Everyday in the cryptocurrency and blockchain space we learn about new concepts, ideas and dApps that transform the way we think about processing data and money. Last time, I devised a thorough guide for you to start with a new and growing DeFi platform, Compound.Finance, which you can check out here .
Uniswap is an automated ERC20 exchange
This time around, I plan on showing you how you can easily search cryptocurrencies ( mainly ERC-20 tokens ) that you wish to accumulate and/or invest without having to go through the hoops and obstacles of exchanges! So let’s get started and find those gems using Uniswap!
First , create a Coinbase account if you haven’t already (takes a couple minutes), then download and install the Coinbase Wallet (Apple Store or Google Play Store) to integrate the two. Once setup and configured, you will be able to connect both apps to transfer and integrate many features with a couple of clicks.
Linking your Coinbase account within your wallet will provide you with all the access and tools to harness the power of “swapping” (a fancy way to trade behind the scenes) and benefits of other future dApps. Under the “Settings” table, click the WalletLink “Connections” to link your Coinbase account. You’ll need to authenticate and upon success, you will be able to interact between your Coinbase account and wallet freely!
Link your Coinbase wallet
Next, launch the Unsiswap dApp from the tab (see first screenshot) to familiarize yourself with the environment. The first thing you need to review and identify are the cryptocurrencies available within your wallet you’d like to “swap” ( trade one-to-one ). Also, you can search or paste the smart contract address to find the specific asset you own or are looking for.
Swap your assets
In this example, I am going to “swap” my ETH for one of my favorite tokens, CEL from Celsius Network! By selecting ETH, Uniswap loads the balance from my wallet and then I input the amount I’d like to swap. Remember to leave some wiggle room for gas and liquidity fees (click each tooltip for an explanation of fees). The second step is to select the asset (CEL), which Uniswap then calculates (estimates) how many tokens will be received based on the ETH value. The last step is to click the “Swap” button to perform the actions (agree to fees and terms) and that’s it, you’ve traded!
Successful Uniswap transaction
When the transaction is completed (takes a few minutes depending on the network speed and liquidity) you’ll be able to view your newly received assets within your Coinbase wallet!
New asset balance
Uniswap is a powerful tool that empowers the individual to quickly have access to their coins and tokens to perform trades between ERC-20 and ETH with ease and efficiencies. No longer will you need to track down those crazy tokens on obscure exchanges (central or decentralized), sign-up or perform sketchy KYC. Going forward, I’d like to see interoperability between Ethereum based assets and other blockchain native coins/tokens, but I’m sure the team is ahead of the game and will make huge strides to improve the dApp!
Please leave a comment below if you have any comments and questions.
Enjoy trading with the power of Uniswap!