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What is a Swap?

A swap is an instant cryptocurrency exchange function that allows users to:

  • Convert one digital asset to another (e.g., USDT).
  • Bridge tokens across different blockchain networks (e.g., Optimism to Base).
  • Execute trades directly within the Shiga platform.

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Why the Swap Feature is Necessary:

  1. Seamless Asset Conversion
    • Enables users to quickly exchange tokens without needing external exchanges.
    • Essential for adapting to market conditions or accessing different DeFi protocols.
  2. Cross-Chain Functionality
    • Facilitates movement of assets between blockchain networks.
    • Solves liquidity fragmentation across different ecosystems.
    • Allows users to leverage benefits of multiple chains.
  3. Operational Efficiency
    • Integrated solution eliminates need for multiple platforms.
    • Saves time compared to traditional exchange transfers.
    • Reduces complexity for less technical users.
  4. Cost Optimization
    • Helps users move assets to networks with lower transaction fees.
    • Enables access to better yield opportunities across chains.
  5. Enhanced Security
    • All transactions occur within Shiga’s verified environment.
    • Reduces risks associated with external transfers.
    • Includes multiple verification steps (email, wallet confirmation).
  6. Financial Flexibility
    • Crucial for portfolio management and rebalancing.
    • Supports diverse financial strategies (trading, staking, payments).
    • Enables participation in cross-chain DeFi ecosystems.

Example Use Cases:

  • Converting profits to stablecoins during market volatility.
  • Moving assets to a preferred network for lower gas fees.
  • Preparing tokens for specific DeFi applications or services.
  • Rebalancing investment portfolios across different assets.

The swap feature is particularly valuable in today’s multi-chain landscape, where users frequently need to move between networks and assets to optimize their crypto activities. By integrating this functionality directly into the platform, Shiga provides users with a comprehensive financial toolkit that combines convenience, security, and interoperability.

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Initiate a Swap

  1. Navigate to the Swap section in your Shiga dashboard.
  2. Configure the swap details:
    • From: Select the token you want to swap (e.g., USDT).
    • Enter the amount ($0.00 MAX suggests an optional max balance option).
    • To: Select the destination token (e.g., USDT for same-token swaps or another asset).
  3. Optional: Toggle “Send to another address” if transferring to an external wallet.

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Verify via Email (Security Check)

  1. A confirmation code is sent to your registered email (e.g., olivera@gmail.com).
  2. Enter the code in the verification prompt.
  3. Click Approve to proceed or Go Back to cancel.

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Confirm Transaction in Wallet

  1. Approve the swap in your connected wallet.
  2. Wait for blockchain confirmation (e.g., on Optimism or Base networks, as shown).

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Swap Execution & Completion

  1. The swap processes in two stages:
    • Bridged: If cross-chain (e.g., Optimism → Base).
    • Sent to [Network]: Funds arrive on the destination chain.
  2. A “Completed!” message appears when successful.

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Review Transaction Details

  1. Post-swap summary includes:
    • Swapped Amount: e.g., +2 USDT.
    • Total Fee: e.g., $0.056.
    • Transaction Hash: Click “View On-Chain” to inspect the blockchain record.
  2. Option to “Swap Again” for a new transaction.

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Key Notes:

  • Networks: cross-chain swaps.
  • Fees: Transparently displayed before approval.
  • Security: Email verification prevents unauthorized swaps.