Depositing Tokens

Depositing Tokens To Your DeversiFi Trading Account


This article will take you through the steps required to deposit your Etheruem ERC20 tokens from your private wallet (MetaMask, Keystore or Ledger) to your DeversiFi exchange wallet on app.deversifi.com


The DeversiFi exchange is what is known as a 'self-custodial' exchange. Instead of your tokens being held by a central party, deposited tokens are held by a series of open source smart contracts on the Ethereum blockchain. These smart contracts take instructions from your private Ethereum wallet every time you 'sign' a transaction, meaning that DeversiFi can only operate according to your instructions, for example to deposit, trade at a specific price or withdraw your tokens. 


1) Connect your MetaMask, Ledger or Keystore to DeversiFi

2) Register (first time only)

3) Deposit tokens (this article) and backup your DeversiFi trading key? 


Note - for security reasons you can only withdraw tokens back to the original Ethereum private wallet (eg MetaMask, Keystore or Ledger wallet) from which you deposited from. Therefore it is incredibly important that you backup your private key and/or seed phrase from your private Ethereum wallet




In the video tutorial, we show you how easy it is to get started on DeversiFi by registering your MetaMask with your DeversiFi trading account for the first time, depositing tokens and backing up your DeversiFi Trading Key (MetaMask only).


1) Connect your private wallet to your DeversiFi exchange wallet


Before depositing your ERC20 tokens you first need to connect to DeversiFi using a private wallet. 


Connect with MetaMask instructions

Connect with Ledger instructions

Connect with Keystore instructions


After successfully registering and connecting your private wallet, you will see your tokens appear in the 'Token Balances' widget under the 'Wallet' header



2) Go to the deposit tokens popup window


Once your private wallet (MetaMask, Ledger or Keystore) is connected to your DeversiFi exchange wallet you are ready to deposit tokens to your DeversiFi exchange wallet. 


Click the green Deposit button in the Token Balances widget


3) Select the amount of tokens to deposit 


Enter the amount of each token that you would like to deposit. Remember to leave some ETH in your private wallet to pay for the gas fees associated with depositing and withdrawing tokens from your DeversiFi exchange wallet


If you use the 'Max' button to enter the amount of ETH you would like to deposit, then you will notice that the deposit box is populated with an amount that is slightly less than the maximum amount of ETH in your wallet. This is to ensure that you have enough ETH in your private wallet to pay for gas fees. 




4) Confirm the deposit transaction


After you have entered the amount of tokens you would like to deposit in the popup window, hit the 'Confirm & Trade' button. 


5) Approve the deposit and registration transaction confirmations using your private wallet 


You will need to make one ethereum transaction (costing gas) for each separate token deposit. You will need to approve the deposit transaction using your connected MetaMask, Ledger or Keystore wallet. 


If you have not already registered your private wallet with DeversiFi before, then you will also need to confirm a registration transaction. You only need to do this registration process once. Behind the scenes, DeversiFi is generating a STARK public key which it associates with your Ethereum wallet (your MetaMask wallet). When you are trading, your Ethereum wallet gives certain permissions to your STARK key. You can almost think of your STARK key as the equivalent of a centralised exchange API key. 


As an example, something similar to the following transaction confirmation request should popup if you are using MetaMask. You are able to change the amount og gas that you would like to use in the transaction and then click the 'confirm' button:  



If you have not previously registered your private wallet with DeversiFi, then you need to wait for the registration transaction to be mined first, before re-confirming the deposit transaction. 



6) Backup Trading Key - MetaMask Only


If you are registering your MetaMask account with DeversiFi for the first time then you will be asked to backup your DeversiFi STARK trading key. It is incredibly important that you do so and store the encrypted backup file in a safe place as during your first deposit is the only time when you can backup this key




Enter a password and save the encrypted file to a safe location on your computer




7) Wait for your deposit transaction to be mined


Depending on the amount of gas you used for the deposit transaction and how the congested the Ethereum network is, your transaction may take between a few seconds, to several hours to be mined.

Under normal Ethereum network conditions, your deposit transaction should be mined within a minute or two. 

Once your deposit transaction has been mined, the status of the deposit in the 'Deposit' widget will be displayed as an underlined pending status, with a block countdown timer.

Dont worry if you do not see a 10 block countdown timer during pending status, as long as the Pending status is underlined, then you can follow the hyperlink to Etherscan and check to see how many block confirmations your deposit is away from the required 10.  



8) Deposit available for trading

Your deposit will be credited to your DeversiFi exchange wallet after 10 block confirmations and will show in the Token Balances widget under the 'Exchange' header





Troubleshooting Deposits Issues:


1) 'Wallet Not Recognised' Error

Sometimes if you are switching between different private wallets (for example, different accounts that you have imported into the MetaMask browser extension) DeversiFi needs to check that have the correct permissions. We recommend refreshing the app.deversifi.com page when you change accounts within MetaMask  


2) Sign Additional Messages

Sometimes DeversiFi will ask you to sign a message (not a transaction) to check that you are still authorised to carry out various activities (connecting, trading etc). This is normal behaviour and requires that you simply confirm the message on your private wallet device. This should not cost any gas


3) Deposit Stuck At Pending 

If the Pending status next to your deposit in the Deposit widget on app.deversif.com is not underlined, then your deposit transaction has not been mined yet. You can try simply speeding up the transaction (easy to do if you are using the MetaMask browser extension to make the deposit transactions) or you simply need to wait for it to time out and try depositing again.


4) Speed Up Registration Transactions

If you have used MetaMask to speed up your registration transaction then DeversiFi may show the Registration as failed, even though your TX has been successfully mined. This is because there is no way for the front end of DeversiFi to know that you have sped up the transaction. 

Although the registration may show as failed, your wallet has likely successfully registered provided that the TX was successfully mined. You should now be able to deposit as normal. 


4) 'Unprocessable Entity' Error (MetaMask Only)

This error appears if your first registration transactions failed for some reason (either you did not confirm it or it was not mined). You will need to create a new MetaMask wallet and register that wallet with DeversiFi instead. We are working on a better fix for this error





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