How to Swap JUNO on CoinStats
The Cosmos Ecosystem is built on the idea that the future of blockchain is multichain and interoperable, and it is primed to gain traction. Juno, whose mainnet went live on October 1st, 2021, is one of the most recent initiatives of that ecosystem.
Juno is an open-source platform for interoperable smart contracts that automatically executes, controls, or documents a sequence of important events and actions following the rules of a contract or agreement for it to be valid and usable across multiple sovereign networks.
It is a Cosmos ecosystem sovereign public blockchain that aims to provide a platform for the development of interoperable smart contracts. It currently enables developers to use CosmWasm to build and deploy contracts. JUNO, the network's native asset, protects the blockchain through proof-of-stake and serves as both a key to on-chain governance and fuel for any interoperable smart contracts implemented in the ecosystem.
Read this guide to learn more about the Juno network, and How to Swap JUNO on CoinStats in a few simple steps.
Let’s dive in!
What Is JUNO
Juno is a Tendermint-based blockchain that is linked to the Cosmos SDK via Inter Blockchain Communication (IBC). It provides a decentralized, permissionless, and censorship-resistant platform enabling developers to easily and safely build smart contracts using proven frameworks and combining them in several languages. Furthermore, battle-tested contract modules, like CosmWasm, enable decentralized apps to be built on resilient and secure multichain smart contracts. Additional specialized modules can be launched at any time via on-chain governance.
How to Buy JUNO Tokens on Osmosis
JUNO can only be purchased on decentralized exchanges alongside another coin. To buy a JUNO token, you must first purchase Ethereum (ETH) or Bitcoin (BTC), and then use them to buy JUNO. You'll need a cryptocurrency exchange that allows you to buy Bitcoin or Ethereum with a credit or debit card. Consider trading JUNO on major e-wallet exchanges such as Coinbase, Osmosis, or Binance.
With that said, let's have a look at how to buy JUNO tokens using your Keplr wallet and the Osmosis platform.
Step #1: Buy an IBC-enabled Cryptocurrency on an Exchange
JUNO is only available on the Osmosis platform and cannot be purchased on other centralized exchanges like KuCoin or FTX.
To purchase JUNO, you must first deposit an IBC-enabled cryptocurrency and then exchange it for OSMO.
[These are some of the IBC-enabled cryptocurrencies: ATOM, LUNA, CRO, UST, SCRT
You can purchase them from various exchanges like Crypto.com, Binance, FTX, etc.]
Step #2: Send the IBC Cryptocurrency to Your Keplr Wallet
The next step is to transfer the IBC-enabled cryptocurrency you choose (ATOM, CRO, SCRT, UST, LUNA) to your Keplr Wallet.
For this demo, we’re going to transfer ATOM to the Keplr Wallet.
Step #3: Connect Your Keplr Wallet With Osmosis
The next step is to connect your Keplr Wallet to the Osmosis platform.
Step #4: Deposit Your IBC-enabled Cryptocurrency
After linking your Keplr wallet, go to the ‘Assets‘ page on Osmosis, and then click on 'Deposit' on the IBC cryptocurrency you deposited to Osmosis.
You'll then need to move your tokens from your Keplr Wallet's native chain to the Osmosis chain (OSMO).
To do so, you'll have to pay a small transaction fee in the token being transferred.
As a result, avoid transferring your full balance from Keplr to Osmosis!
For example, to deposit ATOM to Osmosis, you will move your tokens from the 'cosmos' chain to the 'osmo' chain.
Step #5: Obtain JUNO by Trading Your IBC-enabled Cryptocurrency
You can now exchange your assets for JUNO, once you've deposited them with Osmosis.
To do so, navigate to the 'Trade' tab, Swap ATOM for JUNO
Once the transaction is completed, you will get the JUNO tokens!
How to Stake JUNO on Keplr Wallet
The following steps are needed to stake JUNO on your Keplr Wallet:
- Select 'Stake' under the JUNO network in your Keplr Wallet.
- To begin staking your JUNO tokens, choose a delegator.
The top delegators are displayed in order of 'Voting Power.' This relates to the number of JUNO tokens they have on hand. A delegator's voting power increases as more JUNO tokens are staked.
- Verify the transaction.
How to Swap Juno On CoinStats
Users can swap crypto tokens on CoinStats by utilizing the in-built swap tool or by using other Decentralized Exchanges (DEX).
CoinStats provides the best swap rate by combining all of its decentralized exchange aggregators (1inch, 0x, etc.). Whereas, individual DEX platforms, such as Uniswap or SushiSwap choose the best price from their respective liquidity pools.
Let’s take a look at the steps on How to swap Juno to USDT on CoinStats
Step #1: Connect Your Wallet
Go to coinstats.app and search for the JUNO price in the search bar, Scroll down to the Swap feature and connect the wallet on which you have the JUNO token.
By clicking on the “Connect” button you will see the various wallet options supported by CoinStats. Search for your wallet and connect it.
You can do the connection by either scanning the QR Code via WalletConnect or manually adding the Blockchain/Crypto and Wallet address in your web or mobile application.
Step #2: Select Token
After successfully connecting your wallet, select the token you want to swap by entering the details in either cryptocurrencies or USD/EUR.
In this article, we are swapping JUNO to USDT
Select the JUNO coin from your wallet in the “From’ field and select “USDT” in the “To” field.
Step #3: Click Swap
Click on Advanced Options, to adjust the slippage and gas settings. Once done with customizing, go to the bottom of your screen and click on the “Submit Swap” button.
After submitting the swap request, you will be asked to confirm the swap. Review the details appearing on your web or mobile app screen and click on the “Confirm” button to initiate the swap.
Your transaction is now being processed. The speed of your transaction will vary depending on the Gas Settings you choose. You can trace your transaction from the loader appearing at the bottom right corner or from the main page of your wallet.
NOTE: You will be charged Network Transaction fees also known as gas fees. This refers to the charge necessary to complete a transaction on Blockchain. In essence, gas fees are paid in the native currency of the network, i.e. Ethereum for the Ethereum network. CoinStats also charges a small swap Fee in addition to the gas fees.
Closing Thoughts
Hopefully, your decision-making has gotten a little more refined now that you understand how token swapping works. When it comes to crypto trading, keep in mind that there are no set strategies. Because the market is always changing, the best strategy is to retain an open mind and an open eye for opportunities so you can make lucrative profits from your investments.
You can also visit our CoinStats blog to learn more about wallets, cryptocurrency exchanges, portfolio trackers, tokens, etc., and explore our in-depth buying guides on buying various cryptocurrencies, such as How to Buy Bitcoin, What Is DeFi, How to Buy Cryptocurrency, etc.
Investment Advice Disclaimer: The information contained on this website is provided to you solely for informational purposes and does not constitute a recommendation by CoinStats to buy, sell, or hold any securities, financial product, or instrument mentioned in the content, nor does it constitute investment advice, financial advice, trading advice, or any other type of advice. Our information is based on independent research and may differ from what you see from a financial institution or service provider.
Investments are subject to market risk, including the possible loss of principal. Cryptocurrency is a highly volatile market and sensitive to secondary activity, do your independent research, obtain your own advice, and be sure never to invest more money than you can afford to lose. There are significant risks involved in trading CFDs, stocks, and cryptocurrencies. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider your circumstances and obtain your advice before making any investment. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant regulators’ websites before making any decision.
Text source: CoinStats Blog
