STASIS DeFi Guide:
How to swap any token into EURS using Decentralized Protocols
The importance of stablecoins is growing nowadays. EURS is the leading NON-USD stablecoin, and the popularity of STASIS-issued digital assets is evident in DeFi protocols. Back in May 2020, the stablecoin market share was around $10 billion According to data from The Block’s “2022 Digital Asset Outlook,” the stablecoin cryptocurrency sector saw explosive growth in 2021, growing by 388% from $29 billion at the start of the year to over $140 billion at the end of the year, representing a record high.
We wanted to give our users an idea of how easy it is to exchange any token for EURS. In this step-by-step guide, we will educate you on how to interact and swap some digital assets (we have chosen USDC for the example) to EURS using the 1INCH, one of the most popular DeFi platforms. Let’s start!
Step 1. Connect your favorite Wallet.
First, enter www.app.1inch.io and connect a compatible wallet to the correct Network. We suggest you use the most popular and reliable solution today — the Metamask. Moreover, in this guide, we will be operating through the Ethereum Network.
Note! Make sure you have enough ETH in your wallet to pay future transfer fees. Otherwise, you won’t be able to swap.
Step 2. Trade.
First, select the token you would like to SWAP. In this case, we need to choose USDC.
Then select the token you would like to receive, in this case, EURS. Once you have completed these two steps, you can also set advanced options:
- Select the pool: In this case, 1INCH or Uniswap V2. You can choose anything.
Step 3. Click on the right corner for advanced settings (NOT NECESSARY):
- GAS PRICE
This allows us to choose the cost of a transaction based on the processing speed. By default, if we don’t configure this setting, 1INCH will assign a “high” transaction fee. We recommend that you never use the “low” commission rate as it may never be confirmed.
This parameter will allow us to reverse the transaction if the price changes to an unfavorable side by a higher percentage than the one we have configured.
- PARTIAL FILL
This only applies if swap routes consist of multiple parts of the main route. This allows partial execution to prevent the transaction from being reversed when the market price deteriorates.
- COMPATIBILITY MODE
Enable this option if you have a problem with a token that charges internal fees for swaps/transfers.
- LIQUIDITY SOURCES
If you enable this setting, it will allow us to choose where the liquidity comes from.
The dApp will use a legacy transaction type (0x00). You will pay a higher gas fee and this may only be necessary if your wallet is not fully EIP-1559 compliant.
Now return to the swap tab and click on “Give permission to SWAP”. To continue, you need to allow 1INCH smart contracts to use your funds. This only needs to be done once per token.
- Custom Tokens
Enables the use of the custom token for the user.
Click “SWAP” and accept the transaction that will appear on your wallet. You will then receive the matched tokens in your wallet.
Please remember! Make sure you have enough ETH in your wallet to pay future transfer fees. Otherwise, you won’t be able to swap.
Step 4. Limit.
1INCH will use the SWAP option by default. However, we can also choose to create a limit order where we can choose the execution price and expiration of the order.
- First, click on Limit in the upper zone:
We will then set the amount and token we would like to exchange for EURS.
We also need to configure a few parameters:
- Price: This will set the price per unit for the token we would like to sell for EURS.
- Expires in: This will set the time for the order to expire if it’s not fulfilled. There is no cancellation fee charged when a limit order expires. In the case of manual cancellation of a limit order, the gas fee is charged at the time the transaction is signed.
Also, we are able to set a custom Gas Price by clicking on Settings:
To complete the operation, click the Review Limit Order button, accept by signing and proceed. Your order will be displayed as an active order until it’s finally executed. Once this is done, the funds will appear in your address balance.
We hope this guide was helpful! Note that interactions with other DeFi protocols are very similar, however — do your own research and be careful. Have great trades and stay safe in DeFi!
STASIS team thanks you for your time. Lets us know if you like this guide by clapping up to 50 times!