Today Topics 'Uniswap usage guide'

Currently Uniswap is a very popular medium for coin swap. However, many people do not ignore the use of this Uniswap. Today I will try to discuss in detail about using Uniswap in this article.

What is Uniswap?

Uniswap is a completely decentralized exchange. You may have seen or used many decentralized exchanges before. Such as: IDEX, ForkDelta etc. But Uniswap is different than these. I hope you will understand in detail how it is different.

Uniswap Exchange gives you two benefits. One is Swap and the other is Pool.

Today we will try to discuss Swap in this article. And I will try to discuss Pool at some point after that. I hope the discussion on Pool will be more interesting than this.

So let's come to the main discussion without further ado.

Why use Uniswap?

You may say that since there are several decentralized exchanges from the past, as mentioned earlier, some exchanges have been mentioned. Then I can trade in all those exchanges.

Yes, of course you can trade them. However, the Uniswap exchange is a bit different from the decentralized exchanges that I mentioned earlier. You do not need to take trade entry like Uniswap normal exchange. Because it's a swap method. The name of this exchange reveals a lot.

Using Uniswap you can swap any token of your ERC-20 directly. As you cannot do using IDEX or ForkDelta.

And this is why Uniswap has become so popular. Many project tokens are selling using Uniswap.

Wondering what the swap is again? Let's try to know the details then.

How to use swap ?

Suppose you have a LINK token. Now you think, you will buy BAND tokens by selling some links. Now if you want to do this by any normal exchange, first you have to sell LINK with BTC, USDT or ETH. Then you have to buy BAND token with that BTC or ETH again.

But you can do this very easily using Uniswap directly without much hassle.

Yes, you can buy BAND directly opposite LINK using Uniswap's Swap method.

All you need to do is do it.

First you enter the Uniswap website. Since here you can swap ERC-20 tokens. So you need to connect your ERC-20 wallet. Click Connect to a wallet to connect the wallet.

Then you will get more options to connect your wallet. Connect your wallet by choosing the option you like.

Like here I connected the wallet using MetaMask.

Now choose the token you want to swap from option 2 and 3.

For example here I have chosen ETH in option 2 and USDT in option 3. That means I want to take USDT as opposed to ETH.

Clicking on the 2nd and 3rd options in the image above to select the coins will bring up a pop-up window similar to the image below from which you will be prompted to enter the code name of your coin.

Now suppose I want to sell 0.1 ETH and take USDT at current price. So now just give me 0.1 in the box of ETH will show me how much USDT I will get.

You can also see the details of how much fee will be deducted in this swap and how much you will get USDT excluding fees below the swap button.

When you have confirmed everything and clicked the swap button, a second pop-up window like the one below will show the details of your swap.

Click the Confirm Swap button to confirm your swap.

After clicking the Confirm Swap button, the MetaMask window will open. It will show you how much you are transacting and what the fees are (note the image below).

If you want to reduce the fee a bit, you can reduce the amount of gas from the place marked with a black arrow. However, be careful not to reduce the amount so that your transaction fails.

You can visit https://etherscan.io/gasTracker to see how much gas fee will make the transaction safe.

When everything is OK, complete your transaction by clicking the Confirm button.

To see if the transaction has been completed, you can search the hash of your transaction on the ether scan.

One thing here is if you want to make your transaction very fast, click on the gear button on the right side of your wallet (indicated in the picture below) on the Uniswap website.

Here you can get 1% from below Slippage tolerance. But keep in mind that the more you increase the percentage, the more the fee will be deducted.

Here 0.1%, 0.5%, and 1% are made through the system. You can pay more if you want. For this there is another box after 1% where you can put it manually.

How to buy a token that does not have the code name Uniswap?

We want to buy many tokens that cannot be found by searching the code name of that token on Uniswap. This is usually the case with new coins.

Suppose I want to buy a Perx token now. So for this, if I search by typing Perx, no token is showing. This coin is very new at the time I am writing this article.

If you want to buy a token whose code name is not in Uniswap. Then you need to find the contract address of that token. To find the contract address of a coin, you can search for the name of the token in Coinmarketcap and get it from the Explorer option. Or you can get that coin by contacting the website.

In the image below I will copy Perx's contract address (marked with a black arrow) from EtherScan.

Now I went to Uniswap again and pasted the contract address where I was searching with the name of the coin.

As you can see in the picture below, the name of Perx has come out after pasting the Contract address.

Now I will add it by clicking on that coin.

After clicking on PERX, a warning like the image below will appear. Where you will be asked to make sure that the coin you want to pick is right or not?

If the coin you want to buy is correct, click on the I understand button and confirm.

As I said earlier, you can swap or buy any coin directly through Uniswap.

If you want, you can swap with LINK or other coins without swapping with ETH. For this you just have to choose which coin to swap with. As you can see in the picture below.

Our first discussion in the Uniswap usage guide is about Swap.........

I will write about Liquid Pool in the next article InshaAllah

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