Exchange of ERC-20 tokens for USDT tokens through the Uniswap Decentralized Exchange.
In this manual, we will explain the process of exchanging ERC-20 tokens for USDT tokens.
Uniswap is a protocol on Ethereum for swapping ERC20 tokens. Unlike most exchanges, which are designed to take fees, Uniswap is designed to function as a public good — a tool for the community to trade tokens without platform fees or intermediaries.
1. To exchange ERC-20 for USDT, go to Uniswap.org and click on “Launch App” (the pink button):
2. You will see two fields:
3. In this example, you will exchange 1inch tokens for USDT tokens (tokenized US dollar). You need to replace ETH (set by default) with 1inch in the first field:
4. Similarly, you need to select the token to exchange 1inch for (the one that we receive upon exchange):
5. To do this, click on “Select a token” (the blue button) and enter “USDT” (abbreviated exchange name of the token) in the search field:
6. Next, you need to enter the number of tokens that you want to exchange. The exchange rate will be displayed immediately:
7. Uniswap does not keep your funds in any way. You will need a third-party digital wallet. If you are interested in the Ethereum ecosystem, use MetaMask.
MetaMask is a free browser extension designed to provide access to the Ethereum ecosystem. It also serves as a wallet for storing ERC-20 tokens, allowing users to access network services using a wallet. Check out our manual on how to install MetaMask.
After installing, return to Uniswap and click the “Connect wallet” button:
8. Select the MetaMask wallet. A window for choosing a MetaMask account will open:
9. To connect to Uniswap, click the “Connect” button:
10. After successful connection, the system will return you to the exchange window, where you need to grant permission to exchange — click the “Allow the Uniswap protocol to use your 1INCH” button:
11. The wallet window will open, where the transaction fee (confirmation operation) will be displayed. This fee is charged only when you first connect to the exchange. To confirm the transaction, click the “Confirm” button:
12. The operation is confirmed, and the circle is spinning in the upper right corner — wait for the green checkmark to appear:
Sometimes, this process can take a long time — up to several hours. It depends on the network load and the selected fee size (optional parameter in the previous paragraph).
13. In the upper right corner, the system will show a transaction confirmation:
14. Now, you need to exchange 1inch tokens for USDT — enter the number of tokens to be traded (in our example, we will buy $63.8171 worth of 20 1inch tokens) and click the “Swap” button:
15. Confirm the operation — click the “Confirm swap” button:
16. You will see an exchange confirmation and an offer to add USDT tokens to the MetaMask wallet. It’s pretty convenient! Click the “Add USDT to MetaMask” button:
17. Click on “Add token”:
18. You will see the confirmation “Added USDT”:
19. Please note that the exchange operation has not been completed yet — if the circle is spinning and there is no green checkmark, the network is processing the transaction:
Sometimes, this process can take a long time — up to several hours. It depends on the network load and the selected fee size (optional parameter in paragraph 11).
20. 1inch tokens were successfully swapped for USDT — a confirmation of the exchange operation appeared in the upper right corner:
21. Open MetaMask in your browser — find the fox icon in the upper right corner of your browser and click on it. You will see that the USDT token has appeared in your wallet (in this case, we received $63.47):
How to top up the TTM Bank card wallet balance with USDT tokens from the MetaMask wallet:
Congratulations, you have successfully purchased USDT! Now you can transfer digital currency to the digital wallet linked to your TTM Bank card. After that, the funds are automatically converted into EUR, and you can make purchases wherever the Visa is accepted.
To top up the wallet linked to your TTM Bank card, you need to do the following:
1. Copy your TTM Bank wallet address. To do this, open your personal account on ttmbank.com, go to your card section and copy the address of the USDT token wallet in the ERC-20 network (Important! The OMNI and ERC-20 networks are entirely different, don’t mix up; otherwise, you will irrevocably lose your funds!):
2. Open the MetaMask wallet in your browser, select the USDT token and click the “Send” button:
3. Enter the address of your wallet copied from the personal account of TTM Bank into the top field, specify the amount and click the “Max” button (the maximum available number of tokens for sending will be entered):
You can also choose the fee size — the lower it is, the longer the transfer processing time. To transfer tokens in the ERC-20 network, you need to have a certain number of Ether tokens (ETH or Ethereum). The fee for any token transfers in this network is charged in ETH.
4. In this example, we will send 63 USDT and will be charged at least $22.39 fee per transaction (this fee varies every minute, in this case, such a high fee is due to the increased network load. For example, the day before it was two times lower):
5. You will see the total amount, the fee, and the transfer amount. Click the “Confirm” button:
6. After the confirmation, the main page with your assets will open. To view the status of a sent transaction, open the adjacent “Activity” tab. Here you can track the status of your transactions, as well as pay an extra fee to speed up the transaction:
7. After processing the transaction, you will see the corresponding status in the transaction history of your MetaMask wallet:
8. Success! Your funds were automatically converted into EUR and are now displayed in the personal account of TTM Bank. TTM Bank charges a 1% transfer fee. All other fees are charged by the Ethereum network.