In the article below, we'll quickly describe the steps necessary to purchase tokens on Uniswap (*cough* Urus *cough*).
The contract address for URUS is 0xc6dddb5bc6e61e0841c54f3e723ae1f3a807260b
Step 1: Find and Create a Wallet
There are multiple wallets Uniswap supports, we personally use MetaMask. Uniswap also supports the following:
Wallet Connect (https://walletconnect.org/)
Coinbase Wallet (https://wallet.coinbase.com/)
If you're new to Uniswap, I highly suggest MetaMask as it is the easiest to use. If you already have a Coinbase Wallet, you can utilize that as it's also somewhat simple to use as well. But please note that Coinbase Wallet is different from your regular Coinbase application.
For the sake of this tutorial, we will use MetaMask.
After you download one of the above wallets, please follow the steps to set up a wallet. Make sure you save the mnemonics for any future recovery of the wallet.
Step 2: Deposit Money To Your Wallet
On MetaMask, it's fairly simple. You click the MetaMask plugin on your Chrome and it will display the wallet address at the top:
In order to trade on Uniswap, you will require at least Ethereum to pay gas fees. You can purchase with other ERC20 altcoins but gas fees will always use ETH. Therefore, in the above screenshot, I can use USDC to purchase tokens but I will have to use the ETH to pay for the gas fees.
Step 3: Connect Your Wallet To Uniswap
Click the "Connect to wallet" in the top right corner
Select the wallet you want to use
Approve the wallet connect
Step 4: Placing The Order
This step is extremely simple. Once the wallet is connected, you'll see a very basic order form like the one below:
To place an order:
Simply select the token you have a balance of in the first section. (we'll discuss how to use contract addresses at the very end if the token does not exist in the dropdown)
Select the token you wish to buy.
Type in either the amount of ETH you want to buy or the amount of token you want to buy.
For example, if I want to buy 50 of the Urus token, I will type in 50 into the second box. But if I want to only spend 1 ETH on however much Urus token, I will type in 1 ETH in the first box.
Click "Confirm Swap"
Your MetaMask wallet will prompt you to confirm the trade.
Click Confirm and it will execute the swap
Once the swap is complete, you'll get a notification that the transaction has been confirmed on the chain. You'll find the token inside your MetaMask wallet.
A Few Notes
You can use any ERC20 token to buy another ERC20 token. It doesn't matter what the token is originally pegged to.
Meaning when our team creates the URUS with ETH pool, you can still use other ERC20 tokens to purchase URUS. Having said that, using other ERC20 tokens will cost more in fees because it will require two transactions happening in 1 smart contract.
For example with USDC to URUS, the first transaction will be to swap the USDC into ETH, and then the ETH into URUS. Therefore, it's always recommended to swap with the pegged tokens. In our case, it will be ETH.
You can even find the tokens that are pegged to specific pairs here: https://info.uniswap.org/home (by typing in the token name or contract address in the search)
Please be mindful of slippage. A guide on slippage can be found here: https://www.swapfol.io/how-to-use-slippage-settings-on-uniswap/
Some tokens will not be available in the dropdown list where you select tokens. This is simply because the network has not updated or the token has not been added to Uniswap, Coingecko, etc.. It's normal for new token listings.
To purchase those tokens, you will require their contract address.
For example, you can find Tether's contract address here (both on the page and at the end of this URL)
We can copy and paste this in the token selection area and it will automatically add the token and make it valid for selection