Learning how to utilise Uniswap will help you to understand more about decentralised finance (DeFi). That's vital to know today, as cryptocurrency and blockchain technologies continue to transform our world. Understanding such services might provide you a sneak peek into the next new financial era.
It's understandable if you're sceptical about these ideas, which seem to be a hybrid of the stock market and new technology. If you wish to prosper in the next years, you will need to adapt by mastering such concepts. This post will try to explain how Uniswap and decentralised finance work.
To begin, we will explain what Defi is, and then we will go through Uniswap as a decentralised exchange and cryptocurrency in further detail.
We will look at a description of how it makes purchases and how to sell specific cryptocurrencies in a simpler way, specifically in regards to HUH Token.
HUH is a cryptocurrency that recognises the value of social influence that was just introduced in early December 2022. This cryptocurrency is a self-described 'utimeme,' since it combines the meme's propagational force with functional usefulness.
It is now accessible on Pancakeswap and BitForex, but it has also gone multi-chain, having been published on Uniswap, Ethereum's exchange network, on January 6th.
More listings are reportedly set to be revealed at the end of this week.
Concerning the meme potential of this cryptocurrency, it has been revealed that hundreds of well-known, viral, Instagram and Twitter influencers would be posting about HUH before the end of this month.
This, in conjunction with their referral system, has the potential to send it into a Shiba Inu frenzy.
Without their army of influencers, the token skyrocketed to a 6000 percent rise.
This next presentation is merely a taste of what is to come; the marketing campaign for this cryptocurrency is extraordinarily powerful, and it is well recognised the value that attention has in the cryptosphere.
What is Decentralised Finance
You may be aware that Bitcoin was the first cryptocurrency ever created. Satoshi Nakamoto created it in 2009 in order to provide a sort of money for the people. In other words, he desired a currency that did not depend on banks or governments to operate. Instead, it is based on a decentralised computer network known as a blockchain.
This is made up of computers owned by ordinary people. They confirm each bitcoin (BTC) trade in order to earn more of it. After so many years, this notion has expanded significantly. We now have more cryptocurrencies, and we can do so much more with the technology. We've created decentralised finance in particular (DeFi).
What does DeFi have to do with Uniswap? It is a decentralised exchange (DEX) platform, and it is a key component of DeFi as a whole. Hayden Adams released it on November 2, 2018.
Uniswap allows you to purchase and sell cryptocurrencies without leaving the platform. Instead, you may retain it in your digital or physical wallet that is on the Ethereum (ETH) network. This platform enables anyone to trade ERC-20 tokens more easily. The difference between a coin and a token is that a coin has a network, such as bitcoin, and a token operates on top of other networks, such as the ERC-20 tokens on the Ethereum blockchain.
ETH has the second-largest market capitalisation of any cryptocurrency and is the most popular choice for smart contracts and NFTs and Uniswap operates on this network.
Decentralised exchanges operate through the use of an automated market maker to help initiate transactions. The automated market maker employs smart contracts to set token pricing depending on supply and demand. Uniswap provides the tokens in trading pairs in a pool to help facilitate this exchange, called a liquidity pool like HUH/ETH. The availability of coins is what enables dealers to purchase and sell these cryptocurrencies.
This smart contract helps Uniswap to avoid slippage, which occurs when there are insufficient buy or sell orders to match buyers and sellers.
How to Buy HUH?
1. Go to app.uniswap.org to access the exchange on your browser of choice.
2. Get a digital wallet like MetaMask or use a cold wallet, depending on your security level.
3. You'll be sent to a page with the Swap tab already selected. If you have not, then click on it.
4. Next, click the Connect Wallet option to connect your wallet to Uniswap.
5. Then, use the drop-down option in the top text box to choose a token and the quantity you wish to exchange.
6. Repeat for the bottom text box, but this time choose HUH Token. If it's not an available option, then use the link on HUH's website.
7. In the resulting pop-up box, click Confirm.
8. Wait for your trade to be accepted by the Ethereum network.
It should be noted that you will have to pay a fee for the cost of the exchange. They are similar to transaction fees, trading costs, or GAS fees in other cryptos, except they come in three levels: 0.05 percent, 0.30 percent, and 1 percent. The one you'll have to pay will be determined by the trading pair chosen.
Finally, you should consider carefully before utilising any exchange now that you know the basics of how to utilise it. Before choosing to use Uniswap or any other DEX, make sure you have a strategy for your finances.
But if all you want to do is learn, you're only getting started. The world of cryptocurrency is always evolving, so you never stop learning.
Learn More About HUH Token Here:
HUH Official Swap- https://swap.huh.social/