[GUIDE] How Token Swap Works on Uniswap? - Tutorials - CryptoTalk.Org Jump to content
Whited35

[GUIDE] How Token Swap Works on Uniswap?

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First of all, let me explain briefly about Uniswap. It is a decentralized and fully automated liquidity protocol for swapping ERC-20 tokens on Ethereum Blockchain Network. On this Uniswap platform, there is no order book, and everything will be handled by the smart contract. In this tutorial, I am going to show you how token swap actually works on Uniswap. 

 

Go to https://app.uniswap.org/#/swap and click on the "Connect Wallet" option. After that, you will see all the supported wallets in the dropdown menu. Currently, Uniswap supports Metamask, Wallet Connect, Coinbase Wallet, Fortmatic, and Portis. You can choose a wallet according to your choice but in this tutorial, I describe everything based on the Metamask wallet. 
Install the Metamask wallet on your browser. If you don't have one, click here. Create wallet and fund it by sending your desired ERC-20 tokens

878252617_Screenshot(32).thumb.png.d54427fcdc03d49b7b4865ea47d4bf32.png

 

On Uniswap, click on "Metamask"

 

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After that you will see a Pop-Up window from the Metamask wallet. Click on "Next"

 

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Click on "Connect". Once the wallet is successfully connected, your ETH amount will be displayed on Uniswap

 

1306168761_cvScreenshot(333).thumb.png.5b39e5d636f0862c4c1072a501f84757.png

 

Head to setting option and made some adjustments for Slippage tolerance, Transaction deadline, and Toggle Expert Mode. If you have no idea about these phrases, click on "?" sign.

 

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Now select the token from your wallet that you want to swap(You have to manually add token on Metamask wallet to be displayed). I am selecting ETH for a reference.

 

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Select the output token by searching in the box that you want to get by swapping. I want to select BAT. 

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Check the transaction details with the liquidity provider fee and click on "Swap".

856091542_Screenshot(36).thumb.png.a856e12b5f841b463f576c3bec783835.png

Generally swapping process is instant but sometimes swap failing or stuck will occur, you might check this FAQs page to know more details about that.
 

Good Luck😊


 

 

Edited by Whited35
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 Minima

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Wow you have explained the whole process in such a easy way. And the best part of using the Uniswap is we can get the full custody of our funds. I would like to tell more about slippage tolerance which we can adjust in the settings while swapping the tokens.

On 8/26/2020 at 9:50 PM, Whited35 said:

Head to setting option and made some adjustments for Slippage tolerance, Transaction deadline, and Toggle Expert Mode. If you have no idea about these phrases, click on "?" sign.

 

 😊

 

 

Slippage tolerance means how much we could tolerate with the price fluctuations and we can adjust from the available or any custom percentage. So I recommend everyone to look into that while swapping. And if the price goes up or down by that percentage while transaction being confirmed, transaction failure occurs. And still we need to pay gas fee so be sure about that earlier.

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NOTHING I SAY IS FINANCIAL ADVICE. YOU SHOULD USE YOUR MIND ,FOR YOUR MONEY,

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19 minutes ago, Ridam said:

Slippage tolerance means how much we could tolerate with the price fluctuations and we can adjust from the available or any custom percentage.

@Ridam Great. Nicely mentioned 😊. First of all users have to customize setting according to his needs as I have highlighted that point at the very first stage in this tutorial. Once setting is customized, users can proceeds for the further stage to make swapping process successful. Well, have you ever tried Uniswap to swap tokens ? 

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 Minima

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2 hours ago, Whited35 said:

@Ridam Great. Nicely mentioned 😊. First of all users have to customize setting according to his needs as I have highlighted that point at the very first stage in this tutorial. Once setting is customized, users can proceeds for the further stage to make swapping process successful. Well, have you ever tried Uniswap to swap tokens ? 

I haven't tried it yet and but I have seen tutorial and review from too many YouTubers so I got a good idea about the process and the reputation of uniswap. In coming days sure I would love to swap my tokens in uniswap and I'm excited for it too.

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NOTHING I SAY IS FINANCIAL ADVICE. YOU SHOULD USE YOUR MIND ,FOR YOUR MONEY,

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1 hour ago, Ridam said:

I haven't tried it yet and but I have seen tutorial and review from too many YouTubers so I got a good idea about the process and the reputation of uniswap. In coming days sure I would love to swap my tokens in uniswap and I'm excited for it too.

Great, hopefully this tutorial may also help you to get started on Uniswap. If you face any difficulties while using this great platform, feel free to ask questions to this community. I have been using this exchange for a long time but trading fee is quite higher here i.e. a flat fee of 0.30% per trade.

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 Minima

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I am literally kicking walls for avoiding this exchange before. I missed free $1k airdrop because of my arrogance. All it would have take is one tx in there. Well.... I guess i can't win every time. 

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41 minutes ago, rekter said:

I am literally kicking walls for avoiding this exchange before. I missed free $1k airdrop because of my arrogance. All it would have take is one tx in there. Well.... I guess i can't win every time. 

@rekter No worries my brother. Maybe another big opportunity is waiting for you. No motivational topics just to grab more reputations to hijack leaderborad, I have been creating mainstream cryptocurrency related topics to help so many members and guests but unfortunately, most of the members are still revolving around first three sections that's why they are missing the chances. You are not alone to miss the chance, @Ridam as he was only one to show concerns to this topic has also failed to grab this rarest opportunity.

Before creating this Tutorial, I had  experiences and unforgettable memories with this exchange. 

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 Minima

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@rekter I can feel you completely. Today the price has is at around 3.4$ and which makes 400 UnI around 1300$. 

@Whited35 I have read 60% of mined token is for community and will be distributed over 4 years. Does it means we still have some opportunity in future?

And what do you think about the UNI people are saying it will 10x soon?

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NOTHING I SAY IS FINANCIAL ADVICE. YOU SHOULD USE YOUR MIND ,FOR YOUR MONEY,

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7 minutes ago, Ridam said:

@Whited35 I have read 60% of mined token is for community and will be distributed over 4 years. Does it means we still have some opportunity in future?

And what do you think about the UNI people are saying it will 10x soon?

@Ridam I was unable to transfer UNI from my MetaMask wallet to exchange but no luck. I thought it was locked and did not attempted to transfer later. After a while on BTT, guys were discussing about their trades. Now I have changed my mind not to exchange it for the cash. I keep holding it for a long time. Looking like price for each UNI will be even more than I believe so far. 

If guys have not used it for the token swap, they might still give a try. Looking like they will be periodically distributing UNI to the loyal traders. Fortunately, I was using it for a long time by using three Meta Mask wallet addresses. 

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 Minima

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1 hour ago, Ridam said:

people are saying it will 10x soon?

Might as well. I don't get it. How is this sustainable airdrop and who is buying all those unis?

 

I honestly need to take a breath and not to look for trains i've missed. My negative thinking is killing me and i need a break and stop watching the charts. I think i stop all crypto activity soon and go outside. Bags can take care of themselves if i remember to do swap those when mainnet.

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Clear explanation. Thanks mate. I want to believe this will be a similar proceedure with other platforms like JustSwap and FreeSwap? And please, any other similar, good looking project like this, you can keep updating us. Still hurts we miss on than 1k dollars 😭

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20 hours ago, Raqeebzy said:

Still hurts we miss on than 1k dollars 😭

When I claimed 800 UNI, I also did not believe it was real 😂. If you already followed this tutorial, I think you would also have some UNI in your pocket. I have been using Uniswap for a long time and eventually, exchange rewarded me with unbelievable tokens. 

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 Minima

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15 minutes ago, Whited35 said:

When I claimed 800 UNI, I also did not believe it was real 😂. If you already followed this tutorial, I think you would also have some UNI in your pocket. I have been using Uniswap for a long time and eventually, exchange rewarded me with unbelievable tokens. 

Firstly I didn't see this tutorial not until after the distribution but to be honest, I did read about it. I can blame myself ignoring it on previous experiences on similar Airdrops I have come across, thought it to be a trading/marketing strategies. Well, I bigger opportunity awaits. Such never ceases in cryptocurrency, I just hope I am lucky next time.

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56 minutes ago, Raqeebzy said:

Firstly I didn't see this tutorial not until after the distribution but to be honest, I did read about it. I can blame myself ignoring it on previous experiences on similar Airdrops I have come across, thought it to be a trading/marketing strategies. Well, I bigger opportunity awaits. Such never ceases in cryptocurrency, I just hope I am lucky next time.

No worries.If one opportunity passed, another will come. Fortunately, I am actively getting updates related to crypto world. I expect you to install some app like Coinmarketcap enabling notifications. I claimed UNI as soon as a notification floated up on my smartphone. I expect you to read about Morpher trading platforms and its MPH tokens. I received $75 worth of tokens from their airdrop and there are multiple investment opportunities by using MPH tokens. I have been sharing important updates. I hope next time, you will not be missing a single opportunity. 

 

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10 minutes ago, Whited35 said:

No worries.If one opportunity passed, another will come. Fortunately, I am actively getting updates related to crypto world. I expect you to install some app like Coinmarketcap enabling notifications. I claimed UNI as soon as a notification floated up on my smartphone. I expect you to read about Morpher trading platforms and its MPH tokens. I received $75 worth of tokens from their airdrop and there are multiple investment opportunities by using MPH tokens. I have been sharing important updates. I hope next time, you will not be missing a single opportunity

I really hope so. I have CoinMarketCap application but I didn't enable notification because "Do not disturb" feature on my phone is always on. I will do that just now, there has been lots of Uniswap-based Airdrops recently and JustSwap I just found out about. Can you recommend some more ways you use in receiving promo alert?

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My Altcointalks username —° Raqeebzy

 

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2 hours ago, Raqeebzy said:

Can you recommend some more ways you use in receiving promo alert?

I might better send you in PM. If you are seeing so many UNI tokens related airdrops, be extremely careful because scammers may trick you because they have carefully understood the UNI token's craze and majority of members can easily fall into their traps. 

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 Minima

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7 minutes ago, Whited35 said:

I might better send you in PM. If you are seeing so many UNI tokens related airdrops, be extremely careful because scammers may trick you because they have carefully understood the UNI token's craze and majority of members can easily fall into their traps. 

Yeah. Exactly, why I will do some findings and also asking for your recommendations. I am aware of scammers will try to take advantage of the trendy craze. Before making investment, I do my research more than twice and ask for recommendations to support it (from trusted and more experienced individual). Investment won't be solely on recommendations though, I understand.

When you are have the time and you are ready, my DM is widely open you know.

Edited by Raqeebzy
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32 minutes ago, Raqeebzy said:

Before making investment, I do my research more than twice and ask for recommendations to support it (from trusted and more experienced individual). Investment won't be solely on recommendations though, I understand.

I know you are smart enough to be safe from scammers. That was just my friendly reminder. Sometime, attackers mask malware in a very smart-way. So that we can also be victim just attracting towards fake offers they provide. You may not have known yet, I really do not trust JustSwap like I do for Uniswap so I exactly do not care anything related to it(all about my personal, I have no intention to hurt JustSwap lovers). 

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This is really important to me especially at this moment @Whited35 I have been trying to get my uniswap tokens to no no avail and its a little bit tough on me, so you showing me how to use it is perfect for me and am so sure that am going to enjoy how to balance everything here, so very important I understand how to use it and I think your aritcle is going to help me do so

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22 hours ago, Mike1515 said:

This is really important to me especially at this moment @Whited35 I have been trying to get my uniswap tokens to no no avail and its a little bit tough on me, so you showing me how to use it is perfect for me and am so sure that am going to enjoy how to balance everything here, so very important I understand how to use it and I think your aritcle is going to help me do so

So have you tried Uniswap now ? It is the best DEX platform for swapping Ethereum network based tokens. I have been using it for a long time that's why I got airdrop from them. They rewarded me with UNI tokens worth thousands of dollars.


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6 hours ago, fehapan362 said:

Yes, and I also participated in this airdrop. Anyone who did a transaction in the past, even a single cent, had the opportunity to join the airdrop.

How much UNI tokens did you claim ? I have received 800 UNI and I am still holding them to expect another spike in price. I believe price of UNI tokens will get skyrocketed in the near future and I might think about to sell free airdropped tokens. 

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15 minutes ago, Whited35 said:

How much UNI tokens did you claim ? I have received 800 UNI and I am still holding them to expect another spike in price. I believe price of UNI tokens will get skyrocketed in the near future and I might think about to sell free airdropped tokens. 

It's a good strategy, I only have 400, but I'm still waiting, I'm going to risk waiting with the possibility of winning a little more.😆

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Excellent explanation, all those who followed this tutorial can claim their UNI, if they are like me curious with the information they will get a good gift from the crypto world, thank you very much for sharing your knowledge

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3 hours ago, Yoanny said:

It's a good strategy, I only have 400, but I'm still waiting, I'm going to risk waiting with the possibility of winning a little more.😆

Not bad. 400 UNI still worth to give you free money. By the way, have sold UNI tokens or still holding them with patience? Do you think another spike in price is on the way for UNI token in the cryptocurrency markets ? 

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 Minima

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I used Uniswap for the first time on September 4, I didn't know anything and I bought coins that were just listed on Uniswap, for some reason when I wanted to swap these coins to eth it couldn't, maybe because I didn't know

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