I think Uniswap might be a the best Dapp I’ve seen to date.
Mainly because you can easily swap an ERC20 token with any other ERC20 Token.
In this post, I’m going to show you how to swap ETH for 1UP. There are many reasons to do this; maybe you want to level up in Uptrennd, maybe you think 1UP is going to increase in value or maybe you just want to donate some 1UP.
For this exercise, you will need a Metamask(or similar) wallet and we will be using Uniswap.
Uniswap is a Decentralized Exchange (DEX), which means no KYC, no AML, no commissions, no fees and you control your private keys,! Beautiful!!!
I strongly believe that we shouldn’t be using centralized exchanges as they have a poor track record in dealing safely and securely with our assets. Simply put, they cannot be trusted. It makes more sense to use decentralized exchanges. And I like Uniswap because it’s so simple to use. Please feel free to enlighten me about other great DEX’s.
Briefly this is how the swap works:
- Enable your Metamask wallet to “see” 1UP token by getting the 1Up contract address
- Do a swap on uniswap.
Step 1 ) Get the 1UP contract address from Etherscan
The next page will display the contract address for 1UP. Keep this number. You can go to this page directly via https://etherscan.io/token/0x07597255910a51509ca469568b048f2597e72504
Step 2 ) Enable your Metamask wallet to show your 1UP tokens
Unlock and Open up your metamask wallet.
Open the menu, click on “Add Token“
Then click on “Custom Token“
Paste in the contract address for 1UP that you got from Etherscan. The token symbol and the decimals data will display.
Then click “Add Tokens“
Once this is done, you will then be able to see your 1UP wallet listed among your other tokens.
If you prefer a video explanation, this is a very good one below.
So now you’re at a point where you’ve got ETH and 1UP tokens displaying in your metamask wallet. Now we’ve got to swap them.
Step 3 ) Swap the ETH for 1UP on Uniswap
Review Uniswap just to get a sense of what it can do. You can jump straight into the swap by with these following steps.
Go to Uniswap to this address https://uniswap.exchange/swap/0x07597255910a51509ca469568b048f2597e72504
The 0x07597255910a51509ca469568b048f2597e72504 part of the url, refers directly to the contract address of 1UP.
Metamask will open up for you to confirm the transaction, click “Confirm” and you’re done.
Check etherscan to confirm the transaction.
You can swap from 1UP to ETH as well. There is a additional step that requires an ETH transaction with a minimal fee to to this, and it only happens once.
Working with Metamask together with a Dapp really confused me at first. Therefore I suggest trying this out with small amounts to get comfortable with it. After a while it’s pretty simple and you get it. These processes still need much better UX and UI, but it’s getting there; and Uniswap is certainly leading the way.
I’ve swapped BAT and HEX in Uniswap and I was very pleased with the results. Although with some tokens like BAT, you don’t need to do the first two steps of setting up the customs tokens; they’re already available.
I think Uniswap is an Amazing tool, and I haven’t even scratched the surface of what it can do. That’s why I’m sharing some of this information with you guys. I hoping that you can also play with the tool and see what cool things it can do.
If you feel comfortable with this, give it a try and let me know how it goes in the comments below.
And if you found this useful, please feel free to send me ERC20 Tokens like 1UP to 0x3743094050Ce0A80F0366b202ef967D8E26d706a.
Photo by Austin Distel on Unsplash
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