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🔀 FX Swap

Swapping between Chiss-native stablecoins unlocks currency freedom on a new level for everyone. Stablecoin holders can easily access exotic currencies as a hedging strategy or to perform an FX settlement.

Here are the simple steps to Swap between currencies on Chiss dapp.

  1. Visit Link to get to the Chiss Web dapp dashboard
  2. Connect a Chiss-native stablecoin funded wallet to the dapp via the Wallet connect button at the top-right of the dashboard.
note

The connected wallet must be funded with any of Chiss-native stablecoins. To learn how to get some see the Buying Chiss-native Stablecoin guide.

Dashboard FX Market

  1. Click on "FX MARKET" on the navigation page to move to the currency swap module. FX Page

  2. Select the base and quote currency on the swap engine docked at the right side of the FX page.

note

The base currency is the currency you're selling and the quote currency is what you receive. i.e. For this case, chTRY is the base currency. Your wallet must be funded with the base currency, you're selling.

info

The market may be quoted in USD, but the swap engine only supports exotic stablecoin swaps at the moment. However, USD stablecoins can be used as collateral to get exotic stablecoin loans.

  1. Click the exchange rate refresh icon to update the rates after selecting your source & target currencies to ensure you're using updated rates as exotic markets are known for volatility.

  2. Toggle on/off the "Send money to bank account" to either automatically off-ramp the target currency to a bank account or not (receive in connected wallet).

  3. If toggle on, input destination bank account, select your preferred off-ramping facilitator based on fees and settlement time from the list of supported facilitators.

FX Market Offramp

note

Slippage is by default set to 0.5%. Advanced users can adjust this slippage to meet their preferences.

  1. Review the transaction summary to confirm all details including fees and the receiving amount.
  2. Click on "Swap" or "Swap & Send" if the toggle is on.
  3. Confirm wallet transaction to complete the transaction.

Congratulations! You just completed your first swap between two exotic currencies onchain! 🎉