How Coinshift users can swap & bridge tokens on LI.FI.
LI.FI is a bridge aggregation protocol that simplifies cross-chain interactions. By integrating with DEX aggregators, LI.FI supports any-2-any swaps, aiding in asset transfers across different blockchains.
Below are some potential advantages for a Treasury Manager using LI.FI via Coinshift apps:
- Ease of Access- LI.FI on Coinshift allows treasury managers to bridge assets from one chain to another in a single transaction, saving time and gas fees
- Streamlined Batch Processing- With batch transaction capabilities, treasury managers can approve and swap tokens simultaneously, enhancing operational efficiency and reducing gas costs
- Efficiency- Move and swap liquidity across all chains using the most efficient and cost-effective route for cross-chain transactions
- Security- The approval process adds an extra layer of security by requiring threshold signatures
- Flexibility- Managers can manage off-chain proposals without incurring network fees
- Control- Coinshift allows for real-time tracking of proposals and transactions
We will now outline the process of how Coinshift users can interact with LI.FI directly from their Safe using Coinshift Apps.
Navigate to the Apps section on your Coinshift dashboard.
Locate and click on LI.FI within the Apps section.
A window will appear showing the list of networks the dApp is live on and supported by Coinshift. You can choose a Safe belonging to any network supported by LI.FI.
Select the Safe (highlighted below) you wish to work with and click on Open App to establish a connection between your selected Safe and LI.FI.
Within Coinshift, transactions begin as proposals, providing flexibility in approvals. Please note that non-signers can create proposals, but only Signers can approve them.
To bridge the token, navigate to the Exchange tab.
Select the source network and the token that you wish to swap. Next, select the destination network and token that you wish to receive.
Enter the amount of the token to swap, and fill in the wallet address in the Send to a different wallet field.
Avoid bridging funds to the same Safe address on a different network. It's rare to have identical Safe addresses across networks, and this mistake could result in a permanent loss of your funds.
Once you enter the above details, the application immediately displays the amount you will get along with the other bridging details i.e. the exchange path, approximate time, network fee, etc.
Verify the details, and click on Review bridge.
Finally, initiate the process by clicking on the Start bridging button.
This will trigger the process of creating a proposal on Coinshift.
Note that, transaction details are presented in a clear, human-readable format (see screenshot), providing essential information for other Safe Signers to review.
Add any relevant notes and labels to the proposal, and finally, hit the Create Proposal button to create an off-chain proposal for your transaction.
Following the creation of a proposal, Safe Signers have the authority to Approve or Discard the proposal as necessary.
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.
You are advised to execute the transaction within 5 minutes after the first approval to avoid transaction failure.
The proposal has received the necessary signatures, as shown in the screenshot below, and the transaction will be submitted to the network.
Wait for the transaction to complete.
Congratulations, you've successfully executed a swap & bridge transaction in LI.FI via your Coinshift dashboard!
Finally, head over to the desired wallet address and network to see the new token.