Getting started in the crypto world is a challenge for many users, as the available platforms are often too complicated for newcomers, being geared toward experts.
At El Dorado, on the other hand, 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 that allows El Dorado users to exchange their USDT for other cryptocurrencies in seconds.
How Does El Dorado Swap Work?
To access this feature, you must go to the “Earn” section, where you will see the various coins available to convert your USDM balance.
Once you enter the coin details, you will see the “Convert” button. By pressing it, you will need to enter the amount of USDM you wish to convert.
What Coins Are Available for Conversion?
Currently, there are two coins available to convert your USDM on El Dorado:
- wBTC
- wETH
What Is wBTC?
As you probably 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 token always retains the same value as Bitcoin.
At El Dorado, wBTC is available on the Arbitrum network, which helps reduce fees, making it simple to convert your USDM balance into this coin.
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 L2s, the token does not meet the ERC-20 contract specifications that most applications use.
For this reason, wETH was created, which is backed 1:1 with ETH tokens.
What Are the Fees for El Dorado Swap?
Each time you exchange coins, we will display the network fee that will be deducted from your available balance.
The fee may vary between 0.5 to 1 USDM.
Thanks to this new tool, thousands of Latin Americans can now diversify their savings easily with El Dorado.
If you don’t have El Dorado yet, download our app on Android or iOS and discover all the benefits El Dorado has for you.
This article is intended solely for general information, education, and debate; it is not an offer, solicitation, or request of any kind, and should not be considered as legal, financial, investment, tax, or any other type of advice. This article is not directed to, and the information contained herein is not intended for distribution or use by, any person or entity in any jurisdiction or country where such distribution, publication, availability, or use would be contrary to law or regulation, or is prohibited for any reason, or would subject El Dorado and/or its affiliates to any registration or licensing requirements.
