Purpose
Knowing how to use Uniswap will allow users to interact with Uniswap, a decentralized exchange that uses the Ethereum Network.
Assumptions Made
This article assumes the reader knows:
Import a Word Phrase into MetaMask
What is $GALA
This article assumes the reader has a wallet already connected to MetaMask.
Note: The user assumes all risk and responsibility for using third-party exchanges.
Procedure
Connecting MetaMask to Uniswap
1) Navigate to
the Swap menu of the exchange. Click Connect Wallet to proceed.
2) This will bring up the Connect to a wallet menu. Click MetaMask to continue.
3a) If MetaMask is locked, please enter the password for the wallet and click Unlock.
3b) Once MetaMask is unlocked, select the desired wallet to connect. Click Next to continue.
4) Carefully read the allowance and Click Connect if you wish to proceed.
5) Once connected, a green icon will appear in MetaMask, verifying the connection to Uniswap
Selecting a Token on Uniswap
When using Uniswap, people can Select a token they want to swap to or with.
1) Prompt the swap by clicking Select a Token.
2a) In the Select a Token menu, users may search for a token using the token symbol such as ETH or
$GALA.
2b) In some cases, searching with the token symbol may not yield results despite having a trading pair on Uniswap.
For this example, SILK does not come up in the search. To find SILK, the corresponding token address must be used.
0xB045f7f363fE4949954811b113bd56d208c67B23
A user can paste the token address of their choice into the search. Once the appropriate token is shown, click Import.
2c) This prompt may appear; click Import to continue.
Users can check the token address on Etherscan to confirm that this is the official SILK token contract address.
3) SILK has been added as a swappable token. The exact process may be repeated for other currencies. If this is desired, click ETH and follow the previous steps.
Swapping on Uniswap
1) Navigating to https://app.uniswap.org/ will bring up the Swap menu, which may be defined by the following values as shown below:
1. Here, the user may pick any currency (on the Ethereum network) desired to swap from. This section also displays the available balance.
2. This is the amount of the chosen cryptocurrency selected to be swapped from. This number may be specified with decimals. Clicking the (Max) button will apply the entirety of the selected currency available in the wallet.
Selecting the value in arrow 4 will update arrow 2 accordingly (see the graphic below).
The estimated USD value of the currency is shown below.
3. Here, the user may pick any currency (on the Ethereum network) desired to swap to. This section also displays the available balance.
4. This amount will be received from the swap in the corresponding cryptocurrency. This number may be specified with decimals.
Selecting the value in arrow 4 will update arrow 2 accordingly (see the graphic below).
The estimated USD value of the currency is shown below.
5. Clicking the Swap button will execute the swap.
2) On the Confirm Swap page, click Confirm Swap.
3) A MetaMask Notification will appear confirming the amount of ETH (gas) required to execute the transaction. This fee is required by the Ethereum Network to conduct a transaction and is set by the network itself. Set the transaction to the average speed; a default fee will be selected.
Note: If users want to speed up the transaction, they can click the Edit button to bring up the prompt to change the gas fee amount.
Users may select to pay more of a fee to make a transaction faster by clicking High. Once this is done, click Save to continue.
Click Confirm to continue.
4) If using MetaMask without a hardware wallet, the following prompt will appear after clicking confirm, confirming the transaction was submitted successfully.
5) Once the transaction is submitted, it will show as pending in the top right of the website. Users may check the status of the current swap by clicking Pending.
This will show the recent transactions performed on Uniswap. Users can click the link on the swap shown in recent transactions to check on the transaction progress, as shown on Etherscan.
If the transaction status on Etherscan is successful, the transaction is completed.
6) Once the transfer is processed, a prompt in the top right of the page will appear to confirm the swap was successful.
The website will update the current wallet balances. This confirms that the ETH swap for 1 $GALA has been completed.