Uniswap is a protocol for automated token exchange on Ethereum. It was launched on November 2, 2018. Uniswap describes itself as a simple smart contract interface for swapping ERC20 tokens. It has a formalized model for pooling liquidity reserves. It serves as an open-source frontend interface for traders and liquidity providers and is committed to providing free and decentralized asset exchange
There are basically two ways to use Uniswap. The first is through wallet connect and the second is app browser. I will explain both in this article.
The first step is to download a wallet that supports ERC20 tokens. I will be using trust wallet to explain how unisawp is used.
step 1. we would go to the google play store and download trust wallet. After setting it up making sure our mnemonics is saved, then we go to the next step.
Step 2. click on the four tiny squares where dapps is written type uniswap in the search option and click on it when it's revealed. It will take you to the uniswap home page. Using this wallet connect automatically connect you to uniswap, so you don't need to scan any code here.
step 3. Select the cryptocurrency you want to swap by clicking on the drop-down, or select token as seen in the image below
Step 4. After clicking the drop-down, we can select from the listed coin and if the coin we are searching is not located easily, we can type the token's name in the search field to fetch it easily. But sometimes, we might not see the token we are looking for because they are not automatically listed, so what we do here is to go to etherscan.io/tokens to search for the token and copy, paste the contract in the search box to fetch it out.
Once the coin are selected, click on confirm swap, and sign your transaction to the trust wallet. Some charges are applied to make the transaction completed and that's all. The token will swap.
Go to uniswap website https://app.uniswap.org/#/swap on the PC, and after that, click on connect to wallet. That is found at the top right part. The next page is where we can connect to wallet through
click on wallet connect and scan the QR Code. But how is this done?
Select the coin you want to swap from your trust wallet.
Click on send and click the icon in the below image
The next thing is to scan the QR Code and the wallet will connect
We can now swap our token with other tokens we wish to swap.
The Uniswap token was lunched in 20118, and the aim of launching the token is to use it as a tool for decentralization by offering users more governance. The more uni coin a user have, the more he is capable of voting for a change on the platform. 400 UNI was airdropped to over 50,000 ethereum addresses.
More than 1billion UNI was created, and the community members received 60%, where early users of Uniswap received 25% which was the airdrop of 400 UNI on 50,000 ethereum addresses. 40% was set aside for the team and investors. The distribution was well amalysed.
Yes, it is. However, there are several fake tokens created by fraudsters to reap people of their investment. That is why a message always pop up to beware of fake tokens on uniswap. There hab been ways to control this, but the loophole has not been totally closed. Nevertheless, they've maintained a high level of security to guard users fund.
Uniswap has proved to be an automated liquidity protocol. The platform has helped many crypto users to find trading through swapping more effortless and the decentralized nature has helped in the governance of the platform. By and large, Uniswap is the first of it's kind and for now, it remains the best swapping project on the ethereum blockchain.
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Reference: All images were taken from my mobile device and PC.