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DeFi App Tutorial Uniswap: Easy Way To Trade Ethereum Based Tokens (ERC20 Tokens)

By tomoyan | tomoyan | 1 Mar 2020


Publish0x uses different tokens for earnings, HYDRO, DAI and BAT, and when you have different Ethereum based tokens, sometimes you want to convert them into another token like Ethereum because many exchanges support Ethereum for cashing out.

Uniswap is super simple and easy to use Defi App that you can use to swap Ethereum Based Tokens.

No signup. No KYC (know-your-customer).

I am going show you how to use Uniswap to exchange BAT for DAI.

How it works.

uniswap

  • First you need to connect your wallet.

connect

  • I use Coinbase wallet but you can use any other wallets that are listed here.

wallets

  • Click on "Coinbase Wallet" and QR code will show up so scan the code using the wallet app.

qrcode

  • Now wallet is connected to Uniswap and ready to swap tokens.

connected

  • Change Input to BAT and Output to DAI and type in how much you want to swap.

change

  • If you want to swap all token click on "Balance" and this will put max amount in the input.

unlock

  • Before you "Swap", you need to "Unlock" the token you like to trade so click on "Unlock".

This will send a request to your wallet app and ask you if you want to unlock or not, so accept it on the wallet app and then "Swap"

Once it's done, BAT token balance will become 0 and be traded to DAI.

done

There is a small transaction fee for unlocking and swapping.

So make sure you have some ETH in your wallet.

fees

BAT is swapped to DAI successfully!

Go to your wallet app and see tokens are swapped.

Here is the before and after the token swap on Coinbase Wallet.

before after

You can do the same thing using Coinbase or other exchanges (if tokens are supported) but if you want to use a DeFi (Decentralized Finance) app,

Uniswap is one of the easiest ways to swap ERC-20 tokens.

But just be careful 👇

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tomoyan
tomoyan

Crypto DIYer - tomoyan.github.io


tomoyan
tomoyan

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