How to make your first cross-chain swap to Polygon on rhino.fi
In June 2022 rhino.fi unveiled its first-ever cross-chain swaps feature, launching with Polygon.
Using this feature, you can swap hundreds of Polygon tokens without leaving our platform, which means you get gas freedom on every trade. There’s no need to swap networks or create new wallets; this is a gateway, not a bridge.
The feature is designed to be easily accessible for everyone. However, we appreciate that some users will have questions, so here’s a brief step-by-step guide to making your first cross-chain swap.
Connect your Wallet
At present, the cross-chain swaps feature only supports MetaMask, Coinbase Wallet and Wallet Connect. We haven’t enabled Ledger yet, although we plan to do so in due course.
To connect your wallet to rhino.fi, click the ‘Connect’ button as you can see displayed below.
Get some stablecoins
To use our cross-chain feature you first need to hold stablecoins on rhino.fi, either USDT (Tether) or USDC.
You can deposit stablecoins either from a layer 1 network or from Moonpay, which allows you to introduce funds to crypto from bank accounts or credit cards.
Alternatively, you can swap directly from any token you’ve deposited to USDT/USDC to get started.
Now it’s time for the magic to begin!
Click ‘Swap’ on the left-hand side of the page to open up the Swap widget.
Select USDT or USDC as the ‘Pay’ asset and then choose the asset you want to receive.
You’ll notice that there are now over 100 different assets to choose from. The ones that are on Polygon are marked with the ecosystem’s icon (a chainlink in a purple dot) so you can distinguish them easily.
As this is still an MVP, there's an initial cap of $20,000 per swap. This will be reviewed in due course.
Now click ‘Swap’
Once you've clicked, wait until you get a confirmation that the transaction has been successfully submitted to the Ethereum smart contract.
And.... you're done!
The transaction will normally take under a minute to execute, depending on Polygon network conditions. You can find a record of the transaction by going to the ‘History’ page and clicking the ‘Cross-Chain Swap’ tab.
Your portfolio balance will take a little longer to update – around five minutes.
Soon you’ll see your updated balances in your portfolio, too.
One quick note to finish: You won’t see any cross-chain swap purchases in your Polygon wallet (if you have one). Just like holding funds on layer 2, your funds will be held in our smart contract on Polygon and viewable on your rhino.fi portfolio.
If you want to withdraw these funds, you can swap back to USDC or USDT and then transfer the value to your Polygon wallet using our bridge, or withdraw to Arbitrum or Ethereum. You can also withdraw USDC directly from the smart contract on Polygon.
If you have any questions, jump into our discord here.
Cross-chain swaps are the next stage in crypto: any opportunity, one wallet, no gas. We hope you enjoy finding all the possibilities through our gateway, and remember - this is just the start.
Using this feature, you can swap hundreds of Polygon tokens without leaving our platform, which means you get gas freedom on every trade. There’s no need to swap networks or create new wallets; this is a gateway, not a bridge.
The feature is designed to be easily accessible for everyone. However, we appreciate that some users will have questions, so here’s a brief step-by-step guide to making your first cross-chain swap.
Connect your Wallet
At present, the cross-chain swaps feature only supports MetaMask, Coinbase Wallet and Wallet Connect. We haven’t enabled Ledger yet, although we plan to do so in due course.
To connect your wallet to rhino.fi, click the ‘Connect’ button as you can see displayed below.
Get some stablecoins
To use our cross-chain feature you first need to hold stablecoins on rhino.fi, either USDT (Tether) or USDC.
You can deposit stablecoins either from a layer 1 network or from Moonpay, which allows you to introduce funds to crypto from bank accounts or credit cards.
Alternatively, you can swap directly from any token you’ve deposited to USDT/USDC to get started.
Now it’s time for the magic to begin!
Click ‘Swap’ on the left-hand side of the page to open up the Swap widget.
Select USDT or USDC as the ‘Pay’ asset and then choose the asset you want to receive.
You’ll notice that there are now over 100 different assets to choose from. The ones that are on Polygon are marked with the ecosystem’s icon (a chainlink in a purple dot) so you can distinguish them easily.
As this is still an MVP, there's an initial cap of $20,000 per swap. This will be reviewed in due course.
Now click ‘Swap’
Once you've clicked, wait until you get a confirmation that the transaction has been successfully submitted to the Ethereum smart contract.
And.... you're done!
The transaction will normally take under a minute to execute, depending on Polygon network conditions. You can find a record of the transaction by going to the ‘History’ page and clicking the ‘Cross-Chain Swap’ tab.
Your portfolio balance will take a little longer to update – around five minutes.
Soon you’ll see your updated balances in your portfolio, too.
One quick note to finish: You won’t see any cross-chain swap purchases in your Polygon wallet (if you have one). Just like holding funds on layer 2, your funds will be held in our smart contract on Polygon and viewable on your rhino.fi portfolio.
If you want to withdraw these funds, you can swap back to USDC or USDT and then transfer the value to your Polygon wallet using our bridge, or withdraw to Arbitrum or Ethereum. You can also withdraw USDC directly from the smart contract on Polygon.
If you have any questions, jump into our discord here.
Cross-chain swaps are the next stage in crypto: any opportunity, one wallet, no gas. We hope you enjoy finding all the possibilities through our gateway, and remember - this is just the start.
Updated on: 14/07/2022
Thank you!