What is Swap and how do I use it?

Swap is a mod developed by the Fedi team that allows you to move between Lightning and either on-chain BTC or a number of altcoins (ETH, USDC on Ethereum, USDT on Ethereum, & USDT on TRON).

Note that all swap types require Lightning as either an input (receiving to Fedi) or an output (sending from Fedi). Swap does not support moving between two altcoins as Fedi only supports bitcoin balances.

Starting a swap

To initiate a swap, simply select whether you want to receive funds to or send funds from Fedi (via Lightning) and the asset on the other end.

Complete the populated fields based on the direction of fund movement and the asset chosen. These selections will also influence minimum amounts and exchange fees, which are clearly listed in the modal.

Once you have filled out the fields shown, tap "Exchange." If you are receiving funds to Fedi via Lightning, you will see a pop-up that says "Swap wants to send you X sats." Tap "Accept."

After you start a swap

After initiating a swap and tapping "Exchange," you will be prompted to pay either a Lightning invoice or a wallet address depending on the direction of the swap.

Note that for sending from Fedi via Lightning, the mod will first attempt to pay the Lightning invoice generated from your active federation (the one selected when you entered the mod).

If you have an insufficient balance on this federation, either switch to a federation with a sufficient balance before entering the mod or pay the invoice from a different federation.

For swaps in the other direction where you are receiving to Fedi via Lightning, you must send the exact amount of the relevant asset listed in the "Address" tab of the Deposit screen.

Once you make the payment of the relevant asset, the transaction is created in the mempool and the swap moves from the Deposit step to the Confirmation step.

Once it has enough block confirmations, the transaction will be complete. As the warning on the screen suggests, do not exit out of the Swap mod until the exchange is finalized.