How to exchange tokens on the 1inch decentralized exchange aggregator

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Decentralized exchange aggregator 1inch collects information from various decentralized exchanges (DEXs). This helps to compare the current rate of tokens and choose the most profitable one among them. The service tracks information from dozens of decentralized exchanges and works with Ethereum, BNB Chain, Polygon, Optimism, Arbitrum, Gnosis, Avalanche and Fantom tokens. 

We have prepared instructions for a quick exchange of tokens through the 1inch aggregator. To start trading on it, you do not need to register or verify. But you need to connect a cryptocurrency wallet – we will use MetaMask. And we will show the trading process using the example of exchanging MATIC tokens for USDT stablecoins.

How to connect MetaMask wallet to 1Inch aggregator

1) To exchange on the platform, you must first connect your MetaMask wallet to it. To do this, go to the 1inch website and click “Connect Wallet”. If you open the English version of the site, then click on the settings icon in the upper right corner of the site and select the Russian language.

1 — “Connect Wallet” button, 2 — settings button, 3 — language selection button

2) A window for connecting a cryptocurrency wallet will open. First you need to read and agree to the terms of use of the service and the privacy policy. Please read them carefully and check the box next to consent.

Select the Polygon blockchain network below – the platform will show the cryptocurrency wallets that work with this network. Of these, select the MetaMask wallet.

1 – checkbox for agreeing to the terms of the platform, 2 – selection of the Polygon network, 3 – selection of the MetaMask wallet

3) Next, the wallet will warn that 1inch will see your balance and send you notifications for transactions. This is a standard warning that all decentralized exchanges have. Confirm the connection of the wallet by clicking on the “Connect” button.

4) Next, MetaMask will ask if you need to switch to the Polygon Network. Click on “Switch network” and the service will show your MATIC balance. 

Learn more about switching networks

5) Your wallet address and MATIC balance will be displayed on the 1inch interface. Now you can exchange tokens on the platform using MetaMask.

Exchange MATIC to USDT using the 1inch aggregator

1) By default, when you enter the platform, the “Trading” page opens with the “Swap” section – they are needed to exchange tokens. Next, you need to select coins for sale and purchase. 

When switching to the Polygon network, the platform selects MATIC and DG tokens for exchange by default. We sell MATIC tokens, so we keep them. And we change DG tokens, because we want to buy USDT. To replace DG tokens with others, click on them.

1 — “Trading” section of the platform, 2 — “Swap” tab, 3 — token of the selected network for sale, 4 — button for selecting the received token

2) A window will open with a list of tokens for purchase. To search for a specific token, enter its name in the search bar. We need USDT, which is why we chose it. After selecting, click on the arrow and return to the exchange. If you want to sell not MATIC, but another coin, then it can be selected in the same way.

1 – button to select USDT, 2 – field for searching tokens, 3 – button with an arrow to return to the exchange

3) Now you need to set up the exchange conditions. To do this, click on the settings button in the upper right corner of the “Swap” section.

Settings button in the “Swap” section

4) Select the transaction speed that suits you in the settings window. The amount of the commission for the transfer will depend on it. The faster the transaction, the more expensive the commission. We chose low. In our case, the low fee was $0.07 in MATIC tokens, and it took 5 minutes to process the transaction.

More about commissions

1 – selected transaction speed and commission amount in Gwei, 2 – commission options

5) In the same window, you can select the slippage settings – the allowable price error at which we buy the token. We chose 1%. Below you can select the partial filling function. We turned it on.

More about slippage and partial filling

Also on the 1inch platform it is possible to choose liquidity providers – these are decentralized exchanges that 1inch will use for exchange. To do this, click “Sources of Liquidity”.

1 – select the percentage of allowable slippage, 2 – enable the partial filling function, 3 – select liquidity providers

6) The 1inch aggregator analyzes a large number of decentralized exchanges to select the most profitable transaction. From this list, you can remove those platforms that you do not trust by unchecking them. By default, they are all enabled – we left them enabled too.

1 – checkboxes for choosing decentralized exchanges, 2 – button to return to the exchange 

7) Enter in the field for MATIC the amount you want to exchange. In the same window, 1inch will offer several DEX platforms and write the amount of USDT that you will receive when exchanging through them. The aggregator automatically selects the DEX platform with the most profitable transaction. But you can change it by clicking on another exchange. If you want to see the route of a transaction between liquidity providers, click on the icon below the “Swap” button.

1 — field for entering the amount of the exchanged token, 2 — platform with the most favorable token rate, 3 — button for viewing the route

8) 1inch will independently select the most profitable exchange route using the selected DEX platform. It changes depending on the selected transaction amount and is updated every 10 seconds. And in the window that opens, you can see this route in detail. Click on the cross and return to the exchange section.

1 – window with the transaction route, 2 – button to close the window

9) To start the exchange, click “Swap”.

10) A window will open with a user agreement and information about possible risks. Read it carefully and click on the “Sign and Continue” button.

11) 1inch will show the transaction conditions on the selected DEX platform and network fees. We have chosen a commission from 644.26 to 687.74 Gwei. You can see how much it will be in dollars in the MetaMask wallet. In the meantime, just read the terms and conditions and click “Confirm Trade” to continue.

1 – transaction information, 2 – exchange confirmation button

12) In the next window, 1inch will report that it is waiting for confirmation of the transaction from MetaMask. The wallet will duplicate the transfer information. In the MetaMask window, the number of exchanged MATIC tokens will be written, Network fee is the transaction fee in dollars and Total cost is the total transaction amount in dollars. Check the information and click on “Confirm” to confirm the exchange.

1 – information about the amount of the transaction in dollars, 2 – a button in the wallet to confirm the transaction 

13) The next window will display information that the transaction has been sent. You can view transaction information in the PolygonScan blockchain explorer . Close the notification window and wait for the confirmation of the transaction.

1 — button for viewing transaction information on PolygonScan, 2 — button for closing the window 

14) An icon for waiting for transaction confirmation will appear next to the wallet.

15) And after confirming the transaction on 1inch, a green notification will appear with the inscription “Success”. It means that the exchange was successfully completed.

16) If you have already used USDT in MetaMask, you can skip this step. In order for the purchased tokens to be displayed in the MetaMask wallet interface, they need to be added to the wallet. To do this, you need to know the address of the token contract on the network. You can find it on the PolygonScan platform . For example, the USDT address on the Polygon blockchain is 0xc2132D05D31c914a87C6611C10748AEb04B58e8F. 

Go to the “Import Tokens” section. Enter the address of the Polygon network token contract in the address field and the platform will automatically fill in the rest of the fields. Next, click “Add Custom Token” to have USDT displayed in your wallet.

1 — address of the token contract, 2 — auto-filled fields, 3 — button for adding a token to the wallet

17) Once the transaction is confirmed, MetaMask will update your balance information with the added USDT. This completes the exchange on the 1inch platform.

Conclusion

It is most convenient to compare favorable rates for exchanging tokens on an aggregator of decentralized exchanges. It collects information about coin rates and commissions from the most popular DEX platforms and conducts transactions through them. We showed you how to exchange MATIC to USDT through the 1inch aggregator using the MetaMask wallet. The whole process took us no more than 10 minutes.

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