WOW! Am so stoked! I made my first ever Uniswap transaction just yet! Bought some KOIN and sold some Ether!
A little over one and half months too late to be able to claim some free UNI tokens which would've given me more than one thousand dollars of free funds. But hey, sometimes we loose big on free perks. That said, I discovered this morning I still have some other token in one of my Ethereum wallets that went from a few micro cents to a few cents, a gain of at least 50 fold. A token many users sold early this year, but I was not following the herd. Fortunately I wasn't :) Hey, sometimes we win big as well! :)
Those who don't know about Uniswap: It's a place where crypto tokens can be swapped for other tokens. Kinda like what is possible on exchanges, but different.
Inspired by a few users in the KOINOS Discord channel, I purchased some KOIN. Mining KOIN for the last 5 days, I figured my hardware is not powerful enough to get me the amount of KOIN I want to possess as a minimum. Fortunately, some miners decided to add KOIN to Uniswap and trading (well, swapping) is on!
Initially I thought: "Darn, why are these services such as Uniswap needed? We have exchanges, many of them, centralised but also decentralised ones! Why adding yet another way of exchanging crypto funds?"
I must say: Swapping at Uniswap is Super Easy!
"April Furry Art Swap Drawing" by SweetDrop (source)
Once setup, it is easier than trading at Exchanges. The way one 'trades' at Uniswap is different though. At an Exchange, we can set a buy or sell price. At Uniswap we can't: The purchase or sell is immediate for the price the automatic market maker sets. When giving in a buy or sell order (a swap), we get told the exact amount we pay and receive, including the Uniswap fees (0,3%). Next step in the swap process shows the details of the Ethereum/Gas transaction fees. When we are ok with them, its an additional mouse click before the swap is executed. It took about 30 seconds before the system told me: Swap successful! The result: Some Ether less, and some KOIN more.
You may ask: "Why swapping Ethereum for KOIN?" Well, I'll tell you. I believe in the team behind KOIN. I believe they can deliver the tech they promise. I think their tech will be the next step required in crypto space, a modular blockchain allowing massive scaling. With 100 Million KOINs being minted next 180 days; An exchange/swap price set at about 3$ct; Its a no brainer for me to want more KOIN. 3ct with 100M tokens is a market cap of 3M dollars only. I bet you, a market cap of 100M dollars is easily reached when the tech becomes available to the market. That'll be a gain of 30 to 40 times! A gain Ether or BTC will be dreaming about :) Therefore better to use some of my BTC and Ether to buy in right at the start of a great new project!
Note: KOINOS blockchain tech is not available yet. At this stage it's just a concept.
Disclaimer: Don't regard this as any financial advise, I just share with you my own thoughts and actions. Do your own research before you decide to jump onboard of KOIN or any other crypto or fiat asset.
published at DEV.to (source)
Setting up Uniswap
I'm sure multiple ways and methods are available to setup Uniswap. I took the most easy and most commonly used method. I connected my MetaMask wallet to Uniswap.
In the past I was never really active around the Ethereum chain, but I had an Ethereum wallet from some years ago. Back then, I needed an Ethereum wallet (and address) to claim some free tokens (they are worthless today, but who cares :)) MyEtherWallet (MEW) was the service I used.
Earlier this year when reading up on some of the Ethereum stuff, I discovered MetaMask. A browser based wallet for Ethereum supporting all the tokens created on this blockchain. So I downloaded the Chrome version; Installed it; Connected my MEW created Ethereum wallet. As far as I remember, quite easy to set this all up. MetaMask gave me a new Ethereum wallet, but it was super easy to connect my old MEW created wallet. Just needed the private keys.
Subsequently, connecting Uniswap with MetaMask is so straightforward and simple, I wonder why I didn't do this before. One just need to make sure to open Uniswap in the same browser as to which MetaMask is configured. Initiation of this connection is done through Uniswap, after which MetaMask asks to provide the password to the MetaMask wallet, and voila: Connection established, and swapping can start!
Note: I use many browsers on my laptop. Different browsers for different type of work. Like the native Safari browser (yes, I have a Mac). But I also use Chrome and Firefox. Lately I also use more and more the Brave browser. Since Brave is more or less a copy of the Chrome browser, I can imagine MetaMask will work with Brave as well. Something I still need to test. In case you need to get yourself MetaMask and you use the Brave browser, I still think you shall try Chrome first; See if you can make it work; Only then to add MetaMask to your Brave browser. Sure, you can take the adventurous route and try immediately with Brave. As mentioned already, I think it should work!
swapping crypto is as simple as swapping books
published at The Boston Calendar (source)
An alternative User Interface to Uniswap: AstroTools
Hanging around in the KOINOS Discord last few days, got myself another tool that works great: AstroTools. This is a frontend to Uniswap. AstroTools provides the information in a better format than Uniswap user interface does; At least, that's my opinion. The Ether/KOIN swap I executed earlier today, I initiated through AstroTools. A tool which is super easy to setup and connect to MetaMask as well. I just initiated the connection from AstroTools, and subsequently needed to give my MetaMask password to get the connection established; Thats all to it; Super simple!
Useful Links
MetaMask: Main Website
MetaMask: Browser Plugins
Uniswap
AstroTools
KOINOS
and
My Blog Post on KOINOS, the Project and My Mining Experience
NJOY to the MAX
all images by edje unless stated otherwise
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