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Troubleshooting Crypto Swaps on Decentralized Exchanges (DEX)

This article is for people who have swapped cryptocurrency on Decentralized Exchanges (DEX), such as 1inch, Paraswap, or Squid, and have not received their swapped funds. These DEXs can be accessed either through the Discover Section of Ledger Live or directly via their main websites on a web browser.

 Used a Centralized Exchange, and Not Seeing Your Swap?

Centralized and Decentralized services typically face different types of issues. If you used a centralized swap provider through Ledger Live (CIC, Changelly, etc.) and are having trouble with your swap, please review this guide.

Unsupported Tokens

One common reason for not receiving swapped tokens is their lack of support within Ledger Live. It's crucial to verify whether the token you're swapping is supported. If it isn't, the swap transaction might go through, but the tokens won't appear in your wallet.

Please refer to our list of supported crypto assets to see which tokens are supported. 

Managing tokens not supported in Ledger Live

Try using Zerion in Ledger Live first
Zerion is a versatile portfolio manager designed for managing EVM (Ethereum Virtual Machine) accounts, including networks like Ethereum (ETH), Polygon (MATIC), Arbitrum (ARB), Optimism (OP Mainnet), Base, Binance Smart Chain (BNB), and many others. With its EVM-centric approach, Zerion typically displays a broader range of ERC20 and BEP20 tokens compared to Ledger Live. You can access Zerion through the Discover section in Ledger Live. Once in Zerion, simply select the appropriate blockchain network and navigate to the 'Tokens' section to view the tokens held in your Ledger account.
Token not visible in Zerion? Try Metamask
Connect your Ledger device to Metamask by following the step-by-step instructions provided here. By connecting correctly, you can manage your tokens in MetaMask while still keeping them secure with Ledger. MetaMask does not detect all tokens in your account automatically. To add a new token to MetaMask:
  1. Verify that MetaMask is connected to the correct network. Learn more.
  2. If needed, connect to the correct network by using Chainlist.
  3. Finally, add your token to MetaMask by following these instructions.

Understanding the swap process

Swapping crypto on a decentralized exchange (DEX) typically involves two steps: approving the token and executing the swap. While token approval is straightforward, you may encounter issues during the swap execution phase, leading to confusion and missed swapped funds.

Token approval involves two actions:

1. Approving tokens to be spent (incurring a small gas fee)
2. Swapping the tokens (incurring a relatively higher gas fee)

Approvals are defined in the EIP-20

They're a fundamental constraint within the token standard, aimed at enabling you to grant contract-specific permissions to interact with your tokens. However, it's essential to recognize that approvals can also be malicious, highlighting their role more as a constraint rather than a protective feature.

By 'unlocking' your tokens, you authorize the smart contract to spend your assets, you’re paying the network to approve the contract.

 Key takeaway - Swapping via a DEX is a two-step process

Most of the time, users who think they've swapped haven't actually finished the process. If you believe you haven't received your assets, you likely didn't complete the swap. If you don't see your swapped funds, simply go back to the DEX you used and finalize the transaction/swap.

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