TENSET GOES LIVE ON UNISWAP MARCH 31, 2021
LONDON, UK / March 23, 2021
With the highly-anticipated listing of Tenset’s native token 10SET at Uniswap on 31 March fast approaching, today we examine Uniswap’s decentralized trading protocol.
Uniswap has been home to many of the De-Fi tokens and coins since it launched in November 2018. Very quickly, it has become Ethereum’s most well-liked AMM (Automated Market Maker) exchange. The AMM Exchanges work differently from the centralized ones (CEXs). Instead of placing trader’s cryptographic assets onto their order books and relying on buyers and sellers to facilitate the trade, DEXs (Decentralised Exchange) and AMMs automate the whole process.
Few CEXs within the crypto space are 100% safe as most of them have been hacked in the past or experienced technical glitches that have affected their clients. Usually, centralized exchanges also request additional documents through the process known as KYC (Know Your Customer), which is far from ideal for many traders who prefer to stay anonymous.
Security and privacy concerns have led to high demand for DEX (Decentralized exchanges). Subsequently, in recent years AMM exchanges have proven to be one of the most impactful DeFi innovations. As a result, investors move away from traditional order books to these new, decentralized and open-source liquidity exchanges.
Uniswap is a prime example of an Automated Market Maker exchange. It depends on liquidity pools to supply assets to traders. Its algorithm inside the protocol works out prices by dividing one asset in the liquidity pool by the corresponding one in the pair. Without going too technical, the rating on Uniswap is decided by Constant Product Market Maker (CPMM); you’ll find the details here. Uniswap supports all ERC-20 tokens and has been a launchpad for many successful cryptocurrencies.
Please Note: The exchange of crypto assets happens between the lines of codes written into contracts; therefore, custody of your crypto assets belongs to no one but yourself. With no 3rd party participating in the trade also comes extra responsibility, and traders have to protect their investments. A great option is to add an extra layer of protection using a hardware wallet to ensure your crypto assets security.
When visiting https://uniswap.org/ the first thing to do is click the top right corner and launch the App by clicking “Use Uniswap”. You will be then redirected to the exchange protocol; that’s where the Uniswap magic happens.
The next step is to click the “ Connect to a Wallet ” button in the top right corner. You will be prompted with a selection of wallet options. This tutorial, will look at the first two options, Metamask and Wallet Connect, using a mobile device wallet.
Once the connection is successful, Uniswap will present you with the Trading Protocol Page. This time in the right top corner, you will see your wallet’s public address and the balance.
The second option on the menu, Wallet Connect, will require a mobile wallet app and a laptop. Navigate to the Uniswap website and follow the “ Connect to a Wallet ” process again, selecting the second option from the list “ Wallet Connect”. Uniswap promptly shows the QR code.
On the mobile device, open a Trust App, go to the settings and tap “ WalletConnect ”, the camera app will open automatically, so you will be able to scan the QR code from the Uniswap website. Then press “Connect”. Once the connection is successful, head back to the Uniswap website
Before trading on Uniswap using Metamask Swap or Mobile Wallet, you will need some ETH; this is because Etherium is the default network Metamask and Uniswap are set to, and all transaction fees are paid in native currency.
You should note that network fees on Ethereum are pretty high these days. It is normal for a single transaction to cost anywhere between $30 and $80 or even more during the Tenset Launch event, so keep that in mind before putting in the order and make sure you have enough ETH to cover the gas fees.
Now that you’ve connected your wallet with Uniswap, you can go ahead and use the swap service. To buy a 10SET token when it becomes listed on the 31st of March, find it in the swap options and then fumble with the nomination until you select the desired amount. Even better, to make sure that you are trading a correct 10SET token, it is preferable to copy-paste the Tenset contract 0x7FF4169a6B5122b664c51c95727d87750eC07c84 in the swap window instead of just selecting it from the scroll down menu. Once selected, you will see under the Swap button the cost of the automatically calculated gas fees. Then navigate back to Metamask Swap in your web browser to confirm the transaction.
Before you confirm your transaction in the mobile wallet, take note of the advanced options for the gas fees. Even though Metamask calculates these gas fees for you automatically, they are not always accurate, and it is always good to look into selecting the gas fees manually. These advanced gas options are a bit hidden for Metamask Swap. You can get to them using the “Edit” option after you click “Review Swap” or when you click on “Advanced” in the next window. Check out two numbers named the gas price and the gas limit. The main number worth paying attention to is the Gas price expressed in Gwei.
This is where another tool called Ethereum Gas Tracker comes in handy. What Gas tracker does, is giving you the most up-to-date Ethereum gas fees to ensure that you’re not overpaying or underpaying.
To wrap things up, a word of caution about browsing extensions wallets like Metamask. Although they do give you control of your private keys and let you do some pretty amazing things, browser extension wallets tend to be a bit more centralised behind the scenes and not always the most stable. Browser extension wallets are also not as secure as mobile wallets and especially not as secure when compared to hardware wallets.
As such, you might consider the Metamask wallet to be akin to an account on the cryptocurrency exchange. Therefore it is advisable not to keep crypto in Metamask’s wallet for long periods and only transfer funds to it when trading or yield farming. When not doing either of those things, it’s best to keep your crypto safe on a trusty hardware wallet.
We hope you enjoyed the Uniswap tutorial folks, if you did, give the article clap and tell us about your experience in the comment section.