This article serves as an extension of the first guide on how to convert SLP to fiat money.
In this case, I’ll be showing how to transfer SLP to USD because Binance does not support P2P transactions for users in the United States.
For this guide, we’ll be using Uniswap to turn SLP into USDT, then using Binance.us to convert it into USD.
I’m assuming that you’ve already read the first guide, but just in case you haven’t, you can find it here: (how to convert SLP to fiat money first part link)
It contains information on how to withdraw SLP to MetaMask because I’m also assuming that you already have SLP in your MetaMask for this guide.
How to Send SLP to Uniswap
- Go to https://www.coingecko.com/en/coins/smooth-love-potion
- On the Info section, you will see the SLP contract address with a copy button
- Copy the address of SLP
- Go to https://app.uniswap.org/#/swap
- Click on the ETH bar
- Paste the SLP address on the search bar
- The SLP should pop up beneath the search bar, next to the SLP, click on Import
- Uniswap will notify you that SLP is not an active token on their list, just click Import
You should now be able to swap your SLP for USDT.
- Click on Select a token then select USDT
- Click Connect Wallet to connect your MetaMask wallet to Uniswap
- Select MetaMask
- MetaMask will prompt you to confirm the connection
- After connecting MetaMask to Ronin, enter the amount of SLP that you want to cash out
- Once ready, click Swap
- A MetaMask notification will present you the gas fee for your request (note: you won’t be paying yet, MetaMask is just showing you how much you have to pay to convert SLP to USDT
If you feel that the gas fee is too high, you may wait before exchanging your SLP.
Pro Tip: There is a button on the MetaMask prompt that says EDIT. You can increase the gas fee in exchange for a faster transaction and vice versa.
- When you’re ready to exchange it, click Confirm
- Like any other transaction, it will be put on pending for a certain amount of time, depending on how much gas fee you pay
- Keep in mind that you can always track the transaction on Etherscan
- On the top right, you can see a highlighted button “1 Pending”; Click on this button
- Click Approve SLP
- This will lead you to Etherscan showing that you have approved the exchange.
- Go back to the Uniswap Interface
- It will show you that you are now free to trade your SLP
- Click Swap
- Click Confirm Swap
- MetaMask will then present your gas fee again and this is where you pay
- Confirm the transaction
- Wait for the transaction to be successful on Etherscan
- Once successful, you can check the MetaMask extension on your browser to see if your USDT is listed in your wallet!
How to Send USDT to Binance.us
USDT in your MetaMask will be sent to Binance.us. It’s a similar process as sending SLP to Binance, or any asset from MetaMask to a decentralized exchange (DEX).
- Go to https://www.binance.us/en/usercenter/wallet/deposit/USDT
- On the right, there should be a QR code with a contract address on the box This will be the recipient of the USDT
- Copy that address
- Open your MetaMask browser extension
- Click on your USDT, then click Send
- Paste the Binance.us address on the search bar
- Enter the amount of USDT you want to send, you can also click on Max to automatically put all the USDT you have in your wallet
- Set the appropriate price for the gas fee
Pro Tip: You can find the average gas fee of GWEI here
- Proceed to send USDT to your Binance.us wallet
- You should be able to see your Binance.us account receive the USDT here
- Transaction complete! USDT is now ready to be sold for USD in Binance.us
How to Convert USDT to USD
All that’s left is to sell the USDT for USD. The normal Binance dex restricts P2P for users in the United States.
Binance.us allows USDT to be sold on the market without the need for P2P.
- Go to https://www.binance.us/en/trade/pro/USDT_USD
- On the right side of the interface, click on Sell
- Set your price for each USDT (USDT is a stable USD token, meaning that 1 USDT is equal to $1)
- The slider sets the amount of USDT that you want to sell, you can slide it all the way to the right (100%) to sell all of your USDT
- Your order will be immediately placed on the market; it might take a few moments for someone to buy your USDT, but it should pop up on the latest order list
- Track your order in Order History
- Once the transaction is successful, you can check your balance to find the USD in your Binance.us account
- Go to the Binance.us wallet here
- Proceed to withdraw your USD to a compatible bank account
All done! Your SLP is now USD!
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