Swaps

Swap allows you to convert your account’s accumulated balance (in BTC) to a stable currency (USDC for now). This will help you eliminate the volatility in bitcoin prices (w.r.t. USD) and maintain your crypto balance in a stable currency like USDC.

Types of Swap amount

There are two types of amounts to swap. Let’s see it in more detail:

1. Swap out: The amount that needs to be converted is known as the "swap out amount,” where you swap your balance from BTC to USDC or vice-versa. This is the amount that is deducted from your account during the swap.

   For example, if your balance is in SATS and is 10,00,000 SATS and you request to SWAP for 5,75,000 SATS, then 5,75,000 SATS is defined as the SWAP OUT amount.

2. Swap in: The converted amount is known as the “swap in amount”. This is the amount credited to your account while swapping.

   In our example above, when we converted 5,75,000 SATS in USDC at an exchange rate of 1BTC = 23,000 USDC, it became tentatively 131.74 USDC, which is defined as the SWAP IN amount.

How swap works?

If a swap (debit or credit) is currently processing in an account and another transaction is requested simultaneously, the new transaction will not be processed until the current swap is completed. This means that such a newer transaction would fail and prompt you with an error. Also, If the ongoing transaction fails for any reason, the withdrawal will be reversed, and the swap amount will be restored to the account balance.

Swap balance via Speed web application:

1. Go to Swaps.
2. Create a new Swap by clicking on Create New.
3. Enter the following SWAP details:
   1. From: Select the currency that you want to swap.
   2. To: System to automatically show to currency based on selected from currency.

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For now, the currency has only “SATS” and “USDC” as options. You can only swap:

1. BTC to USDC
2. USDC to BTC

c. SWAP Amount - Enter the amount that you want to swap. Make sure it is less than the available balance.

You can also swap the full balance by clicking on Swap full amount.

Currently there are below restrictions for the minimum value of the amount to be swapped:

1. 1000 SATS

2. 1 USDC

3. Click on Next.

4. It will lead you to the page with the swap summary. You can see details such as From, To, Amount, and the amount that you will receive upon swapping.

5. When you've agreed to the Terms and Conditions, click Confirm Swap to swap the amount.

6. The amount that you entered has now been swapped.

   You will be navigated to the swap detail page where you can see the “Exchange Rate”, “Date” as well as other information. This allows you to readily determine how the conversion occurred and the exchange rate at the time you executed the swap.

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You can swap the balance through the Speed web application only. You cannot use APIs to swap the balance for now.