Complete 3 Transactions in 1 When You Buy cDai with Totle
Totle simplifies the trading process by handling multiple transactions for you.
Executing multiple swaps to acquire cDai is frustrating. This is a process that’s confusing for newcomers to cryptocurrency and tedious for experienced users.
By leveraging the power of smart contracts, Totle’s solved this problem.
The Three Transactions Required to Purchase cDai
cDai is a popular token that passively accumulates interest while being held in your wallet. To realize your gains, cDai is simply sold on the open market for its current, increased value.
However, purchasing cDai is not as simple as it should be. Users typically need to make up to three transactions, and that’s assuming that you’re holding ETH already!
Buying cDai follows this string of trades: ETH -> WETH -> Dai -> cDai
- cDai must be purchased with Dai
- Dai must be purchased with WETH
- WETH must be purchased with ETH
This three-step process is rife with friction preventing people from easily purchasing and benefiting from cDai.
Execute Multiple Swaps in a Single Transaction with Totle
By aggregating decentralized exchanges and leveraging a suite of smart contracts, Totle can execute multiple swaps in a single transaction. This allows users to easily trade ETH directly for cDai with one click of a button.
Under the hood, the entire three-step process is managed for the user in a fully decentralized transaction.
Here’s how Totle handles the process:
Step 1: ETH -> WETH
Totle first routes your ETH to the decentralized exchange (DEX) offering the best price for an ETH to Dai conversion. Here the ETH is first converted into WETH.
Step 2: WETH -> Dai
Now that your order has been converted to WETH, it can be swapped for Dai at the best price available on the DEX market.
Totle now routes your order to the service offering the best price for cDai.
Step 3: Dai -> cDai
If Compound is determined to be the most price competitive option, your Dai will be used to mint cDai, which converts your Dai to cDai while avoiding slippage entirely.
Totle then analyzes if your order was successfully acquired in a satisfactory manner. If everything looks good, your newly acquired cDai can now be found in your wallet.
Use Totle to Acquire Any Supported ERC-20 in a Single Transaction
Totle’s robust smart contract system goes beyond just cDai; it can be used to acquire any of the 145+ ERC-20 tokens we support in a single transaction. Totle does this all while acquiring you the best prices available for your trades.
Try converting ETH directly to cDai now: Totle Swap
To start building simplified trading into your product, access the Totle API here: Totle Documentation