❓FAQ
Find the answers to the most recurring questions about BasedSwap, as well as many links to additional resources for further information.
What is BasedSwap?
BasedSwap is a tool that makes it easier for people to use different DeFi (decentralized finance) services. It gathers funds from big decentralized exchanges into one easy-to-use spot, making swapping simpler for everyone. It also lets users move assets between the Base blockchain and other blockchains easily.
BasedSwap can be used directly by end-users, through the interface basedswap.tech.
Is it safe to use?
BasedSwap never asks for your private keys. When you use it, it only needs to know where to get your tokens from and where to send it.
Can I lose my funds?
No! BasedSwap protects your money when you move it between blockchains. If there's a hack and you don't have insurance, you could lose your money. But with route insurance from BasedSwap, if something goes wrong, you'll get your money back, keeping it safe.
What makes BasedSwap unique?
BasedSwap has a neat feature that lets you transfer tokens not just between EVM chains (like BASE and BNB) but also between Solana and EVM chains. This means you can link your EVM wallet (like Metamask) and your non-EVM wallet (like Phantom) together. By doing this, you make sure your money always goes to the correct wallet, so you won't mistakenly send it to the wrong address and lose it.
Also, you are able to cancel transactions before they execute if you chose the wrong parameters.
Why do I need to sign two transactions to swap or bridge?
To interact with tokens stored in a user wallet, the BasedSwap contract needs permission - that's the approve transaction. All tokens on the Ethereum blockchain require this transaction, but for ETH, the native asset of the network.
On any given chain, only the native asset can be interacted with by dApp without requiring an "allow" transaction, these are:
ETH on Ethereum,
MATIC on Polygon,
BNB on BSC
AVAX on Avalanche
ETH on Base
As well as all coins on Solana.
This transaction is not present on Solana however.
When initiating a token exchange on BasedSwap, you'll be asked to allow the token to be spent. You have two options:
Exact Amount ("Unlock XXX TOKEN"), where the allowance is granted for the exact amount of tokens being exchanged.
Permanently Unlock, where the allowance is granted without limits. This enables you to avoid further allow transaction (and their associated gas costs) if you interact with the same token again on BasedSwap.
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