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Learning how to use Uniswap will help you better understand Decentralized Finance (DeFi). This is essential to know today, as cryptocurrency and blockchain technologies continue to transform our world. Understanding these services could give you a glimpse into the next new financial age.
It’s understandable if you’re skeptical of these ideas, which seem like a hybrid between the stock market and new technologies. If you want to thrive in the years to come, you will need to adapt by mastering such concepts. This article will try to explain how Uniswap and decentralized finance work.
To get started, we’ll explain what Defi is, and then we’ll go over Uniswap as a decentralized exchange and cryptocurrency in more detail.
We will look at a description of how he buys and how to sell specific cryptocurrencies in an easier way, especially when it comes to the HUH token.
HUH is a cryptocurrency that recognizes the value of social influence which was just introduced in early December 2022. This cryptocurrency is a self-proclaimed “Utimeme” because it combines the strength of meme spread with functional utility.
It’s now available on PancakeSwap and BitForex, but it also went multi-channel, after being posted on Uniswap, Ethereum’s exchange network, on January 6.
Further announcements are expected to be revealed at the end of this week.
Regarding the meme potential of this cryptocurrency, it has been revealed that hundreds of well-known, viral, Instagram and Twitter influencers will post on HUH before the end of this month.
This, in conjunction with their referral system, has the potential to send him into a Shiba Inu frenzy.
Without their army of influencers, the token skyrocketed to a 6,000% increase.
This next presentation is just a taste of what’s to come; the marketing campaign for this cryptocurrency is extraordinarily powerful, and the value that attention has in the cryptosphere is well recognized.
What is decentralized finance
You may be aware that Bitcoin was the first cryptocurrency ever to be created. Satoshi Nakamoto created it in 2009 in order to provide some kind of money to the people. In other words, he wanted a currency that did not depend on banks or governments to function. Instead, it’s based on a decentralized computer network known as a blockchain.
These are computers owned by ordinary people. They confirm every bitcoin (BTC) transaction in order to earn more. After so many years, this notion has broadened considerably. We now have more cryptocurrencies, and there is much more we can do with technology. In particular, we have created decentralized finance (DeFi).
What does DeFi have to do with Uniswap? It is a Decentralized Exchange Platform (DEX) and it is a key part of DeFi as a whole. Hayden Adams posted it on November 2, 2018.
Uniswap allows you to buy and sell cryptocurrencies without leaving the platform. Instead, you can keep it in your digital or physical wallet which is on the Ethereum (ETH) network. This platform makes it easier for anyone to trade ERC-20 tokens. The difference between a coin and a token is that a coin has a network, like bitcoin, and a token works on top of other networks, such as ERC-20 tokens on the Ethereum blockchain.
ETH has the second largest market cap of all cryptocurrencies and is the most popular choice for smart contracts and NFTs and Uniswap operates on this network.
Decentralized exchanges work through the use of an automated market maker to help initiate transactions. The Automated Market Maker uses smart contracts to set token pricing based on supply and demand. Uniswap provides the tokens in trading pairs in a pool to facilitate this exchange, called liquidity pool like HUH / ETH. The availability of coins is what allows dealers to buy and sell these cryptocurrencies.
This smart contract helps Uniswap avoid slippages, which occur when there aren’t enough buy or sell orders to match buyers and sellers.
How to buy HUH?
- Go to app.uniswap.org to access the exchange on the browser of your choice.
- Get a digital wallet like MetaMask or use a cold wallet, depending on your level of security.
- You will be taken to a page with the Trade tab already selected. If not, click on it.
- Then click on the Connect Wallet option to connect your wallet to Uniswap.
- Then use the drop-down option in the top text box to choose a token and the amount you want to trade.
- Repeat for the bottom text box, but this time choose HUH Token. If that’s not an available option, use the link on the HUH website.
- In the pop-up window that appears, click Confirm.
- Wait for your transaction 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 fees, or GAS fees in other cryptos, except they come in three tiers: 0.05%, 0.30%, and 1%. Which one you have to pay will be determined by the chosen trading pair.
Finally, you need to think carefully before using an exchange now that you know the basics of using 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 just getting started. The world of cryptocurrency is constantly changing, so you never stop learning.
Learn more about the HUH token here:
HUH Official Exchange – https://swap.huh.social/