SilverToken Swap FAQs

What is SilverToken Swap?
  • SilverToken Swap is a user-friendly digital platform where you can exchange USDC for SLVD (a stablecoin always worth $1 of physical silver) and SLVD for SLVT (a token representing privately vaulted physical silver). It seamlessly connects the traditional financial world with the innovative blockchain technology.
How do I get started with Silver Token Swap?

Make sure you have a MetaMask account and that you’ve added the SLVT & SLVD token addresses on the polygon network.

You’ll need a very small amount of Matic for network fees.

Connecting Your Wallet
After deciding the amount you wish to exchange, click on “Connect Wallet” followed by “Swap.” A MetaMask prompt will appear for you to log in and confirm the transaction.

Choosing a Network:
Currently, SilverToken Swap is only operational for the Polygon network.

How do I switch between Ethereum and Polygon on SilverToken Swap?
Click on ‘Bridge’ to navigate to the network swap section. Choose the network you want to send from and follow the on-screen instructions.
 
How do I swap tokens?

Swapping USDC to SLVD:

  1. Select Polygon network
  2. Select USDC in the “Send” dropdown.
  3. Select SLVD in the “Receive” dropdown.
  4. Input the amount; note that the “Receive” amount shown is the gross amount before network fees.
  5. Review the conversion rate and click “Swap.”
  6. A confirmation pop-up will appear in MetaMask, showing the net amount after network and SilverToken fees.
  7. Confirm the transaction in your MetaMask wallet.

Swapping SLVD to SLVT:

  1. Similar to above, select SLVD in the “Send” dropdown.
  2. Select SLVT in the “Receive” dropdown, and follow the on-screen instructions.
Why swap between SLVD and SLVT?

SLVT represents physical silver, a hedge against market volatility, while SLVD provides stability ideal for daily transactions. Swapping helps balance your portfolio based on your financial goals.

Are my transactions on SilverToken Swap secure?

Absolutely. The platform utilizes blockchain technology ensuring all transactions are transparent, immutable, and secure. Ensure you’re on the official site to avoid phishing attempts.

What should I do if I encounter an issue during a swap?

Check the transaction status for error messages or details on Ethereum or Polygon blockchain explorer websites. If issues persist, contact our support team through our website or Twitter.

The network may take up to 30 minutes to complete the transaction. Make sure you have a small amount of Matic tokens to cover the cost of network fees. This will be a fraction of a cent. If you have not received your tokens after 30 minutes, or if you have any other queries please email support@stage.silvertoken.com.

How are the prices of SLVD and SLVT maintained?

SilverDollar’s Pricing
The price of SLVD is always $1, maintained by dynamically adjusting the allocation of SilverTokens to each SLVD based on live silver prices.

SilverToken Pricing
The price of SLVT is determined by the spot price of silver and the SilverToken ratio.

How much silver does 1 SLVT represent?

1 SLVT represents 1.0401 ounces of investment-grade silver. The SilverToken ratio reflects the amount of silver that represents each token, which can be tracked on our platform for real-time transparency.

Can I use Silver Token Swap on mobile?

Yes, it’s accessible via web browsers on mobile devices. Ensure your mobile wallet is compatible or check if there’s a dedicated app available.

Do I need Matic in my wallet for transactions on Polygon?

Yes, having Matic in your wallet is necessary to cover gas fees on the Polygon network. You can buy Matic through Crypto exchanges or with your debit/credit card using on-ramps like Transak, Moonpay. You can find the best on-ramp by clicking “Buy” in Metamask, which takes you to the “MetasMask Portfolio” choosing your asset, and following the instructions from there.

Sample questionWhat fees are involved in transactions?

SLVD to SLVT: You’ll pay the silver premium + a 1% transaction fee.

SLVT to SLVD: No silver premium, (swap at the spot price of Silver * Silver Token ratio) + a 1% transaction fee.

Bridge Transactions (SLVT to SLVT): A 1% transaction fee is applied.

How is new SilverDollar (SLVD) minted?

When a new SilverDollar (SLVD) is purchased, it is minted and transferred to your wallet, an equivalent amount of SilverTokens are created and deposited in a reserve account, with silver allocated to these newly minted SilverTokens reserve account.

Can I exchange SLVT for physical silver?

Yes! To exchange SLVT for physical silver:

  1. Complete and submit the redemption request form.
  2. A handling and shipping fee applies, similar to online silver purchases.
  3. Once processed, your silver is shipped from a nearby vault or you can arrange a personal pickup.
How is the silver secured?

Your silver is safely stored in one of 12 private vaults situated in politically stable countries, with insurance coverage provided by Lloyd’s of London. Additionally, we ensure transparency and trust through annual independent audits conducted by Bureau Veritas, a world-leading inspection and testing organization in the commodities industry.

What happens in the event of a platform outage?

In the unlikely event of a platform outage, we’ll provide updates through our social channels. Rest assured, your silver holdings remain secure in your wallet, unaffected by platform downtimes.

Can I use SilverToken for business purposes?

Absolutely! Businesses can transact with SLVD and SLVT. We’re here to assist you with the transition and ensure a smooth experience.

Wallet Safety Management

Your wallet’s safety is crucial. For MetaMask users, we recommend following MetaMask’s Basic Safety and Security Tips. Remember, MetaMask does not control your funds; you do, through your Secret Recovery Phrase. It’s essential to keep your recovery phrase secure to protect your assets.

img img