Tl;dr: Coinbase Pockets makes it easy to commerce tokens in your selection of community. This month, we expanded our buying and selling options to assist token swaps on BNB Chain and Avalanche.
By Catherine Shyu Sullivan, Senior Product Supervisor
Greater than $1 trillion had been traded on decentralized exchanges (DEXs) in 2021 — a staggering 858% improve from 2020. Coinbase Pockets brings the expansive world of DEX buying and selling to your fingertips, the place you possibly can simply swap hundreds of tokens, commerce in your most popular community, and uncover the bottom charges.
Right this moment, we’re offering much more causes to commerce on Coinbase Pockets. Along with making swaps on Ethereum and Polygon, now you can commerce on BNB Chain (previously Binance Good Chain) and Avalanche, letting you swap a higher number of tokens than most conventional centralized exchanges can provide.
Decentralized exchanges are peer-to-peer marketplaces that allow transactions to happen straight between customers, fulfilling certainly one of crypto’s core tenets of fostering monetary freedom with out banks, brokers, or different intermediaries. DEXs additionally present entry to the rising world of web3 by way of tokens resembling ApeCoin, JOE, PancakeSwap and others.
Coinbase Pockets’s in-app DEX makes it simple to entry these kind of tokens by way of its buying and selling function, which compares charges throughout a number of exchanges by way of the 0x API and saves you the additional steps alongside the best way. Including assist for networks resembling BNB Chain, Avalanche, and Polygon means you possibly can commerce extra tokens, quicker, and with extra reasonably priced community charges (learn extra about these right here).
It’s simple to get began with Coinbase Pockets’s built-in DEX buying and selling function. Faucet the ‘commerce’ button in your cellular app or click on the ‘swap’ icon within the browser extension, decide the token you wish to trade and the token you’d prefer to trade it for, faucet ‘affirm’, and also you’re all set — it’s that fast and straightforward.
To commerce tokens on a distinct community, merely faucet the community icon within the prime proper nook of the Pockets cellular app, or click on the community identify in your browser extension, and choose the community you’d prefer to make your swap on. Earlier than swapping on a community, ensure you have the native token of the community you want to make a swap on in your pockets to cowl the community charges. For instance, for a swap on Avalanche, you have to some AVAX in your pockets.
For a extra detailed overview of methods to use the in-app DEX and generally requested questions, take a look at this Assist Heart article.
We wish to make it simpler so that you can interact on this planet of decentralized finance (DeFi) and web3. Within the months to return, we’ll be making it potential to conduct swaps on a good higher number of networks. Not solely will buying and selling increase, however we’re additionally planning so as to add assist for community bridging, permitting you to seamlessly transfer tokens throughout a number of networks. Be certain to observe us on Twitter for the newest Coinbase Pockets information and product updates.