How Coinshift users can swap tokens on 1inch.

1inch network aggregates multiple DeFi sources, offering you centralised access to pooled funds from different platforms. The dApp ensures secure, timely, and efficient operations. It offers competitive token swap rates on various DEXs and offers the facility to determine optimal swap routes among liquidity providers.

Benefits for Treasury Managers accessing 1inch via Coinshift:

  • Enhanced Liquidity- With access to deep aggregated liquidity pools, ensuring smooth transactions even for large orders

  • Optimised swap rates- Gain competitive token swap rates by leveraging 1inch's capability to scan various DEXs

  • Strategic trading paths- Utilise dApp's expertise in identifying the most efficient swap routes across varied liquidity sources

  • Safeguarded operations- 1inch's emphasis on security ensures swift yet secure transactions

  • Seamless integration- Directly access 1inch's features through the Coinshift dashboard, simplifying DeFi interactions without the need for multiple platforms

We will now outline the process of how you can interact with 1inch directly from your Safe using Coinshift Apps.

Step 1: Go to Apps and connect to 1inch

Navigate to the Apps section on your Coinshift dashboard.

Locate and select 1inch from the list of apps.

You will be presented with a window displaying the supported networks. Choose a Safe from any of the networks that are compatible with the 1inch and click Open App.

Step 2: Create a Transaction (Swap with 1inch)

Currently, Coinshift does not support 1inch limit orders.

To swap tokens, navigate to the Swap tab.

Choose the source token you want to swap and specify the amount. Select the token you wish to receive in exchange. The application will calculate the amount of the desired token you will receive after the swap.

Optional: Select a checkbox and input an alternative wallet address if you prefer to have the newly swapped tokens sent to an address different from your designated Safe address.

Once you've entered these details, click on Swap.

The subsequent window will display the swap details. Review these details carefully, and click on Confirm swap.

This action will generate a proposal within Coinshift. Attach any relevant notes or labels and then select Create Proposal.

Note that, transaction details are presented in a clear, human-readable format (see screenshot), providing essential information for other Safe Signers to review.

A proposal will be created for the designated Signers to either Approve or Discard as necessary.

Step 3: Action on Proposal

Signers can take one of three actions on a proposal:

  • Proposal Rejection- If any Safe Signer rejects the proposal, it will be discarded Off-Chain.

  • Proposal Approval and Execution- If the number of votes in favor of the proposal meets Safe's required threshold, the transaction will be submitted to the network.

  • On-Chain Transaction Rejection- Even after a proposal has been approved, it can still be turned down in the on-chain stage. This can happen if a Safe Signer initially approves the proposal, moving it into the on-chain queue, but other Safe Signers decide to use the On-Chain Rejection option to stop the transaction.

The proposal has received the necessary signatures, as shown in the screenshot below, and the transaction will be submitted to the network.

Step 4: Verify your swap in the Coinshift dashboard

Once the transaction is successfully completed, the newly swapped tokens will be visible in your account. You can verify this by checking the Portfolio section of your Coinshift dashboard.

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