The Uniswap exchange app is a relatively new platform with outstanding features. But do you know how to use Uniswap exchange? If not, then you’ve come to the right place. This article is aimed at complete beginners of this application, and we will walk you through this Defi solution. So, without further ado, let’s get started!
How to Access Uniswap Exchange (Desktop and Mobile)
Uniswap is an entirely different form of exchange that’s fully decentralized and based on the Ethereum protocol. The app was built in 2018, and it’s been on the rise ever since then. That said, accessing this platform is not as straightforward as other exchanges. So, how do you access Uniswap?
To access Uniswap, you will need to have an ERC-20-supported wallet such as Coinbase wallet, WalletConnect, MetaMask, WalletConnect, Formatic or Portis. Next, you will have to add Ether into the wallet to trade on Uniswap. Once you have all the ingredients, then you can connect your wallet to Uniswap. You can use the DApps browser of Trust Wallet to access the Uniswap website easily on mobile. Here’s a step-by-step procedure for accessing Uniswap on your desktop:
- Go to https://uniswap.org
- Click on the ‘Use Uniswap’ icon on the top right corner
- The next step is to click on the ‘Connect to a wallet’ icon and then select the type of wallet you are using
Once you’ve connected your wallet, you are ready to access all elements of Uniswap, easy peasy!
How to trade on Uniswap Exchange (step-by-step)
Learning how to trade Uniswap is not that hard. Once you’ve connected your wallet to the uniswap.org site, the rest is like taking a walk in the park. If you skipped the above section, please check it out again before we proceed. Now, let’s get down to business;
- Log in to your wallet and also allow it to connect to Uniswap.
- On the screen, you will get an option to swap tokens directly through the dropdown. The dropdown will have options next to the ‘from’ and ‘to’ buttons. Select the tokens and fill in the amount you want to swap. Hit the “Swap” button.
- After that, you will get a preview of the transaction. Once you’ve confirmed your action, you will need to verify your ERC-20 wallet. Always check the transaction fee before confirming a transaction to avoid mistakingly paying a huge fee.
Finally, wait for the transaction to be completed. To be more specific, the transaction will be added to the Ethereum blockchain. With the transaction ID, you can also confirm the transaction’s progress by pasting the ID on etherscan.io. And that’s it!
How to Provide Liquidity on Uniswap Exchange (Step-By-Step)
To provide liquidity on Uniswap, identify the pair you’d like to use for liquidity. You are free to use any pair, but for illustration purposes, we will work with the FUSE/ETH pair. That said, you will need FUSE and ETH tokens in your wallet. It would help to always have ETH in your wallet for gas fees even when you are not dealing with an ETH pair. Once that’s done, you can proceed to the next step.
- Go to https://uniswap.exchange/pool and click on the ‘Connect to a wallet’ button found in the top right corner. That will connect Uniswap with your Metamask wallet.
- You will have to confirm this integration in your Metamask wallet before proceeding.
- Next, click on the ‘Create a pair’ or ‘Add Liquidity’ button.
- Input the tokens of your choice. Since you have FUSE and ETH in your wallet, search for FUSE and ETH. Select them.
- Add the amount you want to the liquidity pool. The Uniswap exchange app will automatically add the FUSE that’s equivalent to the amount in your wallet. Then you can click on the ‘supply’ button.
- Uniswap will grant you the chance to confirm the transaction before proceeding forward. If you are satisfied with the details, click on the ‘Confirm supply’ button.
- You will also get a confirmation of the transaction in your Metamask wallet, and if everything is the same, you should click on ‘confirm.’
- Details of the transaction will be available on Etherscan. If you wish to remove or add liquidity, you can click on the ‘remove’ or ‘add’ buttons down below your transaction’s details.
Liquidity Mining on Uniswap Exchange
In the Defi applications, liquidity meaning means the supply of liquidity to financial applications and getting rewards for the effort. And in Uniswap, liquidity mining means that the users supply their assets to a specific trading market pair so that a protocol can execute a trade. The users are thereafter rewarded in UNI. UNI is Uniswap’s token.
Once the assets are deposited into the pool, unique tokens are minted in the Liquidity Provider’s address depending on the amount of liquidity they contributed. The crypto tokens are essentially a representation of the Liquidity Provider’s contribution.
And whenever a trade is carried out, a 0.3% fee is levied, and the user can claim this fee when taking back their asset. Aside from that, LPs also get UNI tokens for providing their services. More importantly, the UNI is proportional to the asset amount you’ve contributed. The UNI that is earned during this process is not subject to lock up or vesting.
The Uniswap network is upgraded and governed by UNI holders through three modules: the governance module, the UNI token, and the Timelock. All these contracts allow the community to vote, propose and also implement changes in the Uniswap protocol. Whenever a proposal is presented, the community will have three days to vote. If the majority support the request, then it’s queued in the Timelock. Once the proposal is in the Timelock, it will take a minimum of two days to be executed.
If you’d like to see the market’s progress as you learn how to trade on Uniswap, the platform offers a real-time view of the charts. That also includes the liquidity of the token down to the hour. What’s more, you can view the number of transactions in the last 24 hours. There are several pairs that you can also view on the platform. All you have to go to https://info.uniswap.org/token/, and you’ll get instant access to the digital market.
Take away message
Well, there you have it! You can now mine, swap and also effectively get information from the Uniswap exchange app. Once you get the hang of it, you will be using Uniswap for all your trades and mining processes. The best part about Uniswap is that it gives you complete control of your wallet, unlike other exchanges where you have to relinquish control to use the platform.