In our previous articles (Part I, Part II), we have explained how you can create and import an Enjin wallet and the different features that the platform supports.
In this article, we will explain how you can use Uniswap with the Enjin Wallet.
The Enjin wallet supports the dApp browser that allows the users to interact with the different decentralized applications. If you navigate through the dApp browser, you can easily see a huge number of applications which are categorized into five different main sections:
- DeFi
- Exchanges
- Games & Collectibles
- Marketplace
- Others
Now, to connect to Uniswap, navigate to DeFi and search for Uniswap.
The wallet landing page will open. You can see your wallet is connected at the bottom of the page.
Uniswap mainly supports two major features:
- Swap
- Pool
Swap
By default, you are on the Swap page. As the name implies, you can swap tokens here. Just select the input and the output token and input token value. The Max button allows you to swap your entire token value. The platform will automatically calculate the output token.
Select the Confirm Swap button if you agree with the transaction fee details. Your tokens will be swapped.
Pool
A liquidity pool is a pool of tokens in Uniswap created by liquidity providers. In return, liquidity providers get rewards in the form of trade fees.
When a user trades a token, the token is sent from the pool immediately. Thus you don’t have to wait for a buyer/seller without worrying much about price fluctuations.
You can create a new exchange pair in a new liquidity pool for tokens. Uniswap doesn’t charge any fee (except the Ethereum gas fee) for creating a new pair.
Create a pair
You can create your own pair if it is not present in the existing Uniswap pool list. Users will receive a pool token (ERC20 token) whenever they create a new pool pair and contribute to a Uniswap liquidity pool.
Click on the Create a Pair button
It will ask you to select the token pair.
Approve both MANA and MATIC transactions to make a liquidity pool.
Important: Select the ratio of the pair carefully to balance the market price.
Add liquidity
Click on the Add Liquidity button. It will ask you to select the token pair. We have randomly selected ETH and BAT pair. Users need to pay the equal value of both the tokens that they want to pool.
So just put your desired value against one token and the value of the other token will automatically be displayed.
Note: The two tokens of the Uniswap liquidity pool can be either ETH and ERC20 or both can be ERC20 tokens.
Once you approve the liquidity pool by pressing the Approve button, it will be available for Supply.
If you click on Supply, the next page will display your pool token share and will ask you to Confirm Supply.
Uniswap will show you the percentage of your share in the pool. Users will receive rewards in that proportion.
Important: In case the price of the pair changes during the operation, Uniswap will show you a highlight with the new rate.
Note: You will receive a Pool token proportional to the pool share. You will also earn a fee in the proportion of your share. Also, you can remove your liquidity at any time.
UNI token
The UNI token is Uniswap’s native governance token for the Uniswap protocol that was launched in September 2020. Any user who has used the Uniswap protocol before September 1 has received an airdrop of 400 UNI.
UNI holders can participate in the governance of the Uniswap protocol, i.e., any changes, upgrades, and improvements.
Users can also receive UNI from Uniswap liquidity mining. Uniswap currently supports four liquidity mining pools where you can participate and, instead of receiving fees in the underlying token pair, you will receive the fee in UNI tokens.
- ETH-DAI
- ETH-USDC
- ETH-USDT
- ETH-WBTC
For now, there is no proper utility for the UNI token, but with the release of Uniswap v3, we can expect some additional liquidity mining pool and token utility in near future.
Conclusion
The Enjin wallet provides many attractive feature to its users. It supports ERC 1155 tokens that can be used in multiple games and can be sold in the marketplace directly using the app. The wallet integrated smoothly with Uniswap, and the UI is very user-friendly. However, with the introduction of the MetaMask mobile wallet, it will face huge competition.
