Topic: (GUIDE) How to trade on uniswap correctly (Read 496 times)
Thanks for a great tutorial sir, there are so many tricky scam for swapping. Since 2017 i'm exist on crypto space, haven't use the swap yet. I always sell my tokens into exchanges and i hold the tokens which are not in exchange yet. I think swapping is current modern system that really common right now and i think i'm gonna try it by following your tutorial.
Precise and explanatory guide you have here. Kudos. However, Uniswap v3 seems a bit more complex to understand for LP provision. Any simple guide on here?
What do you mean by:
If you are using the right service (bookmark the right domain and use a safe device) then everything should be Ok.
Scammers are everywhere. We can't ignore the whole service in order to avoid being scammed. And by using this guide, i think you would enjoy a great experience which will surely help you use similar services using the safest way.
Quote
but I easily got notified from most of my colleagues not to initiate it if I do could get scammed...
If you are using the right service (bookmark the right domain and use a safe device) then everything should be Ok.
Scammers are everywhere. We can't ignore the whole service in order to avoid being scammed. And by using this guide, i think you would enjoy a great experience which will surely help you use similar services using the safest way.
I have incur such before but I have to understand to those scammers do send scam token to our address by so doing we will go swap and they hack our wallet.
I tried swapping VERA token in BSC on Pancakeswap, but I easily got notified from most of my colleagues not to initiate it if I do could get scammed and moved out most of my important tokens.
I tried swapping VERA token in BSC on Pancakeswap, but I easily got notified from most of my colleagues not to initiate it if I do could get scammed and moved out most of my important tokens.
https://twitter.com/LucasOutumuro/status/1425172167998779398
"This is only accounting for fees on v2 and v3 on Ethereum mainnet. Actual total including v1 and v3 on Optimism is ~ $1.02B"
The value of funds locked in this protocol, deployed in the DeFi decentralized finance market, is now just over $ 16.938 billion.
https://whattonews.ru/platforma-uniswap-zarabotala-bolee-1-mlrd-na-tranzakcionnyh-sborah/
"This is only accounting for fees on v2 and v3 on Ethereum mainnet. Actual total including v1 and v3 on Optimism is ~ $1.02B"
The value of funds locked in this protocol, deployed in the DeFi decentralized finance market, is now just over $ 16.938 billion.
https://whattonews.ru/platforma-uniswap-zarabotala-bolee-1-mlrd-na-tranzakcionnyh-sborah/
At first it was a little difficult to trade on uniswap. But for such a very helpful guide, we can now easily trade on Uniswap. However, even using an Android phone, you can easily trade on Uniswap with the help of Metamask or Trust wallet.
https://uniswap.org/blog/token-access-app/
Token access on app.uniswap.org
"To continue to innovate and provide this tool for the Uniswap community, we monitor the evolving regulatory landscape. Today, consistent with actions taken by other DeFi interfaces, we have taken the decision to restrict access to certain tokens through app.uniswap.org. These tokens have always represented a very small portion of overall volume on the Uniswap Protocol — a full list is available here."
https://github.com/Uniswap/uniswap-interface/blob/main/src/constants/tokenLists/unsupported.tokenlist.json
Token access on app.uniswap.org
"To continue to innovate and provide this tool for the Uniswap community, we monitor the evolving regulatory landscape. Today, consistent with actions taken by other DeFi interfaces, we have taken the decision to restrict access to certain tokens through app.uniswap.org. These tokens have always represented a very small portion of overall volume on the Uniswap Protocol — a full list is available here."
https://github.com/Uniswap/uniswap-interface/blob/main/src/constants/tokenLists/unsupported.tokenlist.json
To avoid scam tokens, we should double check the address before swapping any tokens.
Now is safer because Uniswap have a pop up message to notify the user about the coin address they want to swap.
The only problem for me in Uniswap is the high fee because we will need at least $10++ to swap token due the high gas fee.
Now is safer because Uniswap have a pop up message to notify the user about the coin address they want to swap.
The only problem for me in Uniswap is the high fee because we will need at least $10++ to swap token due the high gas fee.
Uniswap's Year in Review: 2020
December 31st, 2020
https://uniswap.org/blog/year-in-review/
"The protocol’s MAU figures have grown month-on-month since the launch of v2, with December surpassing 300k unique addresses.
Uniswap trades regularly account for 25% of Ethereum network transactions.
Meanwhile, the protocol’s median trade size in 2020 was just $634.
2021 Roadmap:
Improve automated market making:
The Uniswap team continues to research and develop market leading AMM technology, making considerable progress on v3.
V3’s design is driven by a desire to drastically improve the AMM experience for both swappers and LPs, increasing capital efficiency and flexibility while introducing superior execution."
December 31st, 2020
https://uniswap.org/blog/year-in-review/
"The protocol’s MAU figures have grown month-on-month since the launch of v2, with December surpassing 300k unique addresses.
Uniswap trades regularly account for 25% of Ethereum network transactions.
Meanwhile, the protocol’s median trade size in 2020 was just $634.
2021 Roadmap:
Improve automated market making:
The Uniswap team continues to research and develop market leading AMM technology, making considerable progress on v3.
V3’s design is driven by a desire to drastically improve the AMM experience for both swappers and LPs, increasing capital efficiency and flexibility while introducing superior execution."
"Today, we are excited to announce Token Lists, a new standard for creating lists of ERC20 tokens. This is a community-led initiative to improve discoverability and trust in ERC20 token lists in a manner that is inclusive, transparent, and decentralized."
https://uniswap.org/blog/token-lists/
" new Ethereum token list standard.
Token Lists is a community-led initiative to improve discoverability, reputation and trust in ERC20 token lists in a manner that is inclusive, transparent, and decentralized."
https://tokenlists.org/
https://uniswap.org/blog/token-lists/
" new Ethereum token list standard.
Token Lists is a community-led initiative to improve discoverability, reputation and trust in ERC20 token lists in a manner that is inclusive, transparent, and decentralized."
https://tokenlists.org/
Uniswap gradually turning into etherdelta and forlkdelta because of the number of scam project being created on the platform on a daily basis, a guide like this will really go along way to help new users of the platform to trade safely and prevent them from falling in hands of scammers.
Uniswap discussion
There are many scammers on uniswap who sell tokens with the same name. If you purchase such a token, you will incur losses.
This small guide will help you not to lose your money.
On the
https://uniswap.info/home
enter YAM into the search bar and find a lot of tokens.
Which one is the real one?
You need to go to coingecko or coinmarketcap, or better at 2 services at once and find the address of the smart contract
https://www.coingecko.com/en/coins/yam-v2
https://coinmarketcap.com/currencies/yam-v2/
Result:
https://etherscan.io/token/0xaba8cac6866b83ae4eec97dd07ed254282f6ad8a
https://etherscan.io/token/0xaba8cac6866b83ae4eec97dd07ed254282f6ad8a
https://ethplorer.io/address/0xaba8cac6866b83ae4eec97dd07ed254282f6ad8a
In 2 cases, we receive the address of the smart contract:
0xaba8cac6866b83ae4eec97dd07ed254282f6ad8a
Now let's go to uniswap:
https://uniswap.info/token/0xaba8cac6866b83ae4eec97dd07ed254282f6ad8a
Press the button "I understand"
A new page will open.
After clicking on the "trade" button you can trade on the uniswap exchange.
https://app.uniswap.org/#/swap?inputCurrency=0xaba8cac6866b83ae4eec97dd07ed254282f6ad8a
Be careful and do not fall for the tricks of scammers.
Disclaimer: Token YAM is used as an example. This article is for educational purposes and does not constitute investment advice.
Uptill now i have only traded the officially listed tokens at uniswap only and not something with open smart contract address so i have not faced any issue but it is good that you posted for general awareness and it will save many from buying wrong tokens. There are many scammers on uniswap who sell tokens with the same name. If you purchase such a token, you will incur losses.
This small guide will help you not to lose your money.
On the
https://uniswap.info/home
enter YAM into the search bar and find a lot of tokens.
Which one is the real one?
You need to go to coingecko or coinmarketcap, or better at 2 services at once and find the address of the smart contract
https://www.coingecko.com/en/coins/yam-v2
https://coinmarketcap.com/currencies/yam-v2/
Result:
https://etherscan.io/token/0xaba8cac6866b83ae4eec97dd07ed254282f6ad8a
https://etherscan.io/token/0xaba8cac6866b83ae4eec97dd07ed254282f6ad8a
https://ethplorer.io/address/0xaba8cac6866b83ae4eec97dd07ed254282f6ad8a
In 2 cases, we receive the address of the smart contract:
0xaba8cac6866b83ae4eec97dd07ed254282f6ad8a
Now let's go to uniswap:
https://uniswap.info/token/0xaba8cac6866b83ae4eec97dd07ed254282f6ad8a
Press the button "I understand"
A new page will open.
After clicking on the "trade" button you can trade on the uniswap exchange.
https://app.uniswap.org/#/swap?inputCurrency=0xaba8cac6866b83ae4eec97dd07ed254282f6ad8a
Be careful and do not fall for the tricks of scammers.
Disclaimer: Token YAM is used as an example. This article is for educational purposes and does not constitute investment advice.
Uniswap has become most used and preferred instant swap dex and no doubt it is one of the most simple and efficient interface and yes scammers are also taking advantage of uniswap in different ways so all the traders and investors need to be careful and double cjeck everything before initiating a trade.
Hey OP!
Thanks for creating this short and informative guide. I have not tried uniswap till now but after reading your guide I will be careful whenever I plan to use it.
Such guides will certainly help in stopping scams.
Thanks for creating this short and informative guide. I have not tried uniswap till now but after reading your guide I will be careful whenever I plan to use it.
Such guides will certainly help in stopping scams.
Look identically with etherdelta/forkdelta "add token" feature. Do I get it correctly - everything can be traded via uniswap and all you have to do is to add your token via correct smart contract address ?
Maybe consider creating guide how to trade on uniswap, but this time put it in beginner and help sub-forum ?
Maybe consider creating guide how to trade on uniswap, but this time put it in beginner and help sub-forum ?
Reason why people should make use of REN NOT YAM:
1) REN is when trusted and reliable in trading on unswap,they offer somethings other exchange don't have.it hard for scammer to penetrate into their private stock.
2)REN is when reliable in browse to know new coins in the market.
YAM aspect not too reliable in direct swapping because:
1) easy for scammer to scam people.
2) faster not too reliable uniswap.
1) REN is when trusted and reliable in trading on unswap,they offer somethings other exchange don't have.it hard for scammer to penetrate into their private stock.
2)REN is when reliable in browse to know new coins in the market.
YAM aspect not too reliable in direct swapping because:
1) easy for scammer to scam people.
2) faster not too reliable uniswap.
Thanks to the op for making a good guide. These decentralized exchanges are very tough for a noob as there are a lot of scam coins trading. They need all the help they can get.
to make sure you just try the contract address. this will provide the correct token than just searching the name.
scammers are having a feast in uniswap. a new token can actually have a good price in uniswap, they can just set it liquidity and then promote the project. CMC seem to be adding the weight of the problem because they are adding coin on their list making it look legit even when its just on Uniswap.
scammers are having a feast in uniswap. a new token can actually have a good price in uniswap, they can just set it liquidity and then promote the project. CMC seem to be adding the weight of the problem because they are adding coin on their list making it look legit even when its just on Uniswap.
I think by now there should be ways to filter out the fake ones that have the intention to scams the exchange user. I don't think it's hard thing to do/fix.
How do you propose to do this on a decentralized exchange?
The maximum that is possible is to write that you should trade with caution and put the ⚠
If the exchange begins to prohibit or not show some tokens, then the whole meaning of "De" is lost.
I did not delve into this issue in detail, but if the Ethereum platform forbade the creation of tokens with the same three-letter codes, then this problem would not exist.
There is also a necessity to "approve" tokens before being able to make a swap. People should be aware of it because it can be a negative surprise if you are in a situation of dumping/buying a newly listed token and time is of the essence. Also the slippage settings can be important in some situations, but I guess this guide is more about how to identify the correct ETH contract.
Yes, you're not far from the truth, but that's because you already know how to navigate your way on uniswap, I once taught that uniswap was a platform for swapping tokens, because of the swap in the title. It's nice that the platform could also be used for staking as some projects like net coin uses the platform.
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