Swap xDAI 🔁 ERC20 Tokens

Learn how to swap Gnosis Chain (xDAI) to ERC20 tokens and vice versa. Whether you want to convert your xDAI to another token like USD Coin (USDC) or convert ERC20 tokens back to xDAI, this guide will walk you through the process using a simple and user-friendly approach.

TLDR

• Gem Wallet executes swaps directly on the Gnosis Chain, leveraging robust encryption and smart contracts.
• Transaction fees are paid in xDAI tokens, which are necessary for processing and validating transactions. Make sure that you have enough xDAI on your wallet.
• Gem Wallet automatically routes transactions through the most cost-effective paths, optimizing trades to achieve the best rates and minimizing slippage.

important

Always check that you are using the latest version of the app for optimal performance and security.

Swap xDAI to an ERC20 Token

Step 1 - Enable ERC20 token

note

For this guide, we will swap Gnosis Chain (xDAI) to USD Coin (USDC).

First, ensure that your wallet is funded with Gnosis Chain (xDAI). This is the base currency needed for the transaction. Tap on the "Add Token" toggle located on the upper right corner of the screen.

Search for the ERC20 token you want to swap to, in this case, USD Coin (USDC). Type "USDC" into the search bar. Once you find USDC, slide the toggle to the right to enable it in your wallet. This makes the token available for swapping and other transactions.

After enabling the token, you are ready to proceed with the swap.

Step 2 - Enter Amount to be Swapped and Confirm Transaction

Tap on the "Swap" button, then select USDC from the list of available tokens. Enter the amount of xDAI that you want to swap for USDC. Be precise with the amount, and make sure you have enough xDAI to cover the transaction fees as well.

Tap on the "Swap" button, and a confirmation screen will appear. Review the details carefully to ensure everything is correct. Once you are satisfied, tap "Confirm" to submit the transaction.

The transaction will be sent to the Gnosis Chain network for processing.

Step 3 - Wait for Confirmation

After submitting the transaction, it will be broadcasted to the Gnosis Chain network. Depending on the network congestion, it might take a few seconds to get confirmed.

Once confirmed, you will see the USDC balance in your wallet. Congratulations! You have successfully swapped xDAI to USDC.

Swap an ERC20 Token to xDAI

Step 1 - Approve ERC20 token

note

For this guide, we will swap USD Coin (USDC) to Gnosis Chain (xDAI).

tip

Swapping an ERC20 token like USD Coin (USDC) to Gnosis Chain (xDAI) involves a token approval step to authorize the transaction.

Tap on the "Swap" button in your wallet, then select the ERC20 token you want to swap to xDAI. Set the "You Pay" field to USD Coin (USDC). This indicates that you will be using USDC to obtain xDAI.

Tap on "Approve USDC to Swap". This step allows the smart contract to access your USDC tokens for the swap. Wait for the approval transaction to be confirmed on the network.

Once approved, you can proceed to the next step.

Step 2 - Enter Amount to be Swapped and Confirm Transaction

Enter the amount of USD Coin (USDC) you want to swap for Gnosis Chain (xDAI). Ensure that the amount is correct and sufficient for your needs. Tap on the "Swap" button.

A confirmation screen will appear, summarizing the transaction details. Review the information carefully, then tap "Confirm" to submit the transaction. The transaction will be sent to the Gnosis Chain network for processing.

Step 3 - Wait for Confirmation

The transaction will be processed by the Gnosis Chain network. Depending on the network congestion, it might take a few seconds to get confirmed.

Once confirmed, you will see the xDAI balance updated in your wallet.

Why Swap Gnosis Chain to ERC20 Tokens with Gem Wallet?

• Gem Wallet prioritizes user security by employing robust encryption and security protocols. This ensures that your assets and personal information are safeguarded against unauthorized access and potential breaches during swaps.
• All swaps performed through Gem Wallet are executed on-chain, providing transparency and verifiability. Users can independently verify transactions on the blockchain, ensuring the integrity and trustworthiness of each swap.
• As an open-source wallet, Gem Wallet allows anyone to review its codebase. This transparency builds trust within the community, as users can audit the code to ensure there are no hidden vulnerabilities or malicious code, promoting a secure swapping environment.

Swapping tokens is a straightforward process that can be done easily with the right steps and precautions. By following this guide, you can ensure a smooth and secure transaction experience.