How to Uniswap

How to Uniswap
What is Uniswap?

Uniswap is a decentralized exchange that is built on the Ethereum Blockchain, it allows buyers and sellers to instantly swap ERC20 tokens through the use of smart contracts. What makes Uniswap revolutionary in the crypto space is the fact that it allows anyone to instantly trade, provide liquidity or launch their own token. It is a decentralized exchange that is aimed towards the cryptocurrency community, there are no middlemen and you can trade instantly from your web3 wallet. You can also generate commission in the form of exchange fees by providing liquidity to any trading pair of your choice.

In order to provide liquidity, you need to add a 50/50 ratio of both trading pairs, meaning 50% of ETH and 50% of the selected ERC20 token.


Benefits/Advantages of Uniswap

The beauty of using a decentralized exchange such as Uniswap is that you do not have to worry of the exchange getting hacked, high fees or any mismanagement incident from the staff. Transactions are made directly from your own wallet, without creating an account or have your sensitive information stored in any database.
Uniswap is public and open source, it is 100% on-chain meaning that it does not require any third party tool to operate. Unlike traditional decentralized exchanges or even centralized exchanges, Uniswap does not operate by using an Order book, where buyers and sellers are the liquidity providers, it instead uses an Automated Market Maker model, where users deposit liquidity in the form of a smart contract and a fine tuned algorithm take cares of the price action. In return the exchange rewards liquidity providers by giving contributing users a comission % of the fees.

How to use Uniswap?

First you need to download a web3 wallet, the most popular wallet is metamask which is a browser based wallet in which you can use to connect to Uniswap. The main frontend interface is pretty simple, you first connect you wallet, and you will be able to swap any ERC20 token that  is available in your wallet.
Note: Some ERC20 tokens do not appear in the list, you may have to manually insert the contract address so that you will be able to swap. it is EXTREMELY important that you make sure that you have the right contract address of the token that you plan to buy, always double check that information by visiting the discord/telegram of the selected token, they will always post the correct address.

how to uniswap

There are multiple third party Uniswap explorers that you may take advantage of, the most popular ones being:

The best charting tool that you can use on uniswap coins, is chartex. To use chartex, you just have to take this URL and modify the ticker. For example if  you want to chart a coin called $YELD, the URL will look like this:

Uniswap coins are high risk/high reward, some may turn out to be complete scams and others may moon and do a 10x+. Always #DYOR and always invest with what you can afford to lose

Note: For each transaction that you make on Uniswap, you incur Gas Fees, gas can be expensive, you can use etherscan’s gas tracker or ethgasstation to get an idea on the price of gas. You sometimes have to ‘approve’ a smart contract before being able to swap it, which also incurs additional gas fees.

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