There are many tokens available in crypto. New-to-crypto people can often get confused trying to navigate the various coins, platforms, and projects and how to get involved. But tokens are one of the best killer apps of crypto, and having access to them is why many people come to crypto.
Challenges come from trying to find the tokens, and then having to sign up for exchanges, do KYC and give over your private personal information, and working through some unknown centralized service to get those tokens.
Decentralized exchanges (DEX) solve part of this by making token and price discovery easier. They usually do this by letting anyone be a liquidity provider. That is, if I have a bunch of SNT and DAI, I can add my supply of both to a liquidity pool on a decentralized exchange. When someone wants to trade SNT for DAI, they can use some of my pair to do that.
One problem that DEX have is with finding agreement on crypto token exchange rates. One DEX may have 1 SNT = .0155 DAI, and another may have 1 SNT = .0158 DAI. Traders working between those DEX are supposed to even out those prices, but sometimes they aren't fast or ready, especially for less common trading pairs.
This is where Totle Swap somes in! Totle Swap looks at all the swap rates across many DEX, gives you a list of the best rates available, and facilitates the swap through the DEX or multiple DEX if needed.
If you're trading DAI for SNT, you'd rather have the 1 SNT = .0155 DAI, but if you're trading SNT for DAI, you'd rather have the 1 SNT = .0158 DAI. Instead of manually looking for the best rate, you can hop onto Totle Swap on mobile through the Status mobile app, and see what rates are best for your particular trading pair.
Totle is often the best price swap for the pair because they are an aggregator, not a pooling DEX themselves. They manage to route the swap through multiple DEX when needed to get you the best rate.
Gaining access to the tokens you want is a core part of DeFi. There may be tons of reasons to want one token over another. Maybe you want benefits from a gaming dapp using their token, or maybe you want to speculate that some token is going to rise in price against another, or maybe you want access to interest rates from a token that has better rates than others. Whatever your profile is in DeFi, swapping is how it's done, and DEX and Totle give you that functionality all on mobile through Status.
Start swapping some tokens on mobile with Totle and see how simple and intuitive it is through the Status mobile app. Chat, browse dapps, transact, and swap all from your phone through the secure Status app. Install and check out the Status App, and also join in the dap.ps chat channel #dap-ps. Take a look at the incredible variety of tokens listed, and do some research to find out what swaps are right for you.
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*Disclaimer - This article was written for your entertainment, and the content is for informational purposes only. You should not construe any such information or other material as investment, financial, or other advice. Using decentralized financial tools does not come without risks and using Status is simply a portal to these tools - Status does not mitigate associated risks of said products.