Could this blockchain based application become the best decentralized cryptocurrency exchange? Crypto enthusiasts can now swap tokens on multiple blockchains only utilizing one easy to use decentralized blockchain based application. Rango exchange is the first multi-chain DEX aggregator to work with so many blockchains, and it is operating efficiently, but still in Beta version. I believe this category of application is the most welcomed into the DeFi space, making our lives and crypto investments easier across multiple networks. For example, to swap tokens from BNB Chain to Polygon network or any other blockchain, previously we needed to operate multiple applications, blockchain bridges, or even use centralized exchanges. But now, only using the Rango DEX, we can easily swap cryptocurrencies between these two blockchains, and on even other smart contract enabled blockchains, because Rango exchange is operating with more than 20 blockchains. Check out my full Rango exchange review to find out how to swap tokens on multiple chains with a full tutorial, how does the Rango DEX aggregator work, and if this is the best DeFi application to use it for cross chains crypto swaps.
Rango exchange in a brief review
Note that I may earn affiliate fees if you use Rango DEX with my affiliate link, and maybe you will understand from my manner of writing that I do some Rango exchange advertising. I am trying to be as unbiased as always, just like with my every made review so far. And if this blog post might sound like a promotion post, note that this is only because I am pretty enthusiastic about this kind of blockchain based applications, and Rango Dex simplifies my investment strategies on multiple blockchains. Also, as you might know, I only review crypto projects that I use or intend to use, and which will bring value to the blockchain space.
Rango is a user-friendly DEX aggregator, which can be used by any cryptocurrency user with a supported DeFi wallet, to swap cryptocurrencies on multiple blockchains. We all know how hard it was to transfer our assets from one network to another, only to buy one token, because we believe that it might have some higher price potential. Also, this kind of operation involved different blockchain bridges, multiple crypto wallets, even centralized exchanges, and all these with various fees. But now all these are over, because with Rango exchange, we can simply buy a cryptocurrency on a different blockchain with one easy to use blockchain based application, and a multi chain wallet like Metamask.
The Rango platform launched for quite some while being the first multi-chain super aggregator to work with over 20 blockchains. For now, this super aggregator is still in Beta version, and the team behind the projects ensures that it is secure and safe to use, but initially to use it with some lower amounts of crypto funds, because we all know that perfection cannot be achieved easily, or even never. I had some problems with my first transactions, especially with a route through PancakeSwap, and also with a 1Inch route, between BSC and Polygon networks. But more about these problems, and what other problems users of Rango are talking about, you can find them in the Conclusion below.
I can confidently say that to use Rango Dex to swap different cryptocurrencies, this mega DEX aggregator is safe to use, because the cryptocurrencies are held in our crypto wallets, more specifically in our decentralized non-custodial wallets, and Rango DEX is also a non-custodial platform. Therefore, our crypto funds are safe, as long as our wallets are not hacked, or we don’t lose our private credentials and something unpleasant happens with our devices. Because rubbish can happen all the time, keep your private keys as safe as possible, and be vigilant of phishing sites, and scammers in general.
Rango exchange works like any other DEX, for example Uniswap, which is already integrated on Rango platform, among several others. Additionally, with Rango DEX, the swaps can be done on numerous blockchains, using multiple DEX aggregators, bridges, DEXs, and cross-chain DEXs like Thorchain. Rango exchange integrates all these services in one easy-to-use blockchain platform with a great user experience – UX. Moreover, the Rango API system searches for the best rates across all these integrated applications, and gives its user the best rate for that specific token swap.
This is why I like Rango exchange, and this makes me quite enthusiastic about it, because this is the type of decentralized application that I have been waiting for. Rango exchange fairly simplifies my investment strategies, because many times I didn’t buy different tokens because they were on different blockchains. And the journey to that blockchain to buy a single token was pretty long, and also involved a lot of crypto in fees. I am not a big fish cryptocurrency investor, considering myself like a small marine animal like a krill. Which by the way, these small animals are the food for whales. Therefore, I take into consideration all these fees, not waste too much of my time, and always look for better rates for my performed crypto exchanges and investments. Also, I always do my research and try to not get eaten by crypto whales.
How to use Rango exchange?
As I said earlier in this review, Rango exchange uses multiple aggregators, DEXs, and bridges to bring the best rates for every user, to swap cryptocurrencies on multiple blockchains. Therefore, to mention several of these integrated services, among the aggregators are blockchain platforms like 1Inch, Matcha, DEXs like Uniswap, Sushiswap, Bancor, Terra Swap, bridges like Binance Bridge, Terra Bridge, Avalanche Bridge, cBridge, and the cross-chain DEX Thorchain.
Moreover, Rango exchange has the vision to become a platform where users can easily swap any cryptocurrency from one blockchain with any other crypto asset from any other network. I have to say that so far, the Rango exchange looks and appears reasonably reliable, with some minor glitches and reported problems. But remember that it is still in Beta version, but the future seems to be fairly promising for this cross-chain platform. Also, the user experience for me is good, because I find Rango exchange very useful for my crypto and multi-chain experience. Furthermore, I believe that cross-chain aggregators will be on the rise, because we can already see that this type of application brings something useful for the crypto community.
To use the Rango DEX services, users just need a supported crypto wallet, and there are six of them from which we can choose. I use the Metamask crypto wallet, because I utilize it almost daily for quite some period, being one of my favorites, and I can easily add multiple networks to it. But, new users of Rango exchange can choose from the following crypto wallets:
- Let’s start with Metamask wallet, and if you are new to Metamask, you can check here my review and tutorial;
- XDeFi wallet;
- Terra Station;
- Harmony One;
- Binance Chain wallet;
- Keplr wallet.
Moreover, as we can see on the connect wallet screen from the swap interface, Rango intends to integrate connections with hardware wallets. More specifically, with Ledger devices at first, and integrate other hardware wallet manufacturers with time.
So, once you have your desired crypto wallet installed and set-up, simply connect it with the Rango DEX platform using the Connect button located in the upper right corner, and choose what wallet you have installed. You will see that it is a user-friendly swap interface, and you can choose to swap from more than 7000 crypto assets, and on multiple blockchains.
It is pretty clear and straightforward using the Rango exchange, being easy to use even for a cryptocurrency beginner. Once you have selected the two tokens to swap, the Rango DEX searches for the best rate, and it will be displayed in the swap screen, with every fee associated with every application which needs to be operated to perform that specific token swap. For example, if the routing will go through a couple of DEXs and one blockchain bridge, Rango will display this route with every amount of fees which will need to be paid.
Let’s take a more in-depth example, and let’s say that we want to swap BNB coin from the BNB Chain – BSC to Matic on the Polygon blockchain. As you can see in the photo below, the best route is 1Inch DEX – Woo Network on BSC – cBridge v2.0 – Woo Network on Polygon blockchain – 1Inch aggregator on Polygon network, with a total swap fee of $1,86. As you can see, the Rango DEX aggregator simplifies so much these cross-chain token swaps.
Fees on Rango DEX
Users of Rango exchange still need to pay fees in the native cryptocurrencies of every blockchain that will be used to swap tokens. For instance, let’s take my last example with BNB and Matic. In this case, we need to hold both BNB and Matic for the transaction fees. I think that it is self-explanatory that we need BNB, since we will be use it to swap from, and Matic will be necessary for the transaction’s fees on Polygon blockchain. More specifically, to pay for the services provided by 1Inch DEX on Polygon network.
As we can see in this case, the fees are relatively low, because both BNB and Polygon networks operate with low fees, but if we use Ethereum network for a token swap, the fees will be much greater. A great idea coming from the Rango team, and an excellent future utility for the native token $RANGO, is to have the possibility to pay for the transaction fees with the Rango token. Therefore, users of Rango will just need to hold Rango tokens, without the native cryptocurrencies of every blockchain. I believe this is a tremendous utility, and I hope to see it developed and implemented by the platform.
Although for now we still need to hold the native cryptocurrencies of every used blockchain in a token swap transaction, the Rango exchange offers a quick method to swap tokens from one blockchain to another.
The $RANGO token is not yet launched, and it has a scheduled IDO coming in the first quarter of 2022, according to the Rango exchange whitepaper and roadmap. Relating to this, be aware of scammers who tell you differently, and only use the official channels to stay informed, which can be found on the official website.
Regarding the scammers from the crypto world, just a couple of days before I found out that they are even using the war from Ukraine to scam people. They are making false personas to attract big-hearted people to send them crypto. Now, you can realize what kind of people these are, to use such a catastrophe to scam people!
The token utility I think is great, besides that is going to be used for the trading fees. According to the whitepaper, the RANGO token holders will also have low or no fees on the platform, but this will be only for the users who utilize the platform above some threshold.
The token will operate on Terra blockchain, and it will have a total supply of 100 million tokens. The $RANGO token will also be available in a private sale, and corresponding to the whitepaper, the team is looking for VCs and individuals who can help grow the delivered products by Rango DEX.
I believe the token will have massive potential, because the product released by Rango Exchange has great utility, and it simplifies a lot the cross-chain experience for every investor, or cryptocurrency enthusiast. If the token price will be fair enough, I am very interested in the Initial DEX Offering, and I hope to be able to enter and buy some tokens. At least to pay for the fees, because I will continue to use the Rango DEX services and swap crypto on multiple blockchains, because this utility will simplify even further the cross-chain swap method.
Example of multi-chain token swap
I made a quick demonstration for my awesome blog readers to see how a multi-chain token swap works on Rango exchange. Therefore, I swapped some BNB from the BNB Chain with some small amount of Matic coin on Polygon blockchain.
Firstly, we need a crypto wallet, and as I said previously in this Rango DEX review, I am using a lot the Metamask wallet. So, with the wallet set-up and ready to use, follow the steps below. But note that my wallet is also set-up to operate on Polygon blockchain, and a quick guide on how to add this blockchain to Metamask will come soon on my blog and YouTube channel. Therefore, assuming that your wallet already operates with these two blockchains, let’s swap some crypto on multiple networks:
- Head on over to Rango exchange app;
- Connect your wallet to the Rango DEX platform. You will be asked to give permission to the platform to read your wallet address and view your assets, and you just need to sign a feeless transaction, like on every used DEX;
- I didn’t have any Matic deposited in my Metamask wallet, which will be needed for the transaction fees. Therefore, I sent a little amount of Matic coins from my Binance account, which supports the withdrawals on Polygon blockchain;
- With the Matic arrived in the wallet, access the Rango DEX Swap feature;
- From the Swap feature, users can choose from more than 7000 cryptocurrencies on more than 20 blockchains. Also, the swap can also support custom tokens, but note that some of these ones might not work cross-chain, because the bridges might not support them. Rango DEX will inform about every transaction if it is supported or not, so you can’t make non supported transactions;
- In the upper field, choose the crypto coin which you want to swap, and make sure to choose the right blockchain. In my case, BNB on the BNB Chain;
- In the field below, choose the cryptocurrency to which you want to swap, and also make sure to choose the right blockchain and that you have the native cryptocurrency for the transaction fees. In my case, Matic on the Polygon blockchain, and Matic is also used for the transaction fees;
- Enter your desired amount of crypto funds to swap;
- Below these two fields, Rango will display the route for this token swap, the fees associated with it, and the approximate time in which this transaction will perform;
- Pressing the settings button found in the upper corner of the swap window, we can also change the slippage tolerance. For the big cryptocurrencies with a lot of liquidity on DEXs, the slippage can be low. For example, I performed this swap with 1% slippage;
- If you agree with the route and the fees, click on swap to start the operation;
- You will prompt to sign multiple transactions from your installed wallet. Sign these required transactions from your wallet, and it is done. The funds will be swapped on multiple blockchains.
This token swap between BSC and Polygon took approximately 15 minutes for me, but as I realized, Polygon blockchain has some congestion issues at the time of making this swap. So, in some cases, the transaction might take less time, but it is still a good time to swap from one blockchain to another.
Rango DEX conclusion
The future of DeFi space is cross-chain, and a blockchain based application like Rango exchange is more than welcomed by me, and I think by many other crypto investors, users, or newcomers into the DeFi sector. Moreover, Rango works with more than 20 blockchains, and according to the project roadmap, in the future there will be many more networks integrated.
I’ve been waiting for this type of blockchain based application for quite some time, improving our DeFi experience, and simplifying our cross-chain investments. Rango exchange is a mega aggregator which incorporates many DEXs, cross-chain DEXs, DEX aggregators, and blockchain bridges to find the best route for every multiple network token swap.
Although the Rango exchange trading volume is very high, with a total amount of crypto funds traded of more than $1.2 billion, note that it is still in beta version. Therefore, my guidance is to use it carefully, and with some small amounts of crypto funds at first. My first five transactions on Rango exchange all failed, so I was pretty disappointed about this. And I tried to swap some tokens between BSC and Polygon.
The routing between BSC and Polygon was through the Pancakeswap Dex, which refused to answer, and the transactions passed 1 hour, so I canceled them. But I didn’t lose any capital because the transactions didn’t go through, not being confirmed on the blockchain. The second route between Polygon and BSC was through 1Inch DEX, which encountered a back-end problem, not responding to the API call. My sixth attempt to swap tokens finally went through, and I was able to swap the tokens, from BNB on BSC to Matic on Polygon using the Rango exchange.
Some other reported problems by the users of Rango DEX on the official Telegram channel are that the swapped funds are misplaced on other chains than the one chosen in the swap. Other people report the funds never arrived in their wallet, but I cannot confirm that any of these issues are genuine. Remember that the application is still in Beta version, and it might have some bugs or issues.
Another thing to take notice of when doing your research is to keep in mind that the team is anonymous. But as we have seen on recent DeFi projects, this aspect is not an inconvenience in developing something useful for the crypto community. Just take a look at the Titano DeFi project, with the team still unknown, and the project delivered something great for their investors.
For me, Rango DEX eventually worked smoothly, without losing any capital or having the crypto assets misplaced, and I will continue to use it, because it brings great value to the continually rising DeFi space. As I said many times, DeFi will rise to rule the cryptocurrency world, and also, more and more projects are entering this space and continuously improving the DeFi systems.
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This blog article about my Rango exchange review and tutorial, is intended for informational purposes only. Therefore, the views expressed in this document are not, and should not, be construed as investment advice or recommendations. Readers of this document should do their own research, taking into account their specific financial circumstances. Also, the investment objectives and risk tolerance before investing. This document is not an offer, nor the solicitation of an offer, to invest, buy or sell any of the assets mentioned herein.
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