Uniswap is one of the most popular decentralized protocols available, allowing us to swap crypto assets as well as provide liquidity and earn a percentage of fees for doing so.
Today we'll be explaining how to make a simple token swap (or trade) using the Swap option in Uniswap.
Navigate to app.uniswap.org and click 'Connect to a wallet' in the upper right hand corner. We'll be connecting with our MetaMask wallet today.
Now we'll select the crypto assets we want to trade. In this example we'll be trading ETH for xDai STAKE, so ETH will be selected for the 'From' field, and on the 'To' field we'll click 'Select a token'.
We'll see a list of crypto assets available from the Uniswap Default List, but we can also click 'Change' on the bottom right and pull up other lists. Let's select the CoinGecko list.
Click 'Select' and then type in 'stake' to have STAKE show up.
Select STAKE (or the token you'd like to trade to), and then select the amount you'd like by either typing in the amount in ETH, or in the new token. In this case I'll be trading for 8.5 STAKE.
Next we'll be able to 'Confirm Swap' and see the Liquidity Provider Fee, as well as the price impact from our trade. If everything looks good, click 'Confirm Swap'.
Once we hit 'Confirm Swap', we'll Confirm the transaction on Metamask. If you're using a hardware wallet, you'll also confirm the transaction on your hardware device.
After reviewing the transaction and paying the gas fee, we'll see the transaction has been submitted and we can now view it on Etherscan. We can also see that the transaction in pending in the upper right hand toolbar of Uniswap.
If we click 'Pending', we'll see our Recent Transactions show up, along with a loading icon until the transaction has fully gone through. Once it's happened, we'll see a green checkmark. Voila, you've made a trade on Uniswap!
We can now find our new crypto assets in our wallet.
Uniswap is an amazing place to find some low market cap gems, and is very easy to use once you get used to the interface and the process of swapping crypto.
Thanks for reading and I hope this post helps you on your crypto journey!
The process is not complicated but the gas fees is another story.
Very true!