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Beginner question:

I have trusted wallet with 1000 LINK erc20. I want to swap it to get USDT erc 20.

It ask to approve the LINK.

  1. How long approval takes?
  2. In some time after I got the USDT, I wish to swap it to LINK, will I have to approve it again?
  3. Is the option on the following link, is better?

https://changenow.io/?gclid=EAIaIQobChMIxIuGperhgQMV5xAGAB3jXwpLEAAYASAAEgJzg_D_BwE&from=link&to=usdterc20

TY

1 Answer 1

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The approval process usually takes a few seconds or minutes, depending on the network congestion and the gas price you set. You can check the status of your transaction on Etherscan by entering your wallet address or transaction hash. Yes, you will have to approve the USDT token if you want to swap it back to LINK later. The approval function only works for one specific token and one specific spender. You can also revoke the approval at any time by setting the allowance to zero. The option on the link you provided is a different service that allows you to swap tokens without using a DEX. It claims to be faster and simpler, but it may have higher fees and lower liquidity than some DEXs. You should do your own research and compare the pros and cons of different options before choosing one.

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  • TY. I don't understand somethinf. for example I select my LINK token,click swap , then I see 1. you pay eth 2. you get link. Shouldn't it reveresed order (1. you pay link 2. you get eth)??
    – shem
    Oct 9, 2023 at 23:55

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