How to Buy Crypto on Uniswap
A Step-by-Step Guide on How to Use a Decentralized Exchange
By: Arya Ghobadi •Beginners
If you’ve been following DeFi, you have probably heard of, or been part of, Uniswap’s airdrop on September 17, 2020. Uniswap gave away 400 UNI tokens, amounting to $1,200 at that time, to anyone who had interacted with the platform before September 2020. Uniswap managed to lock in more than $2B dollars, making it the largest player in DeFi when it comes to total value locked in.
Uniswap is a decentralized financial exchange, or DEX, which allows anyone to take part in the financial transactions of Ethereum-based tokens without a central body or intermediary. It’s committed to giving users permissionless access to financial services with security and immutability and without the fear of discrimination or counterparty risk.
Because it’s built on the Ethereum blockchain and uses smart contracts, Uniswap replaces traditional centralized market tools like exchange listings and limit-order books with automated and permissionless liquidity pools executed purely by algorithms.
Read more about UniSwap here.Here’s a primer on how to use this platform:
Go to the UniSwap official website and click on Launch App and it brings you to app.uniswap.org:
Now, you need to connect your wallet to UniSwap, click on Connect Wallet:
Choose your wallet, in this tutorial we’re going to use MetaMask:
Choose your account and click on Next:
Now, your wallet is connected and you should be able to see your balance and your wallet address at the top of the page.
First, we need to select our market. In this tutorial, we’re going to trade some ETH for AAVE. Click on Select a token, enter the name of the token that you’re going to purchase, and select it.
Most of the common tokens should be there but in case the one you’re going to buy isn’t, copy and paste its contract address and you can add that too! You can find each token’s contract address from its page on CoinMarketCap. In this tutorial, we’re going to purchase AAVE.
After entering the amount that you’re going to buy, you can click on Swap and then Confirm Swap:
Now your MetaMask opens up, read the details and confirm the transaction on MetaMask.
Sometimes it can take a few minutes to go through, so just be patient! In the end, you will see the Transaction submitted message!
We hope you found this tutorial helpful and that you’ve learned how to buy crypto on UniSwap.
This series article is intended for general guidance and information purposes only for beginners participating in cryptocurrencies and DeFi. The contents of this article are not to be construed as legal, business, investment, or tax advice. You should consult with your advisors for all legal, business, investment, and tax implications and advice. The Defiant is not responsible for any lost funds. Please use your best judgment and practice due diligence before interacting with smart contracts.