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Ankr Switch mechanics

Fees

The user pays the following fees:

  • 0.3% is deducted from the entered sum for using Ankr Switch.

The user must also count in the gas fees for outgoing transactions.

Switching workflow

  1. The user visits Ankr Switch
  2. The user grants Ankr Switch access to their wallet. If needed, the user select the correct network and clicks Switch network in their wallet.
  3. The user chooses source and destination tokens.
  4. The user enters the desired amount of tokens to switch.
  5. If the token is a reward bearing token like aETHc, 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.
  6. The approve trasaction remains in the pending state until it's confirmed on the network, which enables the Switch button for the user.
  7. The user cliks Switch to switch the tokens and clicks Confirm in their wallet. That causes Ankr Switch to call the lockShares(shares) when switching aETHc to aETHb, or unlockShares() when switching aETHb to aETHc.
  8. Ankr waits until the switching transaction is confirmed on the network and displays a Success page.
  9. The user can add the switched token to their wallet by clicking Add aETHc 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) -> lockShares/unlockShares.

Additional details

aETHb can be burned or minted, and aETHC can be locked or unlocked.