So how do you trade via uniswap, right? Uniswap is the only decentralized exchange you can easily interact with and trade. To trade token is also very easy but before that let us first check out in brief what is uniswap?
What is uniswap?
Uniswap is the decentralized exchange or say DEX which is allowing all users to trade with any of the Ethereum based tokens directly via web 3 wallet like Metamask. Without any requirements of deposits or withdrawals – you can use liquidity pools in a place of ordering books. You can easily swap between ETH and ERC20 token very fast and earn fees for supplying any amount of liquidity.
You can also become the liquidity provider by just depositing tokens into the smart contract and receive pool token in return. There are two elements to uniswap that are Swap and pool. Swap means exchanging and pool means to provide liquidity. Swap offers the one-stop-shop to exchange any of the ERC tokens in just a few clicks without stressing about KYC, custody, or phishing.
Does Uniswap feature ERC20 token pools?
By having the smart contracts, uniswap offers autonomous on-chain transactions having marginal costs without anyu listing fees and any native tokens. They claim that they have some of the cheapest gas prices of any Decentralized exchange that is DEX.
So if we talk about May 2020, uniswap has finally upgraded to uniswap version2 that is the new and developed version having the exchange featuring an upgrade to ERC20 token pools, native price oracle, and flash swaps.
For trading on uniswaping –
First, you have to decide which token pair you need to trade and then confirm.
- First, connect to your metamask on google chrome. So go to your account and you will see the swap option – yes there you can swap your Ether exchange to spank or any other as per your choice.
- Suppose you need to swap ether to spank, then choose ether as input and spank as output.
- So input 0.5 or 1 eth according to your choice and if you are happy and satisfied with the output to spank then just click on swap and confirm it. (1 Eth = 4784.27 Spank)
- So you will be getting swapping.
After that, you will be getting metamask confirmation and then check out your spank exchanged. So this is the way you can do trade exchange via uniswap.
How to Search Token in Uniswap
If you fail to find your token in Uniswap search then another way to find is using Token Contract address.Find project contract address from official website or from verified source.( make sure contract address is official address of that token) and then put that contract address in search box of uniswap and that token will appear in front of you.