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First, it’s important to know that there are many different tokens that use Cardano blockchain. The most important token is Cardano (ADA) because it’s used to pay transaction fees, buy NFTs, and more. You can think of ADA as the ‘local currency’ used by Cardano blockchain and Cardano apps.
Aside from ADA, there are many other tokens that you can acquire. These tokens are often created by the apps themselves and used to perform certain actions while using that app; for example, a music app may allow you to buy songs using its own token, or a game may allow you to buy in-game items with its own token, and so on.
You can swap ADA for other Cardano tokens using the Exchange functionality available in the wallet widget. First click Exchange in the wallet widget. You’ll see two options: ‘Exchange on Cardano’ and ‘Cross-chain exchange’.
The Exchange on Cardano functionality allows you to swap between tokens that use Cardano blockchain. The Cross-chain exchange, on the other hand, allows you to swap tokens on other [non-Cardano] blockchains for ADA.
Below, we explain how to exchange tokens on the Cardano blockchain.
Requirements: enough ADA in your wallet to pay a transaction fee, plus a service fee for using the swap functionality
To swap Cardano tokens:
Click Swap in the wallet widget and choose ‘Swap’
Select which token you want to sell and choose an amount
Select which token you want to buy
Click Swap
Review the swap details and click Sign to submit the swap transaction to the blockchain
If you need to top up your ADA balance to perform a swap, you can purchase ADA by following the steps here.
Important: after you’ve submitted a swap transaction to the blockchain, it can take several minutes for the newly-acquired token to be deposited in your wallet. Click the Refresh icon at the top of the wallet if the token isn’t visible after several minutes.