Introduction to Uniswap
Uniswap is a decentralized exchange platform that facilitates the exchange of ETH and ERC20 tokens. It employs an Automated Market Maker (AMM) mechanism, where anyone can add any ERC20 token trading pair and earn transaction fees by providing liquidity. Uniswap currently supports not only the Ethereum mainnet but also Ethereum Layer 2 networks such as Arbitrum, Optimism, Polygon, as well as Ethereum-compatible chains like Celo and BNB Chain.
How to Use Uniswap for Token Exchange
Preparation
- Activate the imKey hardware device and enable Bluetooth on your phone (Android phones need to enable GPS location services).
1. Open the app and switch the hardware wallet to the Arbitrum network. On the 'Browse' page, enter 'Uniswap' and open it.
2. Click 'Confirm' to authorize Uniswap to access the wallet address. Click on the red box to switch networks. In this article, we use the example of conducting token swaps on the Arbitrum network.
3. Select the currency you want to swap and enter the quantity, then click 'Swap' - 'Swap' in sequence.
Note: For the first time token swapping, you need to grant transfer permission of the token to Uniswap before you can proceed with the token swap. This process involves two contract interactions.
4. After confirming the payment details, click 'Request Confirmation from imKey,' and then complete the confirmation on the hardware device.
5. Go back to the wallet homepage and click on the '+' symbol, then select 'Add All My Assets' to add the tokens.
Finally
Risk Disclaimer: The content of this article does not constitute any form of investment advice or recommendation. imKey does not provide any guarantee or commitment regarding the third-party services and products mentioned in this article, nor does it assume any responsibility. Digital asset investment carries risks, so please carefully evaluate the investment risks and make decisions after consulting relevant professionals.
