pTokens dApp v2 — A Step-by-Step Guide to Swapping
pNetwork focuses on creating cross-chain integrations that enable superb communication between assets and users across multiple blockchains, making cryptocurrencies, liquidity pools, and non-fungible tokens (NFT) easier to use.
To be freely shared by each blockchain, crypto performance is maximized using a new version of our decentralized application — the pTokens dApp.
So far, users can swap their crypto for pTokens with the system being available across ten different blockchains, including the Binance Smart Chain, Ethereum, Polygon, and EOS. We are continuing to build cross-chain bridges and bring together a rising number of components of each connected blockchain.
To help you on your DeFi-bound journey, we are happy to share a step-by-step guide for using the pTokens dApp v2.
Read on!
What Can You Do With the pTokens dApp?
Version two of the dApp has a redesigned and streamlined user interface intended to make the user experience easier for different levels of crypto and DeFi fans.
Users can now issue the necessary quantity of pTokens via pTokens dApp and then inject them into Uniswap’s liquidity pools, PancakeSwap, Curve, or any other decentralized finance applications with ease.
The pTokens dApp includes all cross-chain bridges supported by pNetwork. In addition, it allows you to tokenize your crypto into pTokens preserving a 1:1 value ratio with the underlying asset. This means that if you have 1 BTC, the pBTC you issue will be worth the same.
pTokens dApp v2 Upgrade
Quite differently from the first version of the dApp, pTokens dApp v2 now sports four sections for better performance — Swap, NFTs, Stats, and Audits.
- Swap — swap your crypto for their 1:1 pegged counterparts on another blockchain (pTokens).
- NFTs — allows you to connect your wallet and move the NFTs you own across blockchains.
- Stats — leads to the pTokens website, where you have an overview of the pNetwork TVL and supported asset info.
- Audits — leads to the GitHub documents about ongoing audit reports.
Now let’s go through the step-by-step guide to using the pTokens dApp v2 swap section.
Step 1: Choose Your Crypto
Once you’ve connected the wallet you want to use with our pTokens decentralized application, you can move on to choosing which cryptocurrency you want to swap for pTokens. There are more than 30 cryptocurrencies available at this point.
Click on the bitcoin symbol in the “From” tab and choose your crypto. This will open the selection of other available cryptocurrencies. Choose the one you want by clicking on the appropriate asset.
Step 2: Choose Your pTokens
Once you have chosen the cryptocurrency you want to swap, the next step is to select its pair — the blockchain you want to use it on. The wide selection of pTokens gives you that option.
For instance, if you own bitcoin, you can swap it inside the pTokens dApp and mint pegged one-to-one pTokens BTC (pBTC) on any of pNetwork’s supported blockchains to leverage it in a wide variety of decentralized finance applications.
Once you choose the blockchain you want to move your crypto to, you will see the marking in the visual representation of the pTokens. As you can see in the example above, the chosen cryptocurrency is bitcoin, and having gone through with the operation, it will be wrapped on the Ethereum blockchain.
Step 3: Add the Wallet
Next, you need to add your wallet address for the host blockchain. This is the wallet address where you want your newly issued pTokens to be sent. Insert your wallet address in the relevant “To” box.
Moreover, the pTokens decentralized application v2 contains additional functionality that you may use, as seen in the image below.
1 — Estimated processing time: The transaction time prediction is calculated automatically based on network congestion values.
2 — Fee model: According to the current fee model (approved by the pNetwork DAO), there is a 0%-fee on the peg-in and a 0.25%-fee on the peg-out. Accrued fees are distributed to pNetwork node operators at the end of each epoch.
3 — Status check: Clicking on the globe button will enable you to view your pTokens transaction on the block explorer (Ethrescan for Ethereum, BSCscan for BSC, etc.) to monitor its status.
4 — Add pTokens to the Metamask wallet: You may also connect your Metamask wallet set on your blockchain of choice and add the relevant pTokens smart contract address to your wallet. This will enable you to visualize your pTokens once they land on your Metamask wallet.
Step 4: Cross-chain swap your crypto
In this final step, once you’ve chosen the tokens you want to move from one blockchain to another in the pTokens dApp Swap section, you can confirm the swap. Then, based on the assets you wish to move cross-chain and the blockchains you’ve chosen, the dApp will require you to provide funds for the swap in either of the following ways::
- Connect the wallet containing the tokens you want to proceed to swap to the decentralized application. To do that, you need to tap on the “Connect Wallets” button in the top right corner or just go through the “Connect Wallet” button in the swapping window itself. This is required when you are moving Ethereum-based assets, for example.
A landing page will pop up where you can choose the native blockchain you are transferring from. For example, if you are moving Ethereum-based assets across to another blockchain, you will need to select “Ethereum’’. Next, a second pop-up page will appear for you to choose the wallet you want to connect. In the Ethereum example, you would choose Metamask, Wallet Connect, Portis, and Fortmatic.
Once the wallet is connected, the “Swap” button will be enabled, and you will be able to proceed. Depending on the blockchain you are swapping from, your wallet may require you to approve the transaction through a pop-up directly on the wallet interface.
Confirming the swap triggers the start of the cross-chain swap procedure.
- Generate a new deposit address and send funds from your wallet to that address. This is, for example, needed when moving bitcoin across blockchains. The deposit of the funds to the relevant deposit address triggers the start of the cross-chain swap procedure.
Step 5: pTokens Sent
After setting up the information in the pTokens dApp and have pressed the “swap” button, your pTokens will be delivered to your wallet.
Your cross-chain swap will take a few minutes to be processed — a progress bar in the pTokens dApp will show you the status of it. In addition, a transaction link for the pTokens deposit into your wallet address will be provided once the swap is completed.
Once the swap is completed, you will be able to visualize your pTokens on your wallet address and be ready to seize opportunities across various DeFi dApps.
pTokens are supported by a variety of wallets across multiple blockchains.
Note: If you use Metamask and cannot visualize your pTokens, make sure the relevant pTokens smart contract address is added to your wallet. You can do this by clicking on the Metamask logo within the pTokens dApp or manually adding it as a custom token through the Metamask interface.
Take advantage of the best DeFi opportunities swapping your crypto with the pTokens dApp v2 now!
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💡 For a more technical deep dive into pTokens infrastructure, read our technical paper or check out the summary on our website.
🔗 For any blockchain project looking to integrate pTokens into their infrastructure, we have also built a pTokens JS library.
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