| Description: | Swap is Blockchain's in-wallet, non-custodial crypto-to-crypto exchange. Swap allows users to quickly and easily exchange one crypto asset for another, without having to use fiat currency as an intermediary and without ever leaving your Blockchain Wallet. A token swap is a process by which one cryptocurrency is exchanged for another at a predetermined rate. Unlike selling one coin to buy another, a swap is rather a replacement of one coin for another. It means that you are required to exchange the old coin for the new one, otherwise, you will lose the value. A Coin Swap is used by developers when they want to carry users from one blockchain to another. This is usually done when projects want to start working or port their token to a new blockchain. When a swap is initiated by a user, the swapped coins from the initial blockchain are burned (forever put out of circulation) in exchange for coins from the new blockchain at a pre-determined rate. Once a coin has been swapped and burned, it cannot be redeemed back by the user; swapping coins is a permanent process. |
