Say hello to Uniswap, as the first Dentacoin liquidity pool goes up and running! Following our community’s recommendation, we felt it necessary to take a dip into the DeFi space, with Uniswap being the first of many initiatives in that direction.
About Uniswap
Uniswap provides a fully decentralized automated liquidity service for the Ethereum network. The way it works is by locking a ratio between two currencies in a liquidity pool. Traders can help maintain the liquidity on either side by depositing their tokens and earn a part of the trading fees.
When traders use the dex service and the amount on one side of the pool decreases, the other rises in price accordingly to maintain the ratio. This creates an opportunity for other traders to deposit more of the lacking currency at a premium price and take advantage of arbitrage opportunities.
Dentacoin on Uniswap
At present, the Dentacoin pool on Uniswap features an ETH-DCN trading pair. To access the trading we have compiled a quick guide for you:
Exchange Dentacoin-Ethereum on Uniswap
Step 1: Navigate to Uniswap and Select Token
Hop on to the Uniswap dex website here:
You will see the display on the right. Tap Select a token to display the Dentacoin trading pair.
Step 2: Paste Address
Currently, you won’t be able to find Dentacoin by name as it is not yet featured in a list. This is only temporary, as we work on implementing the liquidity pool in the official lists. To display Dentacoin, please paste the contract address in the text box:
0x08d32b0da63e2C3bcF8019c9c5d849d7a9d791e6
https://etherscan.io/token/0x08d32b0da63e2C3bcF8019c9c5d849d7a9d791e6
Step 3: Add Token
Once you have pasted the address, you will see the Dentacoin logo and symbol displayed next to the “Found by address” indicator. Tap the “Add” button to continue and close the pop-up to finalise the process.
Step 4: Exchange Dentacoin on Uniswap
This is it. You are now ready to swap Dentacoin against ETH and vice versa. Don’t forget to connect your wallet! At present the supported wallets are:
- MetaMask
- WalletConnect
- Coinbase Wallet
- Fortmatic
- Portis
Add Liquidity to the Dentacoin-Ethereum Pool
Adding liquidity to the pool works in a similar fashion. If you are feeling lost, however, you can refer to our guide:
Step 1: Navigate to the Uniswap Pool
Hop on to the dedicated Uniswap pool page here:
To begin adding liquidity tap the “Import it” link at the bottom.
Step 2: Select Token for Pool
Tap the “Select a Token” dropdown to display a list of tokens
Step 3: Add Token for Pool
To display Dentacoin, please paste the contract address in the text box:
0x08d32b0da63e2C3bcF8019c9c5d849d7a9d791e6
https://etherscan.io/token/0x08d32b0da63e2C3bcF8019c9c5d849d7a9d791e6
Step 4: Select the Dentacoin token
Dentacoin will now be displayed. Tap the button with the Dentacoin logo to proceed.
Step 5: Add Liquidity
Now that your pool is imported you are ready to add liquidity. Tap the “Add liquidity” link to begin the process.
Step 6: Input Desired Amounts
This is it. You are now ready to add the desired amounts of liquidity to the pool. Don’t forget to connect your wallet! At present the supported wallets are:
- MetaMask
- WalletConnect
- Coinbase Wallet
- Fortmatic
- Portis
That being said, are you ready to have a taste of DeFi with Dentacoin? Don’t wait up — hop on Uniswap now:
Originally published at Official Dentacoin (DCN) Blog | Dentacoin Foundation.
