Q: How do Slingshot non-custodial accounts work?
A: Slingshot accounts are non-custodial, meaning only you have the ability to control the account through your username, password, pin, and backup phrase. Slingshot’s technology is built in a way that it can never access your private keys. Private keys are securely encrypted at all times in a multi-party computation (MPC) model, and only you have the ability to decrypt them.
Q: Is Slingshot a centralized platform?
A: No, Slingshot is neither centralized nor a platform. Slingshot is a combination of on-chain and off-chain technology that facilitates easier, faster, one-click interactions with publicly available DeFi protocols. All transactions are executed on-chain and are observable and verifiable on block explorers. Slingshot does not connect into centralized exchanges, OTC desks, off-chain order books or any other form of centralized platforms. Slingshot is built exclusively on DeFi.
Q: How does Slingshot ensure security and privacy?
A: Slingshot places user security and privacy above all else. This is the reason all accounts are non-custodial and all transactions are executed on-chain. Additionally, we will soon be undergoing security and smart contract audits to ensure no stone is left unturned. You can find our terms and conditions and privacy policy in the profile section of Slingshot.
Q: Should I deposit tokens for gas?
A: No, there's no need for you to deposit or maintain gas tokens. However, you will continue to pay the blockchain network fee when you trade. Before you buy or sell, your estimated receive amount will be net of a network fee displayed just below. Slingshot aims for transparent and fair network fee pricing.
From time to time, you might notice gas token deposits in your account address on the block explorer (these deposits are hidden in the Slingshot app). These gas tokens are property of Slingshot (you will not be able to trade or withdraw them) and are used to enable some of Slingshot's unique features.
Q: Do I need to bridge tokens for swaps on different networks with Slingshot?
A: No, Slingshot eliminates the need for bridging tokens across or even thinking about different networks. Slingshot helps you focus on achieving your trading objectives, rather than wasting time and mental bandwidth on complexities such as bridging.
Q: What networks and tokens does Slingshot support?
A: Slingshot currently provides you a single menu of 3,000+ tokens to buy or sell across Ethereum Mainnet, Polygon, Abstract, Arbitrum, Avalanche, Optimism, Base, Blast, Solana and Canto. Note that some tokens are excluded for your protection, such as those with very little liquidity or those that implicitly include leverage. New tokens are typically available on Slingshot within an hour from when they are launched. We plan to expand soon to other EVM and non-EVM chains, significantly increasing your access to tokens.
Q: Can I manually import tokens into Slingshot?
A: Manual import of tokens is not possible. Slingshot automatically supports all tokens indexed by Slingshot’s DEX aggregator, with the exception of the excluded token types referenced above.
Q: How can I find a token on Slingshot?
A: You can search by the token’s ticker ($TOKEN), name, or contract address.
Q: How do I select the network I want to swap on?
A: You can’t and you don’t need to! Slingshot automatically selects the best network for your desired token based on price, taking into account gas fees and availability (aka cross-chain DEX aggregation). After a trade, you will see a single token balance in your account, whereas in the background, the token may reside on one or more chains.
If you ever need to consolidate USDC balances on a single chain, Slingshot lets you withdraw on your choice of chain!
Q: Why is there a minimum balance requirement for trading tokens on Ethereum Mainnet?
A: A minimum balance of $400 is required to buy or sell tokens on Ethereum mainnet. Smaller size trades will experience significant negative price impact after accounting for mainnet gas fees.
Q: Can I change the slippage tolerance?
A: Slippage tolerance is set to 3% by default to balance protection and user experience. You can change slippage by tapping on AUTO ⚙️ at the top right of the swap screen. Swaps outside the set slippage level will not execute. Note that estimated receive amounts quoted do not include any slippage.
Q: What are the fees associated with using Slingshot?
A: Fees on Slingshot include network fees for blockchain transactions and swap fees.
Q: Can I export my private keys from Slingshot?
A: Currently, you cannot export your private keys.
Q: Can I import or connect my existing wallet to Slingshot?
A: You cannot import your private keys into Slingshot nor connect your external wallets. Slingshot requires setting up a new non-custodial account specific to its system to ensure security and compatibility with its features.
Q: What wallets does Slingshot support?
A: Existing external wallets cannot be imported or connected. Slingshot uses its own non-custodial account system to facilitate transactions, ensuring security and compatibility with its unique features and services.
Q: What are XPs? How do I earn XPs?
A: XP is your experience on Slingshot and contributes towards your Level XPs are granted based on your and your referees’ trades.
Q: What are XPs and Levels for?
A: This has not been defined yet, but stay tuned!
Q: What Does “Verified” Mean for Tokens on Slingshot?
A: Tokens marked as “verified” on Slingshot have been approved by experienced members of the community. This provides additional visibility and can serve as a helpful reference point during your research, but it does not guarantee that the token is risk-free or meets specific safety criteria.
Verified tokens may still carry risks, such as low liquidity, taxes, modifiable contracts, or other potential issues (scammers can be very creative). You should exercise caution and fully understand the tokens you buy, even when trading verified tokens.
Q: Why Doesn’t My Token Appear in Slingshot?
A: Slingshot automatically supports tokens on networks we’ve integrated. No more waiting for a token to be listed - new tokens are tradeable on Slingshot as soon as seconds after launch. However, if a token does not meet Slingshot’s minimum liquidity requirements to provide a safe trading experience, is on a network that Slingshot does not yet support, or has liquidity primarily concentrated on a DEX Slingshot does not index liquidity from, it will not be available on Slingshot.
Q: Why don’t I see my deposited token in my account?
A: If you’ve deposited a supported token but don’t see it in your account, it may be hidden from your default view. This can happen if the token hasn’t been verified yet. To find and display hidden tokens, tap on "See All Assets" in the home screen, then select "Manage Tokens" to see a full list of tokens, including any that are currently hidden. Locate the token you deposited and toggle it to unhide it.
Q: Why Are Scam Tokens Tradeable on Slingshot?
A: Slingshot does not directly list or curate tokens. Our technology enables you to trade every token (as long as it meets the basic inclusion criteria of sufficient liquidity on integrated DEXs). While we have mechanisms to filter out malicious tokens, some scams may still slip through—especially those designed to bypass detection.
We strongly encourage caution when trading new and unfamiliar tokens. Slingshot provides token stats (volume, liquidity, etc.) and when available, safety and security information, to help you make informed choices. Please note that this information is provided by third parties and is not audited by Slingshot. It is your responsibility to research tokens thoroughly before trading.
Q: Can I Send My Money Back to My Bank?
A: Currently Slingshot doesn’t support off-ramping, which is the process of converting crypto to fiat and withdrawing to a bank account. You can send your funds to a platform that offers off-ramping services, such as a centralized exchange (CEX).
❗️Please note: Some CEXs do not support deposits from smart contracts at this time. If you choose to withdraw to a CEX, ensure they support deposits from smart contracts and accept the network and token you are sending.