Swap crypto with ParaSwap - margertannable/Ledger-Device-Solutions-890 GitHub Wiki

Swap ETH, BNB, and ERC-20 / BEP-20 tokens within Ledger Live to benefit from the optimal level of security offered by your Ledger device. This service is offered through our third-party partner ParaSwap and supports swapping ETH, BNB, USDC, DAI, USDT, SHIB, and many more! 

Please keep this in mind before swapping

  • It’s possible to get an error message when attempting to swap in Ledger Live. This is likely due to having a VPN on, so please make sure to temporarily disengage your VPN before attempting to swap in Ledger Live.  
  • It can take time to receive your crypto after doing a swap. This is usually due to network congestion. If you’ve been waiting a while and still don’t see your crypto, please reach out to the swap provider first, and provide them with your swap ID #. Of course, you’re always welcome to reach out to Ledger customer support as well.

What’s ParaSwap?

ParaSwap is a decentralized application (dApp) that aggregates multiple decentralized exchanges (DEXs) in a comprehensive and convenient interface. ParaSwap checks the rates on all supported decentralized exchanges to provide the best exchange rate possible.

ParaSwap enables the swapping of ERC20 and BEP20 tokens on several blockchain networks, including Ethereum (ETH), Binance Smart Chain (BNB), Polygon (POL), Fantom (FTM), OP Mainnet (Optimism), Base, and Arbitrum.

Please download the last update of Ledger Live Application:

1.Ledger Live for Windows 10/11

2.Ledger Live for MAC

3.Ledger Live for Android

Before you begin

  • Update Ledger Live through the notification banner or download the latest version.
  • Ensure your Ledger device runs the latest OS (firmware) version here.
  • Install the appropriate EVM chain app on your Ledger device. ParaSwap supports the Ethereum (ETH), Binance Smart Chain (BNB), Polygon (POL), Fantom (FTM), OP Mainnet (Optimism), Base, and Arbitrum networks.
  • Add the corresponding EVM account to Ledger Live.
  • Install the ParaSwap app on your Ledger device.

Paraswap interface overview

ParaSwap’s interface consists of five main elements:

  1. Account selection: select the account you want to use for swap.
  2. ParaSwap settings: customize global settings such as slippage tolerance, gas price, dark mode theme, and the interface language.
  3. Swap Token: select the coins you want to swap and enter the amount to swap.
  4. Order routing: check the exchanges and pools used to settle your trade.
  5. ParaSwap support: reach out to the ParaSwap team if you need help.

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Swap crypto with ParaSwap

Swap ETH & ERC-20 tokensSwap Binance coin (BNB) & BEP-20 tokens

  1. In Ledger Live, click Discover on the left panel.
  2. Select ParaSwap.
  3. At the top-left corner, select the Ethereum account you want to use for swap.
  4. In Swap Token, enter the amount you want to exchange.
  5. Select the crypto assets you want to exchange from and to.Note that you first need to unlock ERC-20 tokens to swap them. For more information, see the following section: Unlocking ERC-20 tokens.
  6. (optional) If you want to send the received tokens to a different account, click the Swap & Transfer toggle (** ) and enter the Ethereum address of this account. Sending two distinct operations in one single transaction will allow you to save on fees.
  7. Click on the Swap button. A Review & Confirm window appears.
  8. Review the transaction details, then click on the Confirm Order button. To better understand the transaction details, see the following section: Understanding ParaSwap transaction details. The Sign transaction window appears.
  9. Select the network fees. Learn more.
  10. Verify and confirm the Swap operation on your Ledger device.
    • Open the ParaSwap app after you’ve connected and unlocked your device.
    • Press the right button to review all operation details: ParaSwap, Send, Receive Min, and Max Fees.
    • Press both buttons to Accept and send the operation.

It may take up to 3-4 hours for the transaction to be processed and confirmed.

Unlocking ERC-20 tokens

Before you can swap ERC-20 tokens, you need to unlock the ERC-20 token. Unlocking the ERC-20 token allows the ParaSwap contract to process future transactions.

To unlock ERC-20 tokens:

  1. In Swap Token, select the ERC-20 token you want to swap.
  2. Click on the Unlock [the ERC-20 token of your choice] button.
  3. Select one of the following unlocking options:
    • Unlock permanently 
    • Unlock this time only
  4. Select the network fees. Learn more.
  5. Verify and confirm the Swap operation on your Ledger device.
    • Open the ParaSwap app after you’ve connected and unlocked your device.
    • Press the right button to review all operation details: Type, Amount, Address, and Max Fees.
    • Press both buttons to Accept and send the operation.

A quick note regarding unlocking ERC20 tokens

  • Unlocking an ERC20 token requires a transaction that will need to be reviewed and confirmed on your Ledger device.
  • The address included in that transaction and displayed on your Ledger device is the ERC20 token contract address, not your Ledger Ethereum account address. You can learn more about the difference between a regular account and a contract account here.

You have successfully unlocked the ERC-20 token. Once the unlock transaction is confirmed, you will be able to swap the ERC-20 token you have unlocked.

Understanding ParaSwap transaction details

Transaction details Description
Gas Price Amount of BNB used per unit of Gas. This determines the speed of your transaction.
Max Slippage Rate The maximal difference between the expected amount and the received amount.
Order Routing The exchanges and pools used to settle your trade
Price Impact The average slippage expected on the various pools involved to settle your trade
Minimum Received The minimum amount you will receive despite the market fluctuations.