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Rango Exchange Review - The First Tool Which Does It All!
Due to the decentralized nature of cryptocurrencies, it’s not easy to maneuver between different platforms when making investments – crypto wallets, x-chain solutions, etc. The crypto industry is not beginner-friendly.
Fortunately, there’s a tool that allows crypto traders to benefit from various financial instruments in a single interface. Rango Exchange is one of these. This review will focus on the benefits of using Rango Exchange, $rango Token, trading fees, and if it’s worth using this all-in-one swap.
Disclaimer: There’s a huge risk involved in cryptocurrency trading, and it can result in 100% capital loss. We strongly advise doing your own research before starting investing in cryptocurrencies.
Table of contents:
Benefits of Using Rango Exchange
What Is Rango Exchange?
Rango Exchange is a decentralized blockchain-based application. It’s the first multi-chain DEX aggregator which works with the most popular blockchains. As for the time of writing, Rango supports 20+ blockchains, 10+ bridges/DEXs, and six different crypto wallets. They merged it into a unified, user-friendly UX, allowing users to make highly complicated swaps in one app.
For example, when swapping tokens from BNB chain to Polygon network, you don’t have to use their respective applications. Rango Exchange is all you need for this operation. It integrates multiple aggregators like 1inch with X-Chain solutions (e.g. Thorchain). It might be the best DeFi application to use for cross-chain crypto swaps and the go-to app for crypto enthusiasts.
Benefits of Using Rango Exchange
The main benefit of using Rango Exchange is that it simplifies investment strategies on multiple blockchains. You can say it’s your HUB, where you can access the crypto world. Previously, you had to transfer assets from one network to another only to buy one token for a further resell. Along the way, it involved different blockchain bridges, crypto wallets, centralized exchanges, and various fees.
With Rango Exchange, you can simply buy a cryptocurrency on a different blockchain and significantly speed up the entire process. All you have to do beforehand is connect your multi-chain wallet like Metamask, for example.
Safety
You may wonder if using DEX aggregators is safe and you’re not exposing your coins to unnecessary risk. It is completely safe because all of your coins are kept in your decentralized non-custodial crypto wallet. Rango Exchange is also a non-custodial platform.
As long as you keep your private credentials safe, unauthorized people won’t gain access to your wallet. Rango is only a tool to exchange cryptocurrencies, and they will never ask for your credentials.
Exchange Rates
The application works like any other tool of a similar kind, e.g., Uniswap. It’s also integrated into Rango platform, among several others. We already mentioned that the swaps can be done on numerous blockchains. What’s more, the Rango API system searches for the best rates across all integrated applications, giving its user the best rate for that specific token swap.
This is the application that the crypto community has been waiting for. Now you can utilize your investment strategies in one place without searching for tokens on different platforms. The whole process took a hefty amount of time, not to mention many crypto fees along the way.
How To Use Rango Exchange?
Rango Exchange wants to become a platform where users can swap any cryptocurrency from one blockchain with any other crypto asset from any other network. For now, the application looks reliable and promising, despite still being in Beta. Users have reported some minor bugs and glitches, but nothing that would make the application unusable.
The user experience is good, making Rango Exchange very useful for crypto and multi-chain experience. I believe this is the beginning of super aggregator apps as it brings a breath of fresh air to the crypto community.
To bring out Rango Exchange’s full potential, make sure you have the basic knowledge of swapping cryptocurrencies on multiple blockchains. Here’s a list of supported platforms:
- X-Chain Solutions: Thorchain, 1Inch, Binance Bridge, Terra Swap, Terra Bridge, Osmosis, Lido, Harmony Horizon, Avalanche Bridge.
- Cryptocurrencies: Ethereum, Bsc, Terra, Thor, BTC, BNB, Polygon, Avax, Cosmos, Harmony, Akash, Polkadot, Osmosis, LTC, BCH, Tron, Dogecoin
- Multi-chain Wallets: XDefi, Terra Station, Metamask, Harmony One, Binance Chain, Kepler
Remember that Rango constantly extends supported cryptocurrencies and platforms so it’s best to check it by yourself.
Tutorial
- To start using Rango DEX services, you have to connect your supported crypto wallet. This will apply to any crypto wallet from the supported list.
- Once you have your wallet installed and set up, connect it with the Rango DEX platform using the “Connect” button located in the upper right corner. With the user-friendly swap interface, you can choose to swap from more than 7000 crypto assets and on multiple blockchains.
The interface is clear and straightforward, so even crypto beginners won’t have any problems. Once you select the two tokens to swap, Rango will automatically search for the best exchange rate, showing it on your screen.
Additionally, it shows every free associated with a given application that needs to be operated to perform a token swap. For example, if the route goes through a couple of DEXs and one blockchain bridge, Rango will show you every amount of fees to be paid.
Let’s say you want to swap BNB Coin from the BNB Chain – BSC to Matic on the Polygon blockchain. The app shows the best route: 1inch DEX – Woo Network on BSC – cBridge v2.0 – Woo Network on Polygon blockchain – 1inch aggregator on Polygon network and a total fee of $1.86.
Fees on Rango Exchange
You still have to pay fees in the native cryptocurrencies of every blockchain that will be used to swap tokens. Take the last example with BNB and Matic. Both of these are used for the transaction fees. We need BNB since we’ll be using it to swap from, and Matic is necessary for the transaction fees on the Polygon blockchain. Specifically to pay for the services provided by 1Inch DEX on the Polygon network.
In this case, fees are relatively cheap because both networks operate at low fees. It all depends on the chosen currency. If we take Ethereum, the fees will be much greater when swapping tokens.
Rango Exchange announced their native token called $rango, which will be used to pay these transaction fees. Therefore, users will have to hold $rango tokens without the native cryptocurrencies of every blockchain. For now, you still have to keep them when doing a token swap. Nevertheless, they offer the quickest method to swap tokens from one blockchain to another.
What is a $rango Token?
$rango token is announced for a future release in Q1 of 2022. The information regarding its planned release can be found on the official website. Be aware of scammers, who will tell you otherwise, and always check the latest news regarding Rango Exchange through official channels.
It’s unclear why the $rango token isn’t implemented yet. According to their whitepaper, $rango token holders will benefit from low or even no fees on the platform, which is a strong selling point for the app. However, this will apply only to users who utilize the platform above a certain threshold.
The token operates on the Terra blockchain, and it will have a total supply of 100 million tokens. It’s also announced to be available in a private sale. The team behind Rango Exchange is currently looking for VCs and individuals to expand its functionality further.
$rango has a massive potential simply because of its application's utility. It simplifies the cross-chain experience and multi-step swaps for every crypto investor. If the token is reasonably priced, many users will enter and buy some for themselves.
Affiliate Link Program
Every user has access to an affiliate program, where everyone can invite friends by sending them a referral link. It’s a great way of promoting the platform because inviting friends comes with certain benefits. The whole process is presented as follows:
- Get a referral link. Connect a wallet and generate your referral link in the Referral section.
- Invite friends. Invite your friends to register via your referral link.
- Earn crypto. Receive 50% of Rango’s fee as a reward from your friends’ swaps.
As you can see, the presented rewards are pretty generous, and it’s definitely worth inviting friends who will use the Rango Exchange on regular basis. It also increases your chances of receiving regular Airdrops. If you have found the information helpful, perhaps you may consider registering using our affiliate link.
The Crypto Airdrop is a marketing method employed by startups in the cryptocurrency space. It involves delivering bitcoins or tokens to the wallets of current cryptocurrency traders, either for free or in exchange for a small promotional service.
Pros and Cons
Many experienced users have been waiting for a blockchain-based application for quite some time. It proves its worth by simplifying everyone’s cross-chain investments. Additionally, it finds the best route for every multiple token swaps.
However, it doesn’t come without flaws. Rango Exchange is still in the beta stage. That’s why it's wise to use it carefully and operate on small amounts first. Not every transaction is completed successfully, but you can always try again till it “clicks.”
Users report other problems on their official Telegram group. Some people claim that the swapped funds are misplaced on other chains than those chosen in the swap.
Others say that funds never arrived in their wallets, but it sounds like an extortion attempt to me. The application is still in development, so minor bugs and glitches are inevitable.
Conclusion
There’s no doubt that the future of DeFi space is cross-chain, and Rango Exchange sets the bar high when it comes to cryptocurrency exchanges. Rango works with more than 20 blockchains at the time of writing, and it’s still growing.
Keep in mind that the team behind Rango Exchange is entirely anonymous. This is quite common for recent DeFi projects, as the team behind Titano DeFi also chose not to reveal themselves. Fortunately, it didn’t impact the usability of both programs, as they both delivered an excellent tool for crypto investors.
Eventually, Rango Exchange works smoothly, without any risk of losing your capital or having the crypto assets misplaced – at least in my case. I will continue to use it as it’s the best tool among cross-chain DEXs. Applications like these will continue to release due to the user-friendly interface and great starting point for beginner investors.
