May 31, 2021

How to Buy BIP for USDT, Decentralized

A short guide to purchasing BIP with USDT in an entirely decentralized manner, with no exchanges or intermediaries in the middle.

USDT Deposit

In your Ethereum wallet, you need to have USDT tokens for which you’ll be buying BIP. You’ll also need ETH to pay fees.

First off, let’s make a cross-chain transfer of USDT from Ethereum to Minter. For that,

  • Generate a new address using Minter Console or sign in with the seed phrase if you already have one
  • Go to the Deposit & Withdraw section
  • In the Deposit form, log in with the wallet where you have USDT
  • Specify the receiver address (the address with which you logged in to Minter Console is set by default)
  • Choose the token available for deposit. In our case, it’s USDTE, a mirrored version of Ethereum’s USDT
  • Enter the number of tokens to be transferred. For simplicity, you may click on USE MAX
  • Now you need to unlock the amount you’ve specified for a smart contract. Press Unlock and confirm the transaction using the Ethereum wallet you’ve connected
  • In the MetaMask wallet, for example, the confirmation window looks like this. You’ll be charged a fee in ETH:
  • Once the Approve transaction has been confirmed by the Ethereum network, you’ll see the amount of unlocked tokens ready to be deposited in the Deposit form. The only thing left to do is press Send, and your USDT will move from Ethereum to Minter. You’ll be charged an ETH fee for this transaction as well
Alert! For deposits and withdrawals, you pay an additional fee of 1% that goes to the oracles of the Minter Hub bridge, who maintain the cross-chain transfers.

After the transaction has been validated by the network and the bridge, its status will change to Success:

Now USDTE tokens are spendable from your Mx address.

Purchase of BIP

To buy BIP, switch to the Swap section using the left sidebar menu.

There are three forms in this section:

  1. Buy coins. Useful when you know the exact quantity you want to buy
  2. Sell coins. Useful when you know the exact quantity you want to sell
  3. Sell all coins. Useful when you’ve decided to sell the whole quantity

For demo purposes, let’s go with the Sell coins form (because we know exactly how much USDTE we want to sell). Here, we’re selling 100 USDTE to buy BIP:

When you press the Sell button, you’ll see a pop-up window with the detailed info:

After making sure the data and rates are correct, hit Confirm.

What else do you need to know?

  • To avoid big slippage, you may close the window and enter the number you need in the Min amount to get field. By doing so, you’re guaranteed that if the price fluctuates so much that the number of coins is less than the one you specified, your transaction won’t get through
  • Swap type refers to how an exchange operation will be made. Comes handy when transacting in backed coins that have a reserve. The most easy-to-use option is ‘Auto’
  • Swap route is the path your token will take on its way to transforming into another. It’s the most efficient one and is calculated automatically
  • You may use the algorithm described above to buy BIP with other Ethereum tokens, such as USDC, too