What Is DeFi Trading?

Decentralized Finance (DeFi) allows for direct peer-to-peer transactions of digital assets. MoonPay facilitates access to DeFi services by connecting users to decentralized liquidity aggregators. Users in selected regions can use this service to interact with various tokens using USDC (Solana).

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Note:

MoonPay is not a Decentralized Exchange (DEX) and does not execute trades.

• MoonPay's DeFi Trading services provide access to the following functionalities:
• Token Purchasing: Facilitates the purchase of digital tokens using USDC (Solana) through the DeFi interface.
• Token Exchange: Users can exchange crypto assets back to USDC (Solana) via the DeFi interface, subject to liquidity and availability. Please be aware that MoonPay does not guarantee the availability of token swaps and that market conditions may affect the ability to exchange specific tokens for USDC (Solana).
• Digital Asset Transfer: Users can transfer digital assets between compatible addresses.
• Transaction Tracking: Provides a feature to view the history of transactions within the MoonPay app.

How MoonPay enables you to Trade crypto assets

MoonPay acts as the software layer that connects customers to a decentralized exchange or decentralized exchange aggregator to enable peer to peer trades.

Trade with USDC (Solana): Trade crypto assets using our new Solana USDC funding option.

Sell crypto assets: You can conveniently sell your crypto assets back to the liquidity pool for USDC (Solana). However, token swaps are subject to liquidity, and market conditions may affect the ability to exchange specific tokens. Liquidity risk means you might not be able to sell at your desired price or at all.

Flexible Withdrawals and Conversions: Withdraw USDC (Solana) to your MoonPay balance (in jurisdictions where its available) or sell it directly to your bank or card via supported payout methods.

Send Funds Easily: Use our in-app send functionality to transfer your crypto assets and USDC (Solana) to external wallets.

How can I top up my USDC (Solana)?

You can top up your USDC (Solana) in multiple ways.

Use MoonPay Rails to top up with MoonPay balance or an alternative payment method:

1. Log in to your MoonPay account
2. Go to the Wallets tab
3. Select USDC on Solana.

4. Tap Top Up, enter the amount, and choose a payment method.

5. Complete your order using MoonPay Rails. If you haven't already verified with MoonPay Rails, complete our customer onboarding. We’ll notify you once your top-up is received.

Using an external wallet:

1. Log in to your MoonPay account
2. Go to the Wallets tab
3. Under Balances select USDC (Solana)
4. Tap Receive and follow the on-screen instructions.
5. In your external wallet, send USDC (Solana) to the wallet address shown in the MoonPay app.

That’s it! You’re ready to trade seamlessly with USDC (Solana).

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Note:

• Minimum Top-Up: A $20 minimum purchase is required when topping up USDC (Solana) through MoonPay Rails.
• External Wallet Transfers: Before sending USDC (Solana) from an external wallet, double-check the recipient wallet address in your MoonPay app to ensure accuracy.

How can I buy crypto assets using DeFi Trading on MoonPay?

MoonPay connects users to decentralized liquidity providers to facilitate users swapping using USDC for another crypto token. This process utilizes decentralized liquidity providers to facilitate token swaps. Currently, this functionality is available on the Solana network, with plans for expansion to other networks in the future.

We’ll walk you through the process below. For this guide, we’ll assume you have a sufficient balance in your USDC (Solana). If not please see the above section.

1. Go to the Wallets tab and tap on Discover more assets or go to the Search Tab

2. Pick the crypto asset you want to buy

3. Tap Buy and enter the amount you want to buy, starting from $1, and then swipe to confirm your purchase.

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Note:

• MoonPay provides access to decentralized liquidity providers to facilitate token swaps using your USDC (Solana).
• Your DefI purchase will be in USDC, as you’ll be using your USDC (Solana) to buy the crypto asset. Once complete, it will be shown your Assets and Solana wallet, in your local currency

How to find tokens

Go to the Wallets tab and tap on Discover more assets or go to the Search Tab and pick the crypto asset you want to buy. If you're having trouble locating a specific crypto asset, it might have limited visibility in the MoonPay app, but may be searchable:

• Locate the crypto assets token contract address
  -Find the token contract address on Dexscreener
  -Click the copy icon next to the token name.
• Paste the Contract Address:
  -Copy the token contract address and paste it into the search bar on the "Discover" tab in your MoonPay app.

How can I sell crypto assets on MoonPay?

Users can exchange crypto assets through MoonPay, which connects users to a decentralized liquidity aggregator. Please be aware that MoonPay does not guarantee the availability of token swaps and that market conditions may affect the ability to exchange specific tokens for USDC (Solana).

This short guide will walk you through the process of selling your crypto assets. You can sell any crypto assets held in your Solana MoonPay wallet for USDC (Solana), regardless of where they were purchased, subject to availability and market conditions. We'll guide you every step of the way!

1. Go to your Portfolio and select the crypto asset you want to sell

2. Enter the amount you want to sell

3. Swipe to sell

4. That's it! We'll send your order to the DEX to exchange your token for the equivalent value in USDC (Solana), with any associated fees considered, and deposit the USDC (Solana) directly into your MoonPay wallet.

What are the fees? And how much does DeFi Trading cost?

To help you understand the costs involved, here's a breakdown of the components of the fee associated with MoonPay's DeFi access:

• MoonPay Fee: 0.8% per swap
• Minimum MoonPay Fee: A minimum MoonPay Fee of $0.25 may apply
• Fees: This fee covers our costs associated with asset transfer and may vary depending on a number of factors, such as network congestion and operational costs

How long does a Solana USDC top up take?

The time it takes for your USDC (Solana) top-up to be available in your wallet varies depending on the method used and is subject to network conditions:

• MoonPay Balance: Top-ups from your MoonPay balance are generally processed quickly.
• External Wallet: Processing times for external wallet transfers are subject to blockchain confirmations.
• Alternative Payment Methods: Processing times for alternative payment methods vary depending on the provider and method used (e.g., bank transfers may take longer than card payments). For more details, check this article.
• Activity Tracking: You can check your activity/portfolio at any time. If any delays occur with your funds, you will be notified when they have been received.

How long does a DeFi trade take?

Crypto asset trades on MoonPay are processed quickly, however, network congestion and blockchain confirmations can affect processing time. Please be aware that MoonPay does not guarantee the availability of token swaps and that market conditions may affect the ability to exchange specific tokens for USDC (Solana).

How do withdrawals of Solana USDC work?

You can withdraw your Solana USDC directly to your MoonPay balance, or you can sell it to your bank account or card. Withdrawals to your MoonPay balance are instant and free of charge! If you choose to withdraw to an alternative payout method, standard processing times and fees will apply.

Can I send my crypto assets to an external address?

You can send your crypto asset at any time. There’s only a few steps to go through. We’ll walk you through them below:

1. Go to the Wallets tab and select the crypto asset

2. Select the three dots (...) and choose Send

3. Select the token you want to send from the asset list

4. Enter the amount you want to send

5. Enter the destination wallet address you want to send to and continue

6. That's it, you can track your send activity directly from your Activity History

To send cryptocurrency, you'll need SOL balance for fees. These fees cover asset transfers and can fluctuate. We're planning to expand fee payment options to include tokens other than USDC soon.

What networks does MoonPay currently support for DeFi trading?

Currently, MoonPay supports DeFi trading activities on the Solana network (SOL). While our current focus is on Solana, we are actively exploring and planning to integrate additional blockchain networks in the near future. This expansion will provide our customers with more options and greater flexibility in their DeFi trading.

How can I check if my order is complete?

To check if your transaction has been successfully completed, please follow these steps:

1. Go to a blockchain explorer such as https://solscan.io/
2. In the search bar, enter your transaction details. You can search by wallet address, transaction hash, block, or token.
3. Check the search results for your transaction.

Where is DeFi Trading supported on MoonPay?

DeFi trading is available where MoonPay operates, but not available in New York, Canada or the European Economic Area (EEA) at this time.

What are the exchange rates for buying and selling crypto assets and how are they determined?

Exchange rates for buying and selling crypto assets are determined by third-party liquidity providers.. These providers aggregate liquidity from various sources to provide you with the market exchange rates at the time of your trade. Rates fluctuate based on market conditions and the specific crypto asset you're trading. Please be aware that MoonPay does not guarantee the availability of token swaps and that market conditions may affect the ability to exchange specific tokens for USDC (Solana).

Common errors with DeFi Trading and how to troubleshoot

If you encounter errors when making a DeFi trade, please be aware that MoonPay does not operate or control the DEX, and any errors that occur are generally beyond our control. Here are the most common issues and how to resolve them:

• We couldn’t complete your buy/sell due to temporary network congestion or insufficient liquidity.
  -Solution: Try again later, reduce your trade size, or consider swapping for a different token with higher liquidity.
• Failed to fetch a quote. Please try again later.
  -Solution: Try changing the amount or close and re-open the flow in order to retrigger a quote.

If the errors persist, please contact our support team through live chat for further assistance.

Which providers does MoonPay work with to enable DeFi Trading?

DeFi Trading may include services from the below third party providers and others. This list may be updated from time to time.

• Relay:
  Relay is a company operating in the decentralized finance (DeFi) space, providing services that facilitate seamless cross-chain transactions. It focuses on enhancing interoperability between various blockchain networks, allowing users to transfer assets smoothly across different chains. By bridging these networks, Relay enables greater liquidity and accessibility in the DeFi ecosystem, helping users to optimize their trading and investment strategies with ease and efficiency.
• Jupiter:
  Jupiter is a company involved in decentralized finance (DeFi), focusing on providing liquidity solutions and trading services. It operates platforms that facilitate token swaps and leveraged trading by acting as a liquidity provider, offering a pool where traders can borrow tokens for their transactions.
• Codex:
  Codex is a company that focuses on providing secure digital solutions and platforms. It specializes in handling and managing sensitive data, ensuring privacy and security for its clients. Codex's services are designed to protect information and support secure digital transactions and communications, making it easier for businesses to safeguard their data and maintain trust with their customers.

Are there any risks associated with trading crypto assets?

Like any investment, trading crypto assets carries certain risks. These include:

General Market Risk
The risk of loss when trading or holding a crypto asset, such as bitcoin, ether, or any other crypto asset, can be substantial. You should therefore carefully consider whether trading or holding crypto assets is suitable for you in light of your financial condition.

Crypto Asset Price Risk
Crypto assets are not legal tender and a crypto asset may experience extreme price volatility. The price or value of a crypto asset can change rapidly, decrease and potentially even fall to zero.

Liquidity Risk
The liquidity of a crypto asset depends on the ability to buy, sell, or swap that crypto asset. If the market for a crypto asset is not sufficiently liquid, you run the risk of being unable to sell your crypto assets or being unable to do so for a reasonable price.

Fraud Risk
Crypto assets may be lost or compromised as a result of fraud or theft, similar to any other type of asset. Phishing attacks, spoofing, scams, and attacks on the technological infrastructure of a crypto asset may all cause irreversible loss. Additionally, if you send crypto assets to an unknown wallet, it may be impossible for you to recover those crypto assets.

Security Risk
When you buy, sell or transfer crypto assets you are dealing with a digital asset. This means that, like any other digital system, crypto assets are at risk of being hacked or affected by technical problems. DeFi trades rely on smart contracts, which are each subject to these identified security risks. This could result in you losing your crypto assets or delaying your ability to sell, transfer or spend them.

Access to Crypto Assets Risk
Some wallets require you to have a recovery phrase to access your crypto assets and that recovery phrase may be a series of 12 to 24 words. If you lose your recovery phrase (frequently referred to as a ‘mnemonic phrase’), you may not be able to ever access your crypto assets.

Network Congestion and Order Delay Risks
MoonPay uses good faith efforts to fulfill customers orders when they are placed. However, from time to time, it may be necessary for MoonPay to delay fulfillment of an order until the relevant network can process the order. MoonPay does not have any control over transaction times for a crypto asset network (i.e. the blockchain) and there may be instances where transaction times take longer than usual.

Regulatory Uncertainty
The regulatory status of crypto assets differs from country to country and many regulations are continually evolving. The regulatory treatment of a crypto asset may change and any change may affect your ability to use that crypto asset and/or the availability of that crypto asset. You must do your own research and it is your responsibility to ensure you are complying with any applicable laws in your country.

Glossary

To help you better understand the terms used in this help centre guide, here's a brief glossary:

Decentralized Finance (DeFi): A financial system based on blockchain technology that enables peer-to-peer transactions and financial services without reliance on traditional intermediaries.

Decentralized Exchange (DEX): A cryptocurrency exchange that operates without a central authority, allowing users to trade assets directly with one another. Note: MoonPay is not a DEX but provides access to DEX services.

Liquidity: The ease with which an asset can be bought or sold without significantly impacting its price. High liquidity indicates a large number of buyers and sellers.

Liquidity Aggregator: A service that consolidates liquidity from multiple decentralized exchanges and other sources to offer users optimal trade execution and pricing. Note: MoonPay facilitates access to liquidity aggregators.

Cross-Chain: The capability to transfer assets or data between different blockchain networks.

USDC (Solana): A stablecoin (a cryptocurrency that attempts to maintain a stable value by being pegged to a stable asset, such as the US dollar) that operates on the Solana blockchain.

Solana: A high-performance blockchain platform recognized for its fast transaction speeds and scalability.

On-Ramp: A service that enables the conversion of traditional fiat currency (e.g., USD, EUR) into cryptocurrency.

Off-Ramp: A service that facilitates the conversion of cryptocurrency into fiat currency.

Fiat Currency: Government-issued currency, such as the US dollar (USD) or euro (EUR), that is not backed by a physical commodity.

Token Swap: The exchange of one cryptocurrency token for another.

Blockchain: A decentralized, immutable ledger that securely and transparently records transactions across a distributed network.

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Disclaimer:

• MoonPay facilitates access to DeFi trading by connecting users to decentralized liquidity aggregators. MoonPay is not a Decentralized Exchange (DEX) and does not execute trades directly. All trades are executed by the connected liquidity providers. Users should be aware of the risks associated with DeFi trading and the use of decentralized platforms.
• We are always testing out new products so this may not yet be available to all customers