Obtaining wrapped tokens

A step-by-step guide to obtaining wrapped BTC/ETH/USDT via the DEX or Cake DeFi

To supply liquidity to the DEX and to liquidity mine, you will need not just DFI but tokens for the other side of the pool pair you wish to supply liquidity to. DeFiChain currently only support wrapped tokens, namely wrapped ETH, BTC and USDT.

If you also need DFI, you can watch our guide on where and how to buy DFI.

Method 1: Using the DEX

The first method is right within the DeFi Wallet desktop app. Using the DEX, and depending on the balance and ratio of the pool pairs, you may end up swapping the tokens at a lower price than if you would have done it via the second method – using Cake DeFi.

Step 1: Launch the DeFi Wallet desktop app

Don’t have the app installed yet? Click here for a step-by-step guide on how to do so.

Step 2: Make sure you have DFI in your wallet

After opening the DeFi Wallet desktop app, click Balances in the sidebar. Make sure you have funds (DFI) in your wallet, as DFI is needed for transaction fees. If you don't yet have DFI, here is a step-by-step tutorial on how and where you can buy DFI.

Step 3: Navigate to the DEX (Decentralized Exchange)

Click on DEX in the sidebar to access the Decentralized Exchange.

Step 4: Perform a swap

The DEX provides a way for you to swap one coin for another. In this case, select DFI in the left From field.

Then select the coin you want to buy in right To field.

You can either specify how much you DFI wish to sell in the From field, or how much of the other coin you wish to buy, in the To field. You can also click the MAX button to enter the maximum amount of DFI.

Click CONTINUE when you are ready to swap.

Review the transaction amounts and fees. Then click SWAP to confirm.

Method 2: Using Cake DeFi

Step 1: Login to your Cake DeFi account

Login to your Cake DeFi account. If you don't have one yet, click here to register..

Note: If you are registering a new account, you will need to complete identity verification (KYC).

Step 2: Funds in Cake DeFi

From your Cake DeFi Assets page, you can withdraw ETH, BTC or USDT to DeFiChain. If you don't currently have these coins, or you'd like to obtain more, you can either:

  1. Deposit ETH, BTC or USDT from an external wallet into Cake DeFi
  2. Buy ETH, BTC or USDT using the fiat on-ramp, which accepts payment methods like credit cards, Apple Pay and transfers, depending on your country

Step 3: Withdrawal

Once your ETH, BTC or USDT is in your Cake DeFi Assets, you can withdraw them. Click the corresponding WITHDRAW button for the token you want to withdraw.

In the withdrawal pop-up, select DeFi Blockchain as the Transfer Network. Enter your DeFiChain receive address in the To DeFi Blockchain address field. Information on how to get your DeFiChain app receiving address can be found in this guide.

Enter your two-factor authentication code and complete the rest of the form, then press WITHDRAW.

Note: For security reasons, withdrawals on Cake DeFi can take up to 24 hours (weekdays) and 72 hours (weekends) to be processed.