How to Swap and Bridge using the LiFi widget
Learn how to swap and bridge without leaving Summer.fi
Introduction
A decentralized exchange (DEX) is a type of exchange where transactions occur between the user and a smart contract, without any intermediary party. Among other things, DEXes allows users to trade or swap their assets, become liquidity providers and earn incentives for it.
Currently, one of the biggest and most important aggregators of DEXs is Li.Fi. Thanks to Summer.fi integration with LiFi widget, now you can use their services without leaving our site.
What can I use this feature for?
Swap:
You are managing your vaults, and you notice the collateralization ratio of one of them is too low. You want to repay part of your debt but have no DAI, only USDC. You can use the widget to swap your USDC for DAI, and save your vault from liquidation.
You want to open a new WBTC-A Multiply Vault but only have ETH in your wallet. You can use the widget to swap part of your ETH to WBTC to open your vault.
How to use it?
In the top navigation bar of Summer.fi, you can find a double arrow icon between the “My Positions” icon and the wallet address. When clicked, you will see a popup dialogue similar to the one shown in Figure 1.
There are three things you can do in this dialogue:
Select the asset you want to swap from: You should already have this asset in your connected wallet.
Select the asset you want to swap to: If the swap succeeds, you will receive this asset in your wallet.
Insert the amount of the asset you want to swap.
Once all values are set, the widget will show the current value of your assets in USD, and it will also estimate how much of the other asset you will receive.
If the asset you’re trying to swap is a token, you must allow the contract to spend your tokens. Once the allowance is set, you can click on the “Review swap” button, and a final screen will show the operation summary.
If you agree with the trade, you can click “Start Swap”, and in a few seconds you should see your updated wallet balance with the new asset.
You can watch the whole process in the video below:
Please remember that this is an Ethereum Mainnet transaction, so gas costs will be associated with the swap. You will need ether in your wallet to pay these gas costs.
Advanced settings
You can control additional options for your swap:
Maximum slippage: This allows you to control the maximum price difference you will accept when the swap is completed. If for some reason (lack of liquidity in the contract, size of the swap, or others) the difference is bigger than this setting, the transaction will revert.
You can access this configuration screen by clicking on the gear icon at the top right of the popup widget.
Are there any additional costs?
There is a convenience fee of 0.20% for this feature.
Bridge:
Here's a video tutorial on using Li.Fis bridging feature:
We have curated the bridging experience to bridge between Mainnet and L2's, where Summer.fi will be available soon. You can choose to receive a different asset on the target chain. Click on "Review Swap" and you will see the route and the costs associated with this transaction. If you're happy with the result, click "Start swap" and confirm the transaction in your wallet.
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