How to swap coins on Ink

Security tip:

Always double check URLs when you are using decentralized applications. Be sure to bookmark websites to reduce the chances of clicking a fake URL later on. DO NOT look for decentralized applications using a search engine (Google, DuckDuckGo, etc).

ink

This guide shows you how to swap coins on Ink using Kraken Wallet. Whether you’re exchanging one crypto asset for another or exploring new tokens, follow these steps to complete your swap quickly and smoothly.

  • •

    Kraken Wallet installed: Make sure Kraken Wallet is installed on your device and is up to date.

  • •

    Ethereum balance: In order to swap coins on Ink, you’ll need Ethereum in order to cover transaction fees. A small amount (~$2 of ETH) will be enough to cover many swaps. Kraken Exchange offers free Ethereum withdrawals on the Ink network.

  • •

    Coin(s) you’d like to swap: In order to swap, you’ll need to ensure you have a balance of the coin you’d like to spend.

    For example, if you want to spend USDT to get ETH, you will need USDT in your wallet, as well as a small amount of ETH for the transaction fees.

Swap instructions

  1. 1

    Accessing the Swap tool: On the home page of your wallet, you’ll notice the Swap button underneath your balance. Tap here to begin a swap.

  2. 2

    Selecting coins: After tapping Swap, you’ll be shown a list of your balances that are available for swapping. Choose the coin you’d like to swap from your balances, and then, you’ll be asked to select the coin you’d like to swap to. When selecting the coin you’d like to swap to, you may either search for the coin, or enter the coins contract address.

  3. 3

    Enter quantity and confirm: Once you’ve selected the coins for your swap, enter the amount you’d like to spend inside the top box. Kraken Wallet will automatically find the best price and lowest fees available across the network.

    If you’re satisfied with the swap details, tap Swap, you’ll then be shown the details once more where you can Confirm and submit your swap to the chain.

  4. 4

    Check your balances: After submitting your swap, you’ll be taken to the Kraken Wallet homepage where you can drag down to refresh your balances. If the swap was successful, you should now see your updated balances.

For more information regarding Kraken Wallet Swaps, please visit our dedicated support article.

Decentralized exchanges, or DEX for short, are individual applications that allow you to connect your wallet, and swap virtually any pair of coins that you wish. In order to use a DEX, you’ll need to visit their website and connect your Kraken Wallet via WalletConnect.

  1. 1

    Choosing a DEX: First, you’ll need to choose the DEX that you’d like to use for your swap. You may view a full list of popular DEX applications here. For this example, we will use Velodrome Finance.

  2. 2

    Connecting your Kraken Wallet to the DEX: Follow the guide located here to connect your Kraken Wallet to the DEX of your choice. In this article's instructions, we will be using a mobile device, although you may also use a desktop computer.

  3. 3

    Go the the DEX Swap page: Some DEXs default to their swap page, or you may need to find it in the website menu. For Velodrome.finance, the Swap page opens by default. This allows you to get started right away with your swap.

  4. 4

    Fill in transaction details: Select the coin you’d like to spend (top box), and then select the coin you’d like to receive (bottom box). After you’ve selected the coins, you may fill out how much you’d like to spend in the top box, and your receiving amount will automatically populate.

  5. 5

    Confirm the transaction: Scroll down to the “Swap (coin) to (coin)” button. Tap here and you’ll be prompted to open Kraken Wallet. Click Open.

  6. 6

    Submit transaction: On Kraken Wallet, the transaction will automatically appear for your final review. If you’re satisfied with the swap, tap Confirm to submit the transaction to the chain. Your Kraken Wallet will automatically update when the transaction is complete, you do not need to return to Velodrome (or whichever DEX you used) unless you want to perform more swaps.

On the Kraken Wallet home page you may tap on All activity to see all of your previous transactions across all chains. Your three most recent transactions are always displayed on the home page as well.

If you want more info (gas fees, exact block time, etc.), you can use an Ink Explorer by tapping on a transaction, then tapping the View in explorer button.

Next steps & related articles

Disclaimer:

The apps or services mentioned in this guide are not affiliated with or endorsed by Kraken or the Ink Foundation. Their inclusion is for informational purposes only. Kraken and Ink do not guarantee the security or functionality of any third-party services. Always do your own research and proceed at your own risk.

Swap instructions
Next steps & related articles

Potrzebujesz dodatkowej pomocy?