Introducing MoonPay Fiat-Onramp in Polkaswap
Buy crypto with Style and Freedom directly in Polkaswap using a credit card
- As of Polkaswap v1.6, users can now purchase crypto using MoonPay directly in Polkaswap
- With the new Polkaswap UI changes, a history of your crypto purchases using MoonPay will be available for you to consult
- Currently, only DAI and ETH are available for purchase and you require an ETH wallet and balance to cover transfer costs
A tutorial on how to purchase crypto on MoonPay for the Polkaswap Testnet was recently released, and thanks to everyone’s support during the testing period, MoonPay functionality was quickly implemented as part of the Polkaswap 1.6.0 update, which also includes some pretty amazing UI improvements and other changes.
Being able to purchase crypto in Polkaswap through MoonPay is quite the game-changer and a great step forward towards making Polkaswap THE DEX for the interoperable future. If you are as eager as we are to start using MoonPay in Polkaswap, here is a concise and easy-to-follow tutorial to start Trading with Style and Freedom!
Before getting started, make sure that:
- Metamask is installed in your browser with the Ethereum account that you wish to be using for MoonPay ready and connected, as tokens will be sent first to Ethereum, then to SORA using the HASHI bridge
- You have enough ETH for the HASHI bridge transaction fees on the Ethereum network side
- You are aware of MoonPay account limits and the KYC process
To get started, click the BUY TOKENS button to open the MoonPay purchase menu
Select the Currency and enter the Amount, then click Continue
You can either select the amount to purchase as crypto or fiat by clicking on the currency of your choice.
⚠️ Currently you can only buy DAI and ETH
On the next screen, the Metamask extension will pop up requesting you to select an account (if you have multiple Metamask wallets). Once you confirm, MoonPay will automatically connect your Metamask account address. If everything is ok, click Continue.
If the address is not the one you would like to be using, change the account in Metamask to the one you wish to be using.
If this is your first time using MoonPay, you will need to go through the KYC process. This will only be done once, every other time you will only have to enter the email address you submitted for verification. If you have already used MoonPay before, enter the email address you used.
Processing may take a few minutes or a few hours. You may close the window (and browser) safely at any time now and come back to it later. You will also be notified via email by MoonPay once the transaction is completed or if there are any issues.
You may also choose to not close anything and wait patiently :) usually, the transaction will be processed in minutes and you will be automatically taken to the next steps:
Once the tokens have been received in your Ethereum account (that is also actively connected to the Polkaswap site), the modal window to start the HASHI bridge transaction will appear automatically.
Click START BRIDGE to move the tokens from Ethereum to SORA. Alternatively, you can close this window and begin the process at a later time (closing this window will not affect the transfer, you can still reach the transaction any time in Purchase History and start the bridge from there).
Open the PURCHASE HISTORY page to check on the status of your token purchases. You can click and view each transaction in detail, new and old, as well as start the bridge for any of the transactions that are ready and waiting.
When you are ready to transfer your funds to the SORA network, Click START BRIDGE and then follow the usual steps for the. HASHI bridge to move tokens from Ethereum to SORA.
Confirm the Ethereum network transaction
Once the Ethereum network transaction has been processed, wait for the SORA network transaction to finish, this step takes longer as it is waiting for 30 block confirmations, hold on tight :)
The little wait is worth it though, as once this is done you’ve successfully bought crypto with Style and Freedom directly from within Polkaswap using a credit card. Woohoo! =)
You can always go back and review any of the HASHI bridge transactions via the bridge history page.
You can also view all the purchases via the Purchase History page and access all of your bridge transactions from there.
In case you experience any issues at all, please join the SORA Happiness group on Telegram.
About SORA, Polkaswap, and Fearless Wallet
SORA is a new economic system aimed at creating a supranational multiverse economic system with built-in tools for decentralized finance (DeFi). The SORA network implements a new way of parachain architecture on Polkadot and Kusama network, with the capability to bridge external blockchains (like Ethereum) to the Polkadot ecosystem.
One of the DeFi applications that will run on the SORA network is Polkaswap, a non custodial liquidity aggregating, cross chain AMM DEX designed uniquely for the Polkadot ecosystem with boundless liquidity through its one-of-a-kind Aggregate Liquidity Technology (ALT).
Fearless Wallet is a mobile wallet designed for the decentralized future on the Polkadot and Kusama ecosystem, with support for iOS and Android platforms. An awesome user experience, fast performance, and secure storage for your accounts. Fearless Wallet will integrate Polkaswap for easy, decentralized swaps of assets.