Getting started in the crypto world is a challenge for many users, the available platforms are often very difficult for new users to understand, as they are focused on the most experienced.
At El Dorado, on the contrary, we are focused on providing a simple experience for all our users, regardless of their experience in the crypto world.
Swap is our new tool, with which El Dorado users can exchange their USDT for other cryptocurrencies in seconds.
How does El Dorado Swap work?
To access this function, you must go to the “Earn” section, and there you will see the different currencies available to convert your balance into USDM.
When entering the details of the currencies you will see the “Convert” button, when you press it you must enter the amount of USDM you want to convert.
What currencies are available to convert?
Currently, there are two currencies available to convert your USDM into El Dorado:
- wBTC
- wETH
What is wBTC?
As you may already know, Bitcoin is a currency created on its own blockchain, Wrapped Bitcoin is a token created to transfer the value of Bitcoin from its native network to the Ethereum blockchain.
Each wBTC token is backed 1:1 with BTC on its native network. For this reason, the currency retains the same value as Bitcoin at all times.
In El Dorado, wBTC is available on the Arbitrum network, which helps reduce fees to easily convert your USDM balance into this currency.
What is wETH?
Wrapped Ethereum, is a version of ETH that complies with ERC-20 standards.
Although ETH is the native cryptocurrency of the Ethereum Network and its L2, the token does not meet the specifications of the ERC-20 contracts that most applications use.
This is why wETH was created, which is backed 1:1 with ETH tokens.
What are the El Dorado Swap fees?
Every time you make a coin exchange, we'll show you the network fee that will be deducted from your available balance.
The amount may vary between: 0.5~1 USDM.
Thanks to this new tool, thousands of Latin Americans will now be able to easily diversify their savings in El Dorado.
If you don't have El Dorado yet, run to download our app at Android or iOS and discover all the benefits that El Dorado has for you.
This article is intended for general information, education and debate purposes only; it is not an offer, incentive or request of any kind, and should not be considered as legal, financial, investment, tax or other advice. This article is not intended for, and the information contained in it is not intended for distribution or use by, any person or entity in any jurisdiction or country where such distribution, publication, availability or use is contrary to law or regulation or is prohibited for any reason or that subjects El Dorado and/or its subsidiaries to any registration or licensing requirement.
