How to Use Uniswap: A Step by Step Guide
Uniswap is one of the most popular decentralized exchanges, where no registration is needed. Here's our detailed guide on how to use it.
Firstly, on the first page, you can choose from the list of tokens to find if the pair of token you want to trade exists.
You can then fill in how many tokens you want to sell, then the estimated output will be shown. The "Minimum received" section is to let you know the bottom line of gains in this trade. The liquidity provider fee is the handling fee you are going to pay to the pool, in this case, it is 0.3% at Uniswap.
Then you can then connect the exchange to your wallet. There are some options, including MetaMask, WalletConnect, Coinbase Wallet, Fortmatic, and Portis.
After confirming the Swap, your trade will be completed when the blockchain contains your transaction is mined.
Other than swap, you can also provide liquidity to the pool for some income. As mentioned, a handling fee is paid to the pool when someone used the swap service, providing liquidity will allow you to own a portion of this pool.
No matter which token pair exists, you can still provide liquidity to the pool. The first person who contributes to the liquidity of trading pairs is the one who defines the initial trading ratio.
Simply choose the token pair you want to add liquidity, then approve the pool accept your token. Finally, after the transaction of sending both tokens to the pool, the process is completed by rewarding you LP, it is proof that you own the share of the trading pair's pool. You can then withdraw tokens by the LP you have.