You are now able to swap Ethereum tokens inside the Ledger Live app using the ParaSwap decentralized exchange!
These are the great news for Ledger hardware wallet (Nano X or Nano S) current and future users.
Why is this an awesome feature?
Coinbase, Huobi, Binance, KuCoin etc are the centralized exchanges where you need to register and they are in custody of your cryptocurrency and private keys. And the old crypto saying is “if you don’t own your private keys you don’t own your coins”. It’s one of the reasons why hardware wallets are so popular, as they protect your private keys so you are in the full control.
ParaSwap is the decentralized exchange (DEX). You just need to connect your wallet and you’re ready to go! You don’t have to give up on your privacy, fill KYC (Know Your Customer) forms, do verification, and give the possession over your crypto.
Using Ledger Live the app that works with your Ledger hardware device takes the safety of the process one step further.
Hardware wallets and Ledger being the one of the most popular ones not just due great reputation but also features available like this one are the best way to keep your cryptocurrency safe by best protecting your private keys.
Swapping the Ethereum tokens inside the Ledger Live using ParaSwap makes it a double win.
Not just without having to connect to third party wallets but also due ParaSwap ability to aggregate prices from numerous DEXes like Compound, Kyber, Balancer, Uniswap, Bancor, 0x… finding and providing you with the best exchange rates. It splits your orders between many DEXes allowing you to get lower than market prices!
How to swap?
Very easy process. Install Ethereum and ParaSwap apps on your Ledger device, you will find them in the Ledger Live App Catalog.
In Ledger Live create Ethereum account, you can have many. I’ll open new one called Ethereum Paraswap just for this article and transfer some Ether.
Click the Discover tab and choose the ParaSwap.
I’ll swap Ethereum for some Compound (COMP) token.
You confirm the transaction on your Ledger device and it’s Done. I can see the Compound token in my Ledger Live Ethereum account now.
The other thing worth mentioning is the Ethereum price reaching the peak and being very volatile lately many swapped their crypto to USDT stable coin. Thus avoiding potential risk of the current questions about has or when will the ‘bear season‘ end or dates of Ethereum 2.0 forks, launch and so on…