4 min read

How to buy $rune with $eth on a Decentralized Exchange

How to buy $rune with $eth on a Decentralized Exchange

This is an instructional post on how to swap into the THORChain token $rune with the ETHEREUM token $eth by using the decentralized exchange 1inch.  

Before getting started, you can buy $rune more easily through Binance, if you have an account.  You can also see other available exchanges on CoinMarketCap.  See link below for other exchanges but do your own diligence before making a purchase.  Many of these exchanges are unregulated and/or located in European Countries with little to no recourse against scams.  I know that from first hand experience.

THORChain price today, RUNE live marketcap, chart, and info | CoinMarketCap
Get the latest THORChain price, RUNE market cap, trading pairs, charts and data today from the world’s number one cryptocurrency price-tracking website

Step 1: install, setup and purchase the necessary requirements

  1. Install Google Chrome
  2. Install MetaMask as an extension in Google Chrome
  3. Purchase $eth (Ethereum) from your favorite centralized exchange: Kraken, CoinBase, or Gemini.  This post will not show how to do that.  

If you are not familiar with MetaMask, watch this introduction video below.  

If you want to learn how to setup your MetaMask, watch this video below.  

Step 2: transfer your $eth into your MetaMask

If you do not know how to transfer $eth into your MetaMask watch the video below.

Step 3: Swap $eth to $rune on 1inch

Navigate to the 1inch.exchange, a DEX aggregator for best pricing and execution for Ethereum swaps.  

Connect the MetaMask wallet by clicking "Connect Wallet" in the upper right hand corner.  You will see the  popup below.  Click "MetaMask" to connect your wallet.

On the right hand side of the screen select the ETH | RUNE trading pare shown below.  Under "You Pay" select ETH.  And under "Your Receive" select RUNE.  Chose how much to swap and click "SWAP Token".

Do not swap 100% of your $eth to $rune.  If you do you will likely receive an error saying your don't have sufficient funds.  The "gas" fees (transaction costs) to pay for the swap come from $eth and if you swap all of it, none will be left to pay for the fees.  I recommend you don't swap more than 90% of $eth available.  

The following Confirm Swap page will appear.  Click the "Confirm Swap" button.  Next, your MetaMask will popup to authorize the trade.  Confirm the trade and 1inch will execute the trade.  Do not change the recommended gas fees.  The fees are very high, but the recommended fee will likely allow the trade to be confirmed.

Do not navigate away from this page.  You will see  a pending confirmation notice in the upper right hand corner of the page.  Monitor this notification until the trade completes.  It can take several minutes to finish.  10 to 15% of all trades (in my experience) will fail due to Etherum congestion.  If this happens you will be charged a compute fee (less than the cost to trade).  If the trade fails your $eth will not be debited and you should execute the trade again.      

Once you purchase $rune you need to add the token to your MetaMask so you can see the token and amount purchased.

In the navigation bar of Google Chrome, mouse over the puzzle piece and click it.  The installed extensions will appear.  Make sure the blue pin next to MetaMask is selected shown below.  The pin must be blue.  This will pin the MetaMask extension to the Chrome navigation bar.  

Click the MetaMask extension on the navigation bar.  The icon is an orange fox seen below.  

Scroll to the very bottom of this popup and click "Add Token"

The Add Token menu will appear.  Click on "Custom Token" shown below.  A blue line will appear under this selection.  Input the following token under "Token Contract Address".

0x3155ba85d5f96b2d030a4966af206230e46849cb

Click "Next" to add the token.  Your swapped $rune token will now appear in the MetaMask.

You should never trust the validity of a contract provided on the internet. Confirm the accuracy yourself on etherscan.io.  For convenience, I've added a link to the contract on etherscan.  

https://etherscan.io/token/0x3155ba85d5f96b2d030a4966af206230e46849cb