Conversion Depositing and Withdrawal
We’ve integrated 1inch DEX aggregator which means that you can use any liquid token (like BNB, DOT, BSW e.g.) to enter any vault on Minimax. 1inch defines the optimal routes for token swaps, in most cases providing the best exchange rates. In addition to this our smart contracts bundle the single tokens into LP tokens for LP token vaults.
To understand this feature better, let’s see how the process of depositing LP tokens to the vaults used to be like. Earlier if you wanted to stake into a promising LP token vault you had to make several steps to reach the goal: go to a DEX and buy two tokens, bundle them into the LP tokens and only then deposit the LP tokens to the vault.
With conversion depositing our platform does all the necessary conversion and bundling operations for you behind the scenes. Conversion depositing works both for single assets and for LP token vaults which makes it much easier to enter any vault, especially for vaults with LP tokens.
You can see a dropdown with the list of tokens you have in your wallet:
In this dropdown you choose which token to stake to this vault:
Then you choose the amount of tokens you want to stake to the vault. Above the deposit button you will see the amount of LP tokens you will be getting according to the swap estimate:
Once you click the ‘Deposit’ button, your token is converted into two tokens, gets bundled into LP tokens and deposited to the vault in just one click:
Please take into consideration that this feature currently is not supported on Aurora and Moonbeam chains.
Conversion withdrawal allows you to receive any token you want when withdrawing a position.
Why might you need this feature?
Let’s say you’ve opened a position in a vault with some exotic LP-token, because APY was so tempting you just couldn’t resist:
However if at some point you decided to close your position and want to get some established crypto instead of the exotic LP-token, you can just click the dropdown next to the ‘Withdraw all as’ button and choose the token you like:
Then you click ‘Withdraw all as’ button and the exotic LP token gets seamlessly swaped into the token of your choice, which goes to your wallet: