UniSwap Review: How To Use Uniswap Exchange And Uniswap V2

Last Updated on May 11, 2021 by cryptocreed

Defi becomes a hot topic in recent times and UniSwap is the center of the current Defi Market. If you had not heard about Defi yet then really you are missing a very interesting project and Defi platform.

Before knowing what is Uniswap and how to use it let’s get some Defi stats.

Defi is known as Decentralized Finance. Currently, there is more than 12.45 Billion worth of USD is locked on decentralized platforms. From all Defi platforms, this exchange has dominance on over 21.34% of the total defi market, and then after Maker and WBTC comes into action.

Currently, there are total exchange volume is 36.14m USD.

What Is UniSwap?

Uniswap is the decentralized exchange built on the top of the Ethereum blockchain to provide instant ERC20 token swapping service.

Uniswap Exchange doesn’t only allow you to exchange ERC20 tokens but it also lets you Lend your crypto and earn interest on every Lend coin (everylend reviews).

There are already 18,000 tokens are listed, anyone can list their token easily. At the time of writing, they have liquidity of a total of 3 Billion USD with 253m 24H volume.

What is UniSwap V2

Uniswap V2 is the advanced version.  It comes with some extra features which version 1 doesn’t have. The features like

• ERC20 / ERC20 Pairs
• Price Oracles
• Flash Swaps
• Core/Helper Architecture
• Technical Improvements
• Path to Sustainability
• Testnet and Launch Details

For better understanding, you can visit their official Uniswap website blog page.

What Is UniSwap V3

There is no UNI V3, but yes there is speculation that gives us a hint that there will be a launch in 2021. So be ready for another awesome update.

Team also raised 11m USD for development purposes. So when Uniswap V3? Maybe in June 2021.

Why Use Uniswap?

There is a simple question, why to use Uniswap V2? Definitely because of security. On centralized exchanges, there are more chances of getting hack or scam but in the case of Defi protocols, it is almost nil chances of getting hack or scam.

How To Use Uniswap

It is very easy to use Uniswap V1 and Uniswap V2,  first you need to open their swap app page.

• Visit the exchange page.
• Make sure you are on the Swap page.
• Connect ERC20 supported wallet, like, Metamask, WalletConnect, Portis, Coinbase, and Formatic.
• Select the token you want to sell or swap.
• Select the token you want to receive in exchange for your token.
• Click “Swap”.
• Pop up will preview your transaction and click on confirm.
• Just wait to get the transaction confirmed.
• Moreover, you can view transaction status on Etherscan.

This whole process takes not more than 2 minutes but the transaction confirmation part can take time, it depends on the network.

How To Use Uniswap With Ledger

Unfortunately, you can’t use any hardware wallet like Ledger on V1 and Uniswap V2. It supported Ledger a few months back but now they are not supporting it.

What Is UniSwap Info

Uniswap info is a simple platform that provides all types of data and analytics of the Uniswap Protocol. Data like total liquidity, volume, top token, and top pairs.

Click here to visit the Info page.

Uniswap liquidity

Uniswap liquidity is something unique in itself. “Liquidity is typically represented by discrete orders placed by individuals onto a centrally operated order book. A participant looking to provide liquidity or make Uniswap market must actively manage their orders, continuously updating them in response to the activity of others in the marketplace.”

A liquidity calculator can be viewed here.

Where To Buy Uniswap Coin and What Is UNI Token

UNI coin or UNI token is available for purchase on Uniswap exchange. It is also available on major exchanges like Binance, Huobi, Okex, and BitMart.

How does Uniswap make money?

No, it doesn’t make any money. They are not making any profit directly from the exchange but the UniSwap token is in the market and it might generating profit for them.

Also, they are raising millions of dollars for projects which may include their profit as well.

They also do future plans, where they take a 0.05% fee from each trade. This might be implemented in Uniswap V3.

Best Uniswap Wallet

You can use any ERC20 supported wallets for storing UNI tokens or Uniswap coins. But the most recommended wallets are Metamask and MyEtherWallet or any hardware wallet.

Click here to visit ERC20 Token Compatible Wallets.

Frequently Asked Questions

Will Uniswap have another airdrop?
For now, there is no such announcements are done. There is some fake website that claims that there is Airdrop but all those are scams and fake.

Will Uniswap’s price go up?
The current price is 2.78$ and it can go up when V3 will be launched.

Where is the Uni swap located?
They are located in Greater New York Area, East Coast, Northeastern US.

How Uni swap makes money?
They do not, but they planned to implement a small fee through which they can earn money.

What is Uniswap Coin?
The platform has its own token which is known as UNI coin which is based on Ethereum and EOS blockchain.

Will the Uni swap crash?
Most probably it will not crash.

How many UNI tokens are there?
There are total UNI token in circulation is 209,786,215 / 1,000,000,000 (source: coingecko)

How to use Uniswap v2?

Simply, visit their website and connect your wallet. After connecting the wallet you can buy and sell tokens on Uniswap V2.

Can I use Uniswap in the US?
Yes.

I can find Uniswap dmg?
DMG is trading on V2 with 137K USD volume and 900K USD liquidity. The current price of the DMG token is as follows.