More Swapping Freedom: Paraswap in Ledger Live

06/14/2021 | Blog posts

Disclaimer: The swap service is operated by ParaSwap. If you encounter any transaction related issues, please reach out to Paraswap.

We, at Ledger, made it our mission to become a safe gateway to all your crypto services. Working towards that goal, we are happy to announce that we’ve now made it possible for you to access a top tier decentralized swapping service for Ethereum tokens via our partner, ParaSwap, unlocking even more of the DeFi world for you.

Introducing ParaSwap

Starting 2020, Ledger made it possible for you to safely exchange one crypto asset for another via Changelly. By launching the swap service we enabled our users to easily exchange one crypto asset for another, without needing to use FIAT.

This allows users to easily diversify their portfolios by exchanging one asset for another. When faced with the concerns of volatility, the swap service is very useful to help you exchange your assets for stablecoins, like USDT. By making this move, you will have a potential way out to protect the value of your assets.

We’re now taking the swap game to a whole new level! By partnering up with ParaSwap, we’ve made it possible for our users to safely exchange more Ethereum tokens directly within Ledger Live. By using the ParaSwap decentralized application (dApp), you’ll now be able to exchange a number of Ethereum-native tokens, in a decentralized way, while enjoying the nit-tight security of your Nano hardware wallet.

A New Swapping Addition To Ledger Live

In the world of crypto, you can buy or swap coins by using centralised or decentralised exchanges. Centralised exchanges, such as Coinbase, Binance, Crypto or Kraken function just like traditional brokerage or stock market services, serving as intermediary between you, the buyer, and your crypto assets.

Decentralised exchanges or DEXs, like ParaSwap, are peer-to-peer that only serve to match trade order. Unlike a centralised exchange, a DEX will not hold your funds, positions or information. You don’t have to trust a third party, the custody remains yours! You’re in charge of your assets!

DeFi has grown over the years to encompass many services, with DEXs being a key component of the DeFi space, allowing crypto-users to manage their assets needing to rely on intermediaries. You can learn more about decentralised exchanges (DEXs) here.

Why Use ParaSwap Through Ledger?

The Best Rates

ParaSwap is more than just a decentralized exchange. ParaSwap acts as a “DEX aggregator”, which basically pools in information from all DEXs, giving you the best exchange rates. By using an API, ParaSwap works much like Expedia or Booking – it connects several DEXs, pooling information from all of them, giving you the power to exchange Ethereum-native tokens at the best rates.

Furthermore, ParaSwap enables you to access lower-than-market prices, by splitting your orders and swapping between various DEXs.

Convenience

You don’t have to worry about comparing prices and combing through all the DEXs yourself. You just tell ParaSwap what you want to swap and the DEX will figure out the rest. 

ParaSwap aggregates a lot of these DEXs under its umbrella, among which: Uniswap, Bancor, Kyber, Compound, Fulcrum, 0x, MakerDAO, Aave, Sushiswap, Defiswap, Balancer and many others.

What’s best is that you don’t need to create an account. Since ParaSwap is a decentralized service, all you need is an Ethereum wallet, period. Anyone in the world can use it!

Security & Control

By accessing ParaSwap via Ledger, you make the most out of your crypto-swap experience. You’ll access the best rates, be in total control of your assets, while your private keys remain tightly secured within your Nano hardware wallet.

Your private keys will never leave the security of your hardware wallet, guaranteeing a hack-proof experience when swapping your crypto. Moreover, every-time you initiate a crypto-exchange with your Nano wallet, you will be asked to validate it via the hardware for maximum security.

All Crypto Services In One Place

The best thing about it? You don’t need to leave the safety of the Ledger ecosystem to access other services. You can access them directly under the Ledger Live app, while also having Paraswap under the same roof.

How To Swap?

Wondering how to get started and swap on Ledger Live? Here’s a quick guide that will take you through all the steps that you need to follow.

#1. First things first! In order to exchange Ethereum tokens using ParaSwap, you will need to install the ParaSwap and the Ethereum applications on your device and create an Ethereum account using Ledger Live.

To enjoy the new features offered by the ParaSwap application, please make sure to update to the latest firmware version on your Ledger device (2.0.0 for Nano S & 1.3.0 for Nano X).

#2. Next up, head to the “swap” tab of Ledger Live and choose ParaSwap. This will take you directly to the ParaSwap window in Ledger Live. The address of your selected Ethereum account will appear at the top right of the Paraswap window. 

In case you have several Ethereum accounts on Ledger Live, make sure to select the one you want to use for the swap.

#3. Choose the coins you want to swap and then check the order routing and the price. Finally, just confirm the swap with your Ledger Nano.

If you were on the lookout for an “all-in-one” crypto platform, Ledger Live now has everything you need. It makes it easy for you to buy, sell, exchange, swap and grow your assets, from within the most secure ecosystem. With the integration of Paraswap you can now easily explore Ethereum’s ecosystem and purchase your favourite tokens.

Source: https://www.ledger.com/blog/more-swapping-freedom-access-paraswap-directly-through-ledger-live