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Matthew Paik
Follow @PaikCapital 33.5K followers
// THREAD //
You've heard of bitcoin and ethereum and you've probably used coinbase before.
You see me and 100+ other people calling out new projects left and right.
None are on coinbase, so you wonder where we're buying them from?
Let's begin!
0. Big picture
In order to interact with decentralized exchanges you need your own wallet.
Two options:
In order to transact with defi apps, it requires physical confirmation for transactions.
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5/20/2021 Thread by @PaikCapital on Thread Reader App – Thread Reader App
Metamask is a chrome extension that connects you to almost every decentralized app on the web.
Install + create an account and write down your seed phrase (never save on any cloud network...write it down)
Any transaction will require you to approve transactions using your physical ledger.
Hint: you can click on your account name on metamask to copy your public wallet address.
6. Uniswap
It allows you to swap one eth token for another eth token on demand.
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But fees!
Go to app.uniswap.org
This is how we'll connect metamask to all other web apps as well!
8. Swapping
Ok so now you should see that you can swap "from" a token "to" another one.
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5/20/2021 Thread by @PaikCapital on Thread Reader App – Thread Reader App
8b. Liquidity
If the token you want to swap to has no liquidity the "Price Impact" will be very high.
This means no one is providing liquidity for the swap so try checking on other platforms like sushiswap!
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If you type in the token but you can't see it on Uniswap, try this.
Find the official token addresses on the project's official website or twitter or coingecko (photo below)
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They can easily create a fake address and have you send money to them.
9. Fees!
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So once you submit your fee, the transaction will be sent to validate!
You can also add the token on Metamask and see if the balance changed!
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5/20/2021 Thread by @PaikCapital on Thread Reader App – Thread Reader App
11. L2-Solutions
Uni v3 will implement @optimismPBC which is going to dramatically reduce fees and speed up transactions.
12. Done
You'll def need to do more research, but now you have your first glimpse into getting started with defi apps like Uniswap.
- Matt
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