Using Uniswap
How to use Uniswap?
Once you have connected Uniswap as shown below,
There will be an additional "Swap" button added to your crypto token menu as shown below.
By pressing that button you will able to initiate proposal for swapping a token to another token.
In our case, we will be swapping ETH to other tokens. By pressing "Select Token", we will be able to select token of interest.
For example, let's select DAI stable coin. After entering amount of token to be sent:
You will be able to see how much minimum amount of DAI you are about to receive, what is the price impact and slippage, and what is the current exchange rate. It seems we have a great deal here. Press Continue, to see summary of the proposal.
In the summary modal, you can find main details of the swap proposal, and if everything looks right you can press "Send" that will trigger transaction within the wallet. Once transaction is confirmed within the wallet, you will find your proposal within the "Proposals" tab.
Since the swap has not actually happened at the proposal stage, the amount of DAI to be exchanged for can change depending on the market.
Once the proposal passed you can execute the swap, by pressing "Execute Swap"
Again, you should check how much DAI you are going to receive. Once pressed, you will be sent to transactions page within the wallet extension.
Once transaction is confirmed, the status of your proposal will change.
And you will receive DAI token in the amount or more than that was indicated before execution. In this case we received 101.9924 DAI
When you submit swap to Uniswap you indicate minimum amount to be received. If this minimum amount cannot be swapped the transaction will revert. Occasionally you will receive more tokens, if Uniswap finds a better deal.
You can also check transaction balances within the Transactions History of your Family Account. The last two transactions show that you have sent 0.05 ETH and received 101.99 DAI. Congrats with your first swap!
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