We have recently improved the swaps feature in Defiant so as to allow you to exchange cryptocurrencies from different blockchains directly from your cell phone. Yes, exchanging DOC <> DAI or BTC <> rBTC is much easier thanks to this new functionality.
Our goal is to ensure that the crypto world gains more adoption every day and that’s why we work to integrate new functionalities, while ensuring a simple and intuitive experience for Defiant users.
You were probably already aware of our integration with Sovryn, which makes it easy to exchange RSK tokens. Thanks to this feature, any user of our self-custodial wallet can exchange their rBTC for DOC, SOV, rUSDT or BPRO in a single click, without even having to enter the dApp.
We also added WalletConnect, which allows you to connect your mobile wallet to the world’s leading DeFi protocols, such as Uniswap, Curve, AAVE or Sinthetix. It’s as simple as scanning a QR and voila! Your self-custodial wallet connects to the protocol you can use all it’s products. We invite you to give a look to this article to better understand everything that WalletConnect has to offer.
Excellent! Since the appearance of AMM (Automated Market Makers), it is possible to carry out decentralized swaps within blockchains such as Ethereum or RSK. The challenge, though, is to connect different networks to carry out secure value exchanges between tokens such as DAI or ETH and DeFi for Bitcoin’s battle-horses, such as DOC, SOV or rBTC.
Many people turn to centralized exchanges to carry out this kind of operation. This process is not only quite uncomfortable, but also involves several risks that should be preferably avoided. On the other hand, there are some decentralized bridges that allow people to connect intra-blockchain tokens, but they are slow, complex, and, depending on which bridge you use, potentially insecure. RSK’s bridge to Ethereum is considered super secure, but some other alternatives don’t carry the same reputation.
That is why we added a new swapping feature to your self-custodial wallet. It is no longer necessary to go through 4 to 6 operations to change your DAI for DOC. Now you can do it in a couple of clicks directly from your cell phone. It is easy, comfortable and safe.
How do DefiantSwaps work?
The process for using DefiantSwaps is very simple. The first step is to enter the wallet and select “Swap”.
On the next screen, the app allows you to choose the tokens you want to exchange. Depending on the pair of cryptocurrencies you choose, the wallet will use one of the following 4 options to make the exchange:
- Money on Chain minting
- KriptonMarket Swap
- RSK Official PowPeg
- Sovryn AMM.
Some pairs allow more than one type of exchange, so you will have the option of choosing which one suits you better.
Please note that in order to use KriptonMarket Swaps, the alternative that allows you to exchange cryptocurrencies from different blockchains, you must have an account at KriptonMarket (currently available in Argentina, Uruguay and Venezuela only).
Once you have selected both the currencies you want to swap and the type of exchange, you only have to define the amount and confirm the transaction. Here is an example of a swap from DOC (dollar on chain) to DAI. The KriptonMarket logo indicates that it is a KriptonMarket Swap.
For transactions with the Sovryn AMM, for example, we will see the following logo on the screen, but the exchange is done in the same way:
The operations have a network cost (which depends on the blockchain where you have your tokens) and a transfer cost (the cost depends on the type of exchange you make). The final step to change your cryptocurrencies is to confirm the transaction: