How to exchange Shiba Inu (SHIB) to Toncoin (TON)
Initially, Shiba Inu was just an ordinary memcoin with no use. Still, later, it developed an ecosystem with its own DEX exchange, Shiba Swap, an online store called The Shib Magazine, and even an L2 blockchain for scaling Ethereum called Shibarium.
Toncoin, like Shiba Inu, is one of the largest altcoins in the crypto market by capitalization. In the first half of 2024, TON became the fastest-growing ecosystem, growing by more than 1,500% over the period.
How to exchange Shiba Inu for Toncoin
Step 1: Choose a destination and an exchanger
The asset the user needs to exchange, in this case, Shiba Inu, is located in the left column of the BestChange exchange table. It is necessary to find and select the SHIB token in the list, but it is worth keeping in mind that the user has two options to exchange Shiba Inu for Toncoin:
- The first is the ERC-20 SHIB token on the Ethereum network. After several recent updates, Ethereum is fast enough, but its commissions are more expensive than most similar blockchains with smart contracts (BNB Smart Chain, Avalanche) as well as second-tier networks (Arbitrum, Polygon);
- The second option is the BEP-20 token in the BNB Smart Chain (BSC) network. The BSC network is much like Ethereum and has the same address format starting with 0x, but the cost of transaction fees is much lower.
In the right column of the exchange table, you need to select the asset the user will buy (in this case, Toncoin). On the BestChange website, you can exchange TON cryptocurrency only in your native network.
After selecting the direction Shiba Inu → Toncoin, a list of all suitable exchange platforms will become available.
What is essential to pay attention to when choosing an exchanger?
First of all, you should pay attention to the minimum and maximum limits, as well as the exchange's available reserves. According to these parameters, you can sort the list of exchangers initially ordered by the exchange rate, starting with the most favorable for the user.
In addition, next to the name of each exchange platform, some icons mark the features of this service. These icons inform you:
- Whether the exchanger works manually or automatically:
- Whether it fixes the exchange rate during the transaction or not;
- Whether it requires verification during the exchange process;
- Whether the service includes commissions in the exchange rate and so on.
After selecting an exchange office, you can proceed to the next step: creating a request for exchange.
Step 2: Creating a request
To leave an exchange request, the user needs to click on the exchange office's name. When they go to the site, a form will appear, which they must fill out to start the transaction.
In the form provided by the exchanger, you need to enter at least the cryptocurrency wallet address to receive Toncoin and your e-mail address: it will receive a payment receipt after the transaction is completed.
It is worth considering that TON-wallets have additional MEMO tags that exchangers provide to fill out. It is not necessary to specify these tags if the user has not installed them. Basically, MEMO is used when replenishing exchange addresses: this way, it is easier for crypto exchanges to identify the transaction and link it to a specific account. When buying or selling cryptocurrency through online exchanges, it is not recommended to use exchange wallets.
Step 3: Send Shiba Inu tokens
After filling out the form, you need to send an exchange request; the exchanger should accept it and return a wallet address to transfer Shiba Inu tokens in Ethereum or BNB Smart Chain (depending on which option the user has chosen).
Before sending, it is essential to ensure the user is sending tokens on the correct network, as it is straightforward to make a mistake. As mentioned above, the Ethereum and BNB Smart Chain networks have the same address format, so the exchanger cannot warn that an incorrect address has been entered.
If a user selects the Ethereum network when filling out the exchange request form but sends SHIB tokens in the BNB Smart Chain blockchain, the exchanger will not be able to confirm the transfer, at least not automatically. Due to the rather high speed of transaction processing, canceling the sent transaction is unlikely to be possible, so in this case, you will have to contact support.
Step 4: Receive Toncoin cryptocurrency
Before sending TON cryptocurrency to the wallet provided by the user, the exchanger must confirm the transfer of SHIB tokens. The speed of confirmation will depend on the exchanger's mode of operation: with manual processing of requests, it can take from a few minutes to half an hour, and with automatic processing—almost immediately. The time for processing requests should be specified directly on the exchanger's website.
The Toncoin network is one of the fastest and even set a world record for the number of processed transactions per second, so the transaction should be completed in just a few seconds after the exchanger transfers the TON cryptocurrency to the user.
