Obtaining wrapped tokens
A step-by-step guide.
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 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 CakeDeFi.
Step 1: Launch the DeFiChain 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 DeFiChain App, click Wallets 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 To 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 CakeDeFi
Step 1: Login to your CakeDeFi account
Note: If you are registering a new account, you will need to complete identity verification (KYC).
Step 2: Funds in CakeDeFi
From your CakeDeFi 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:
- Deposit ETH, BTC or USDT from an external wallet into CakeDeFi
- 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 CakeDeFi 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 CakeDeFi can take up to 24 hours (weekdays) and 72 hours (weekends) to be processed.
Swap on the DEX, mine liquidity and more, with the DeFiChain wallet app. Available for Windows, macOS and Linux.