Uniswap — A Beginners Guide

Introduction

Unless you’ve been living under a rock these past few weeks you would have definitely heard of Uniswap. It’s visibility in the space has been prominent and only 24hrs ago crypto social media channels exploded with euphoria off the back of the introduction of its $UNI token with a public airdrop to individuals who had used the platform pre September 1st.

🦄 Uniswap Explained In 1 Minute 🦄

Decentralised exchanges have been a thing in crypto for a while now.

  1. Swap tokens
  2. Earn fees by adding liquidity
  3. Remove liquidity from pools

Advantages of Using Uniswap

Uniswap has a few pretty sexy advantages over traditional crypto exchanges.

Disadvantages of Using Uniswap

Even though Uniswap sends tokens to your wallet via unicorns on the Asgardian Bifrost, there are, unfortunately, a few downsides.

How To Use Uniswap — Guide To Token Swap

When you trade tokens using Uniswap, you’re just swapping them. Users add token liquidity to pools before you come along and deposit your tokens. In return for your deposit of token A to the pool, you receive token B in your wallet.

Get a MetaMask Wallet

Before we get into Uniswap, the first thing you should do is create a MetaMask crypto wallet. MetaMask lets you connect to blockchain applications like Uniswap from your browser — it’s pretty handy.

Buy Some ETH

When researching other Uniswap guides I noticed most forget to tell you that you will need ETH in your wallet before you do anything.

Head over to Uniswap

Jump over to Uniswap.org. Once there, you’ll see two options:

  1. Launch App
  2. Read the Docs

Launch Uniswap App

It’s go time. Click Launch App. This is the screen you find:

Select a Token

If this is your first time using Uniswap, you’re probably trading ETH for an ERC20 token. By default, Uniswap has ETH in the from field and allows you to select the token of your choice in the to field.

Enter Amounts

Now, enter the amount of ETH you’re swapping in the from line.

Hit Swap

Once everything is set up correctly, and you’re ready to go, hit swap.

Receive Tokens

Once you confirm the transaction in your MetaMask wallet, you have to wait a few moments for the tx to hit the blockchain. You can watch this process in action by clicking the Etherscan link given by Uniswap.

Uniswap Tips, Tricks, & Shortcuts

Uniswap is a very straightforward exchange protocol, but, to the uninitiated, there are few tips and tricks to make your experience drama-free.

How To Avoid Scam Tokens ☠️

Avoiding scam tokens is your top priority. Uniswap lets anyone create liquidity for any ERC20 token — even tokens that are ‘Sexton’ (cockney: ‘Sexton Blake = Fake).

Avoiding Failed Transactions

Nothing pisses me off more than a failed transaction.

Conclusion — Uniswap. I like it. A lot.

Much like my wife, Uniswap is far from perfect, but you’ve got to give it a bit of leeway.

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Crypto Les

Crypto Les

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Crypto innit • Entrepreneur • London • Opinions my own •