Learn to navigate Ethereum's most used Decentralized Finance Protocol, Uniswap version 2. Uniswap is among one of the most used DeFi dapps on the Ethereum Blockchain & has a 24-hour trading volume of nearly One Billion USD every single day, even with the high ETH transaction fees we face today. Uniswap v2 DeX was launched back in 2018 & has since been the number one decentralized exchange available in Cryptocurrency DeFi space, allowing automatic trades via smart contracts.
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Before using any crypto dapps, make sure to verify the web address you are visiting & NEVER enter your mnemonic seed phrase or private key is a website or person prompts it!
Uniswap.org dapp allows a user to swap their ETH for ERC20 tokens & also allows ERC20 to ERC20 token swaps as well. Along with the token swap main feature, Uniswap allows cryptocurrency users to provide liquidity to other users, creating token pairs with custom token contracts or using a Token List to find the ERC20 token you are looking for.
Become a Liquidity Provider on Uniswap & earn UNI tokens by going to the 'Pool' section of the website & provide enough liquidity to be traded to earn UNI for each trade made using your liquidity. This video does not cover this, but if you subscribe and stay tuned, we will be going over this in the next few weeks!
There are benefits & downfalls to both Centralized & Decentralized Exchanges in the Crypto Market. Currently, with the high Ethereum Gas Prices, using a DEX on Ethereum may seem like it's not worth it, but many projects launch their token on a DEX before moving to a centralized exchange in the future. This allows you to get in on a project early if it is worth investing in. After ETH Layer 2 comes out, the biggest issue users will be faced with using a DEX will be the possibility of bad actors on the network trying to scam users who don't double check before submitting a transaction to the blockchain. Bad actors can deploy their own ERC20 token smart contract on Ethereum blockchain network, mimicking an established project, in hopes of someone falling for it. ALWAYS make sure to double check smart contract addresses using a search engine or block explorer to make sure the token is authentic & real.
As for Centralized Exchanges, the biggest downfall is definitely not owning your crypto. When you store cryptocurrency on a centralized exchange, the exchange really owns your crypto & has a database with balances instead of having a separate address for each user & each coin. As for the fees between a DeX & CeX, as of now, a centralized exchange is most likely to win this argument if we are talking about using the Ethereum Blockchain for swapping tokens. After Ethereum's hard fork coming up, this may change, so stay tuned!
-- Uniswap & Metamask official links below!
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-- TheCryptoist.com - New Website, Bookmark it & always check back for detailed tutorials that go with the videos!
https://www.thecryptoist.com
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-- Uniswap v2 DEX
https://www.uniswap.org
-- Metamask web3 Wallet - available as Chrome, Firefox, Brave, & Edge
Browser Extension
https://metamask.io
If you would like to try a centralized exchange for the lower fees than Ethereum Blockchain provides, try signing up for Binance.
-- Binance.com - Supports most countries minus United States
https://binance.cryptoist.org
-- Binance.us - Binance crypto exchange for US Citizens
https://bus.cryptoist.org
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UNISWAP DeFi Tutorial 2021 | Crypto DEX for Beginners | Swap Crypto Tokens on Ethereum DeFi dApp
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