I firstly want to throw a little praise at Ethereum. The Ethereum ecosystem is impressive and growing fast. There are vastly superior blockchains out there like Phantasma Chain 3.0 but Ethereum has built up a huge ecosystem . It also has strong, and growing, institutional support providing liquidity and business value.
I am actually still relatively new to Ethereum. Having spent my time on other ecosystems and projects. However, the Ethereum Extensions and Dapps in the Chrome browser are brilliant. And actually killed off some of the smaller projects I was following. So I stopped following and using them. Their offerings (while having some cross chain advantages like Efin Dex) effectively got killed off by MetaMask and UniSwap in my view.
The combined value to store coins and tokens via MetaMask and swap ETH and tokens using UniSwap in the Chrome browser is brilliant! The Ethereum blockchain just needs to catch up - fortunately 2.0 is expected in July 2020. Failed transactions, time delays and lost fees are still issues that need to be resolved to make the experience flawless.
So let's talk about these two Dapps…
The MetaMask Etherum Wallet Dapp/Extension in the Google Chrome Browser is super user friendly and convenient. And so easy to install as an Extension in the Chrome browser. Then you get an Ethereum address to deposit funds to. After this, you can add many Ethereum tokens (other projects) either using the default tokens or by adding a custom token off the Ethereum blockchain (done by getting the Token contract address from the Etherscan Explorer >https://etherscan.io/). In the later case, one needs to confirm this is the official address. To avoid the possibility of scam tokens or tokens with similar names.
Below is the MetaMask User Interface showing both logging in to the MetaMask wallet on the Google Chrome browser and the option to Add an Ethereum token.
The tokens range from large projects to small ones - just a taste they include the alternative Brave browser with the BAT token, to Social blogging sites like Minds and Uptrennd (1Up token), to hedge Tokens like USDC. The later means that if you think ETH or a token is going down you can sell it into USD and maintain the value and potentially buy back more when it’s cheaper with your USD.
Check out MetaMask Website here and Download the Wallet (Playstore). Click the image below!
Finally, transaction fees range from 1 cent to 20/30 cents in peak traffic. Typically when the price is going down or massive projects like Hex launch. You can send and receive from the MetaMask wallet. As a final note, you will also get some free airdrop tokens from projects promoting themselves.
This brings me to the other pea in the pod - UniSwap - which connects directly into the MetaMask Wallet (after you click Approve) and allows you to swap the tokens in your wallet.
The UniSwap Exchange is A Decentralised Exchange (DEX) supported by Liquidity Pools. However, in this post we are just looking as the Swap feature. It is very easy to use - just save the URL to your favourites in the Chrome browser for easy access and click the top right button 'Connect to Wallet' (make sure you have signed into your MetaMask Wallet first). After that you can select 'ETH' or any token and it will show your balances. Now you can actually Swap them by using the Input section to sell a token (select the one you want and the amount you want to swap). The Output section will show the amount of another token you will get in return and the price of the swap. You can toggle the price back and forth. The price can change fast too, if there is market volatility (where price changes fast and large in a small space of time) .
Below is the UniSwap User Interface on the Google Chrome browser and the option to Add an Ethereum token. It is not an extension like the MetaMask wallet, rather a standard URL web address. Click on the image below to go to the UniSwap DEX URL.
Sometimes you may have to unlock a token. And check it has liquidity. If not, you could get a bad price in low liquidity tokens. Best to avoid.
Finally every swap costs a transaction fee on the Ethereum blockchain. In fast price movements the fee to do the swap may be high (like 20-30 cents rather than 1-2 cents), and the Swap transaction may actually fail to complete. You can see the results in the MetaMask Wallet transaction history. This can be frustrating at times and may have some financial cost. So just be aware of that.
There is also a site > https://uniswap.info/home where you can see all the tokens traded on UniSwap - the volumes, prices and liquidity history, as well as their respective rankings.
My Final Thoughts…
I think these two have changed the Game. So attractive it made it rather easy for the Hex token project to launch on Ethereum blockchain and get a big head start, and became a top token traded easy and fast on the UniSwap exchange. I highly recommend using these two if you are not already. Just remember to take your time, always log out of MetaMask and protect your password.
Well I hoped you Enjoyed my first Ethereum blog post. Catch you in the next one. And it's great to be onboard Bitcoinfly.pw!