What is Uniswap? Learn more about Uniswap decentralized exchange

uniswap là gì

Defi, decentralized finance… these are the hottest keywords today. Defi tokens are also making a splash recently. But how can I buy Defi tokens before being listed on major exchanges? After reading the article, you will have the answer.

There are many decentralized exchanges born, typically Binance Dex. In this article, I will learn with you guys about what Uniswap is, a fairly hot decentralized exchange today, specializing in the exchange of Defi Tokens.

What is Binance Dex?

What is Binance DEX? The most detailed guide to using the Binance DEX exchange!

What is Uniswap?

Uniswap is a protocol that works on top of Ethereum for token exchange. Unlike most exchanges that are created and will charge a transaction fee, Uniswap is community-driven, being a tool for the community to trade tokens without paying platform fees or middlemen.

The founder of the Uniswap platform is Hayden Adams, after he was inspired by a post by Vitalik Buterin.

How Uniswap . Works

Any token can be listed on Uniswap by providing a pool of funds in ETH and the ERC20 token being traded.

Eg: If you want to do a token exchange called DMM Governance (DMG), you will launch a new Uniswap smart contract for DMM Governance and create a liquidity pool for them. For example, an ETH capital is worth 1 million USD and the equivalent amount of DMG tokens is worth 1 million USD.

How is Uniswap different from other decentralized exchanges?

Other decentralized exchanges will typically connect buyers and sellers to price coins, but Uniswap works differently.

Uniswap uses a constant equation: x * y = k.

Inside:

  • x: amount of ETH tokens
  • y: Amount of ERC20 available in the liquidity pool
  • k: is the constant value.

This equation uses the balance between ETH – ERC20 token and supply – demand to determine the price of that token

Eg: When someone buys DMG with ETH, the supply of DMG decreases while the supply of ETH increases, i.e. the price of DMG increases.

What are the risks of trading on UNISWAP?

Trading above is still risky. However, this risk comes from yourself. That is, you must buy the “junk” project.

Any ERC20 token can be listed on Uniswap without permission. Each type of token only needs its own smart contract and liquidity pool.

Therefore, there are currently a lot of scammers creating junk tokens, if you touch these projects, there is no way out!

The most important thing is that you should choose reputable projects to play!

How to avoid SCAM on Uniswap

This is the most important thing I want to tell you guys. It is not difficult to list tokens on Uniswap. Just Deposit ETH to create a Liquidity Pool and Code 1 token on the ERC20 platform. Therefore, listing on Uniswap is very easy and scam is inevitable.

So what do you need to do to avoid scams?

  • Check carefully Asset ID of that project
  • Check Contract of that project (Check Contract given by dev team or check on Coinecko).

How to check Contracts of projects?

I will check it out Hakka Let me model you!

Step 1: Access to Coineckofind project Hakka

Step 2: Get the Contract of the project

The part highlighted in red is contract of project Hakka this.

Step 3: Check contract on Uniswap

Find Hakka above Uniswap. Done, press Trade

Next, you check the Contract to see if it is the same as above Coinecko no!

As shown in the picture, it is contract of the Hakka. Compare to Contract above Coinecko then same. So you can rest assured that it can be swapped because this is a standard project.

Instructions for trading on Uniswap

I will guide you to finish Uniswap with Coinbase wallet. In addition, you can also use wallets such as: Metamask… to transact!

Explore Metamask wallet

Metamask Wallet: Instructions for installing and using Metamask wallet

Step 1: Install Coinbase wallet App

Brothers up Appstore or CH Play to download the Coinbase wallet app. Otherwise, you can visit Coinbase to download it: https://wallet.coinbase.com/

Please download the App with Logo as shown below!

Or to see details on how to create a wallet on Coinbase, please read this article:

What is Coinbase? Instructions to connect Coinbase Wallet with Uniswap

Instructions to connect Coinbase wallet with Uniswap

Step 2: Create Coinbase Wallet

Brother click Create New Wallet follow these steps:

The order you do is as follows:

This is the step to turn on security for the wallet, you can choose security with FaceID or Password all right. I use IPX so I choose FaceID for convenience!

This is quite an important step, you need BACK UP wallet in case you lose your phone, password, etc. to be able to access Coinbase Wallet.

They give us 12 keywords, you save it carefully, or keep it somewhere. When you forget your password or lose your phone, you will still be able to access the wallet!

Brothers choose Back Up mannually Please!

Ok so we have created Coinbase Wallet accomplished.

Step 3: Connect Wallet

Access: https://app.uniswap.org/#/swap

Brothers choose Connect to a Wallet – Coinbase wallet

Next, on Uniswap, a Wallet will appear in the form of a QR code. Brothers open App Coinbase Wallet Go up and scan!

Step 4: Open the app to scan the wallet

After scanning the wallet, on the interface at Uniswap will be like this

Step 5: Buy Defi . tokens

Please note that we will buy tokens with Ethereum Please! So in your wallet, you should ensure the balance of ETH.

As above, the example I want buy MKR tokens with an amount of 1ETH, so I can buy it 0.527841 MKR. Please fill in the above and press Swap it’s done! The number of Tokens purchased will be in your ERC-20 wallet in Coinbase wallet Please!

Video tutorial for using Uniswap sàn floor

https://www.youtube.com/watch?v=9PnPUnxoWfQ

What is UNI TOKEN?

On September 17, 2020, Uniswap officially gives old users, liquidity providers… each wallet that has traded at Uniswap before September 1, 2020, will receive 400 UNI Tokens.

Each UNI token is priced at 3.5$, Claiming token will receive ~1400$.

UNI contract address: 0x1f9840a85d5aF5bf1D1762F925BDADdC4201F984

UNI Token Allocation

1 billion UNIs were printed and distributed within 4 years. The initial four-year allocation is as follows:

– 60.00% for Uniswap community members [600.000.000 UNI]

– 21.51% for team members and prospective employees with 4 years of inspection [215,101,000 UNI]

– 17.80% for investors with a term of 4 years [178.000.000 UNI]

– 0.69% for advisors with a term of 4 years [6,899,000 UNI]

distribute-token-uni

Besides, 15% out of 150,000,000 UNI will be given to those who transactions before September 1, who offer liquidity and socks redeemers.

Inside:

  • 49,166,400 UNI allocated to liquidity providers (LPs)
  • 100,613,600 UNIs are divided equally among 251,534 wallets that have connected and swapped on UNISWAP before September 1 (each wallet receives 400 UNIs)
  • 220,000 UNI divided equally among 220 Socks owners

In addition, the administrative treasury will retain 43% [430.000.000 UNI] UNI supply for continuous distribution through contributor funding, community initiatives, liquidity mining, and other programs.

UNI will assign the treasury continuous administration according to the following schedule.

Functions of UNI Token

UNI Token holders will be able to:

  • Uniswap Administration
  • Get Transaction Fee
  • UNI . Community Treasury
  • Uniswap default list (tokens.uniswap.eth)
  • Liquidity Token SOCKS

Liquidity Mining

194/5000 Initial liquidity mining will go live on September 18, 2020 12:00 a.m. UTC. The show ends November 17, 2020 12:00 a.m. UTC with the following four groups on Uniswap v2:

  • ETH/USDT
  • ETH/USDC
  • ETH/DAI
  • ETH/WBTC

Buy UNI Token, Sell UNI Token where?

Buy UNI Token with VND

You can buy UNI Token in VND at Bitmoon exchange, the exchange supports buying and selling ~400 coins in VND very reputable, the transaction fee is only 0.1%.

Link to buy and sell UNI: https://bitmoon.net/mua-ban/uniswap

Buy UNI with USDT, BTC

Step 1: Buy USDT, buy Bitcoin at Bitmoon exchange.

Step 2: Withdraw USDT, Bitcoin to Binance exchange or Huobi exchange (these two exchanges are ok)

After withdrawing, go to choose UNI/BTC OR UNI/USDT trading pair to buy!

What is Binance exchange? Basic User Guide, Registration and Authentication 2020

What is Huobi Exchange? The basic guide to houbi floor for newbies 2020

To learn more about the two exchanges Binance and Huobi, you can read the following article to learn how to buy and sell!

Epilogue

Hopefully, this article about what Uniswap is, will be of great help to you, especially during this Altcoin season.

Wishing you success!

The group shares experience on Margin, PTKT, and completely free rafters: https://t.me/GTAmargin

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