How to Swap Assets into Mento Stablecoins Using Squid
September 20 2024
by Victoria Calmon
This is a comprehensive guide on how to use Squid Router to swap assets from other blockchains into Mento decentralized stablecoins like cUSD. Whether you’re starting with BNB, ETH, or any other supported asset, Squid simplifies the process of bringing your funds into the Mento ecosystem. This tutorial will walk you through each step, ensuring a smooth and efficient swap into Mento stablecoins.
Watch the demo video here and read the tutorial below.
Why do Mento Stablecoins Matter?
Mento decentralized stablecoins, such as cUSD, are designed to provide stability in the volatile world of cryptocurrency. Pegged to major currencies like the US Dollar and integrated into the broader Celo ecosystem, Mento stablecoins are versatile tools for a range of activities, including everyday transactions, staking, and more. They offer a reliable store of value, making them a crucial part of your digital finance strategy.
Why Use Squid for Swapping into Mento Assets?
Squid is a powerful tool for cross-chain swaps, allowing you to convert assets from other blockchains, like Binance Smart Chain or Ethereum, into Mento stablecoins seamlessly. With Squid, you benefit from the speed and efficiency of the Celo network, making your transition into the Mento ecosystem easier than ever.
Step 1: Access Squid Platform
Start by visiting the Squid platform at https://app.squidrouter.com/ click on connect wallet, to connect your preferred wallet. Whether you're using MetaMask, WalletConnect, or another supported wallet, Squid ensures a straightforward connection process.
Step 2: Select Your Source Asset
Once your wallet is connected, choose the asset you wish to swap from. For instance, if you have BNB on the Binance Smart Chain, select it as your source asset.
Step 3: Choose Your Destination Asset
Next, select your destination asset—cUSD on the Celo network. Squid will automatically select cUSD as the default option because of its prominence within the Celo ecosystem.
Step 5: Submit and Confirm the Transaction
After reviewing your settings, click "Submit" to initiate the swap. Confirm the transaction in your wallet. Squid will handle the cross-chain transfer, and your cUSD will be available in your Celo wallet shortly.
Congratulations!
You’ve successfully swapped assets into Mento stablecoins using Squid. Now that you’re part of the Mento ecosystem, you can explore various use cases for your cUSD, from everyday payments to staking and beyond. Mento offers stability and utility in your digital finance journey, making it a valuable asset in your portfolio.
For further assistance or if you have any questions, feel free to follow Mento Labs on Twitter/X and join our community on Discord. Our support team is always ready to help. Welcome to the Mento family!
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