Ankr Switch mechanics
The user pays the following fees:
- a 0.3% technical service fee is deducted from the entered sum for the provided Ankr Switch services.
The user must also count in the gas fees for outgoing transactions.
- The user visits Ankr Switch (opens in a new tab)
- The user grants Ankr Switch access to their wallet. If needed, the user select the correct network and clicks Switch network in their wallet.
- The user chooses source and destination tokens.
- The user enters the desired amount of tokens to switch.
- If the token is a reward bearing token like ankrETH, the user clicks Approve.
That causes Ankr Switch to call the
approve()function that permits the involved smart contracts to spend the specified amount of the user's tokens.
approve trasactionremains in the pending state until it's confirmed on the network, which enables the Switch button for the user.
- The user clicks Switch to switch the tokens and clicks Confirm in their wallet.
That causes Ankr Switch to call
unlockShares()when switching -b tokens for ankr-tokens, for example, aETHb for ankrETH.
- Ankr waits until the switching transaction is confirmed on the network and displays a Success page.
- The user can add the switched token to their wallet by clicking Add ankrETH to wallet. Alternatively, the user can click Go to dashboard to view their tokens there.
To sum up, the flow in any direction is the same:
approve (if necessary) ->
ankr- tokens (e.g., ankrETH) can be locked or unlocked.