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This article covers:
Types of swaps:
1inch market swap:
This option will route your transaction in the most efficient method possible , often providing the best rate for your swap.
This mode allows users to swap at a competitive rate without paying for gas fees and seamlessly prevents front-running (MEV) attacks. In a general sense, it can be seen as a total overhaul of 1inch Network’s existing Limit order and aggregation protocols.
Similar to a normal swap, you first enter the token amounts that you want to swap. This designates you as the "maker". Once the order is placed, resolvers (takers) compete to fill your order and also pay for any associated gas fees!
Classic mode utilizes the classic 1inch Aggregation Protocol, which facilitates cost-efficient and secure atomic transactions through a wide range of liquidity sources. With classic mode, users can leverage the aggregation protocol to find and execute the most efficient transactions across decentralized exchanges (DEXes).
These allow you to execute an order at the exact price set, with no slippage or risk of front-running! Simply set the order, and wait for it to fill as the market moves towards your price target.
***Bonus: When creating a limit order, the 'taker' pays for the swap gas fees, so you don't have to! (You might have to pay an approval gas fee for certain tokens)
How to use Classic Mode on 1inch
To swap assets on 1inch, perform the following steps:
Once connected, select the tokens you want to swap and type in the amount in the ‘you sell’ field. You will then see a quote of the amount you will receive under the 'You buy' field.
If you haven't approved the token you are selling (or it is not a "Permit Token") Click "Give permission to swap". This "approval" transaction costs a small gas fee, but doesn't actually move any tokens. It only approves the smart contract interaction, and is not the actual swap.
Once the approval completes, review the tokens and amounts. You can click the settings button in the upper right corner to change the gas fees, slippage tolerance, routing preset, "partial fill", compatibility mode, and liquidity sources if needed.
Once everything is set and the approval transaction is complete, click the 'Swap' button, and confirm on the next screen.
Here, you can adjust the gas settings and slippage tolerance for the swap. For larger amounts, you can also send as a flash transaction, to prevent front-running aka "sandwich attacks".
Once everything looks good, click "Confirm Swap".
Then, wait for the banner in the upper right corner informing you about the success of your transaction.
Congrats! You have just completed a market swap.
***You can enter a different wallet address as the receiver of the swapped tokens; however, it cannot be a "hot wallet" from a centralized exchange (like Binance or Coinbase). Certain centralized exchanges and bridge protocols do not allow deposits from contract addresses.
Also, do not set the receiver address as the token contract, as your tokens will be lost.
***If you set the receiver address as a centralized exchange, bridge wallet, or unsupported chain/network your tokens may be lost and not recoverable.***
If you have any questions or uncertainties before swapping, please don't hesitate to reach out to us in the LiveChat on app.1inch.io. We would love to help!
How to enable advanced trading tools
To enable trading tools (formerly known as "Classic Mode"), click on the settings button in the upper right corner of the page:
Here you will be able to set the theme, language, numerical system, and show or hide the chart, table, and routing information.
***Please note: Trading tools cannot be enabled/disabled when using limit orders
If you run into any errors or issues along the way, check out this article, or contact us in the Live Chat!