bumper cars) for two dollar bills. A token contract has similar rules written in code that govern how tokens are created, distributed, and used.
Example of what a CA (Contract Address) looks like:
0x14536667Cd30e52C0b458BaACcB9faDA7046E056
#10 1/4, 1/2, Max
These are quick selectors of how much of the PAY token you wish to use. Simply click on the text link and percentage of your PAY tokens will be filled in for you.
#11 Fees
Fees, as seen here, include both gas fees and any service or platform fees.
Gas fees are the cost of using a blockchain network to process a transaction. Just like the restaurant needs waiters to handle orders, blockchains need miners or validators to verify transactions.
The busier the network (more people transacting on the chain), the higher the gas fees can be. During peak times, everyone wants their transactions processed quickly, so they're willing to pay more.
Gas fees are typically paid in the native cryptocurrency of the blockchain network being used. For example, on Ethereum, gas fees are paid in Ether (ETH).
#12 Balance
Your token balance reflects how much of that cryptocurrency is associated with your wallet address.
You'll have a separate token balance for each type of cryptocurrency you hold, similar to having separate piles for different colored tokens.
#13 Acceptable Price Change
Acceptable price change is also known as slippage, which is referenced as a %.
NOTE: Swaply automatically sets your Acceptable Price Change percentage based on the token you are receiving. Typically, there is no need to change this value.
In crypto, slippage happens when you try to buy or sell a cryptocurrency at a specific price, but the price changes before your transaction goes through.
Slippage is the percentage difference between the price you are quoted and the price you are willing to accept. So, a 5% slippage means you are willing to accept a 5% higher (if buying) or 5% lower (if selling) price for the tokens.
This can be because:
The market is moving quickly, such as a popular token or a token launch
A large buy or sell goes through just before your order.
So, instead of getting your crypto at the exact price you wanted, you receive fewer tokens due to the price change based on the slippage you set.
Remember: Slippage is a normal part of crypto trading. But you can limit how much slippage you're willing to accept to avoid getting surprised by a large price difference. This is the "Acceptable Price Change" percentage. Swaply defaults to 0.5% and will auto-adjust depending on the token's taxes to protect you.
Setting your slippage too high could cause a "front-run" bot or "sandwich" bot to jump in line before you and affect your price.
#14 Price
This is the price for a single native token of the currently selected chain.
A native token price refers to the value of a cryptocurrency that's the natural currency of a specific blockchain network. Imagine it like a toll booth on a highway. You need to pay with the specific currency accepted by that highway, not any other kind of money. Here's how it works in crypto:
Unique currency for each network: Every blockchain network, like Ethereum or Solana, has its own native token. Just like a highway has its own toll currency, each network uses its native token for things like paying transaction fees or interacting with applications built on that network.
The "gas" that keeps things running: Native tokens are like the fuel that keeps the network running smoothly. They are used to pay miners or validators who process transactions and secure the network.
Price reflects value and demand: The price of a native token depends on how valuable people find it. If there's a lot of activity on the network and demand for the token is high, the price goes up. Similar to a busy highway needing more toll revenue to maintain itself.
#15 Action Button
Once you have all of the above set, you are now ready to perform your swap! Let's look at a couple of the buttons you will see in this area.
Imagine you're at a currency exchange booth, wanting to trade your dollars (USD) for Euros (EUR). Here's how approving a swap price and submitting a swap in crypto translates to this scenario:
Approving the Swap Price:
At the exchange booth, you see a board showing the current exchange rate: 1 USD = 0.90 EUR (This is the swap price).
In crypto, approving the swap price is like agreeing to this exchange rate for your trade. You're saying, "Okay, I'm willing to give up my USD at this rate to get EUR."
Submitting the Swap:
Once you agree to the rate, you hand over your dollars to the cashier (like clicking "Submit Swap").
The cashier then gives you your Euros based on the agreed-upon exchange rate.
In crypto, submitting the swap is the actual trade happening. Your crypto wallet sends the tokens you want to swap (like USD) and receives the tokens you're buying (like EUR) based on the approved price.
In short, approving a swap price and submitting a swap in crypto allows you to lock in an exchange rate and then complete the trade for the desired cryptocurrency.
#16 Withdraw To Bank
This is the button which will bring up options that will allow you to withdraw your funds directly to your bank.
Ramp network and Kado services are used for this option. Be sue to review withdraw times on either of the services selected. Note Swaply does not facilitate any fund withdraws, but simply integrates existing services to enhance the user experience.
#17 Quick Wallet Management
This is the button will bring up a quick view of your wallet portfolio, bridge, send, withdraw abilities. It's a quick way to manage your wallet without going to the account page.
#18 QR Code
The QR Code option is a quick way to bring up your wallet address that another Swaply user can scan to ensure they are transferring funds to the correct wallet.
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