Ethereum-based decentralized exchanges (DEXs) are now growing in popularity as they provide flexibility and autonomy to the users. Decentralized exchanges facilitate user-to-user trading without relying on centralized third parties. 1inch is one such Ethereum-based DEX platform which offers users the ability to swap tokens and coins. In this blog, we will discuss how to connect your Metamask wallet to the 1inch platform.
Install Metamask:
The first step is to install Metamask, a digital wallet for Ethereum blockchain, which is compatible with all ERC20 tokens including 1inch. Open your browser, navigate to the Metamask website and install the wallet. Once installed, you will need to create an account, remember to keep your seed phrase in a secure location as this is vital for backup recovery if your wallet is lost.
Set up Metamask:
After the installation, you will need to connect your Metamask wallet to the Ethereum mainnet. Take note that you can only connect to Ethereum mainnet in Metamask if you want to trade in 1inch. To do this, click on the account icon in the top-right corner of your Metamask wallet, select the Ethereum mainnet from the dropdown list of networks, then confirm your choice.
Connect Metamask to 1inch:
Now that your Metamask wallet is set up, navigate to the 1inch website and select the “Connect Wallet” option. This will allow you to select your Metamask wallet to connect with 1inch. Ensure that the account selected matches that of your Metamask wallet. You will see a confirmation message once you have successfully connected.
Swap tokens on 1inch:
Now that you have connected your Metamask wallet to 1inch, you can now swap your tokens and coins. Navigate to the “Swap” option in the main menu, select the tokens you want to swap and the amount of each token you want to exchange. Confirm the transaction and let Metamask calculate the required fees. After confirming the fees, click on “Swap” and let the transaction complete. Once the swapping process is complete, you’ll receive the swapped tokens in your Metamask wallet.
Check transaction status:
After successfully swapping your tokens, it is advisable to check the status of your transaction. You can do this by visiting Etherscan.io and pasting the transaction hash in the search box. The transaction hash can be accessed from your Metamask wallet by clicking on the transaction history of the relevant token you swapped.
Conclusion:
Metamask and 1inch are the two most innovative technologies driving the Decentered finance (DeFi) landscape. Connecting your Metamask wallet with the 1inch platform is an easy process that opens up new possibilities for DEX trading. Once you have completed the connection, you should familiarize yourself with the platform to take advantage of its features. Always remember to store your backup recovery phrase in a secure location. Stay up-to-date with the crypto world by subscribing to our blog channel.