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All You Need To Know On wOMI Uniswap

BitForex Editor
Apr 13, 2021

This is the era of digital exchanges and as such there are quite a good number of decentralized exchanges on offer. However, the most sought-after decentralized exchange is Uniswap. Notwithstanding, people feel compelled to use Uniswap for their wOMI tokens but it would interest you to know that it is fully optional. But, that is not our focus of the day. So, in this article, we shall discuss things you should know about uniswap. From features, pros, and cons, steps in using the uniswap on your phone to knowing the current exchange of one wOMI token to USD. Hence, it is important to keep reading so as to stay enlightened.  

First of all, what are the features of uniswap?

Key Features of Uniswap

It would interest you to know that the uniswap does indeed have two main features, and they are; Swap and Pool. Now, let's briefly discuss each.

1.Swap: This feature, permits users to conveniently swap between Ethereum (ETH) to other ERC-20 tokens.

2.Pool: This pool feature makes it possible for users to earn as long as they provide liquidity. In other for this to happen, the user would have to deposit tokens into a smart contract and invariably be rewarded with pool tokens.

So, in other to use its features, you would have to select the amount of ERC-20 tokens you intend to swap on the swap tab. If after several attempts and you get to find out that your tokens are not on the list, then you may have to paste the address on the token.

Now, moving further ahead, how does one use uniswap on his or her mobile phone?

How to use Uniswap on your Phone to Trade

As you would know there is a lot of fluctuations in the prices of cryptocurrencies. Despite this, investors or rather traders are always interested in trading their cryptocurrencies irrespective of the change in price.  To this effect, uniswap makes it possible for a user to connect his or her mobile wallet. In order to achieve this, it is expected that they go to the uniswap on their browser and adhere to the steps that are laid down.  To erase any atom of doubt, here are some of the supported mobile wallets. They are; MetaMask, Coinbase wallet, Trust wallet, and a couple more. With this, it fulfills the intended purpose and that is to trade. But, it would be made known that it is indeed not the most convenient feature given the fact that, you may have to multitask and that is not what every user looks forward to doing.

So now that we have discussed how to use the uniswap, the next line of action would be to look at some of its advantages as well as disadvantages.  

Advantages of Uniswap

1.Low trading fees: In situations where other decentralized exchanges charge higher, the uniswap is relatively low in that regard, being that its fee is about 0.30% on each trade.

2.Self-custodial: One of the stand out benefits of uniswap is that it lets a user gain total control of his funds. With this, the user can rest assured that there won't be any need to experience a loss of funds either as a result of an exchange being hacked or bankruptcy occurs.

3.There is access to new coins: As you would know, uniswap is a decentralized exchange and with that, there are new projects which are set to launch directly on uniswap. So, with that, it is very much possible for users to be one of the first sets of people to access new coins. Unlike the centralized exchanges that would have to go through some processes before the coin is made available for trading.

Disadvantages of Uniswap

1.Transaction failure: There is no one who trades that would be interested in hearing that their transaction or transactions failed to deliver. However, there are several causes that may have occurred when swapping coins. The first set of likely issues is that the transaction may have exceeded the hard deadline and also there may have been a little gas fee paid. Secondly, there is every possibility of the user selecting a maximum price that he or she would be willing to render per token, but the price went over the top before the transaction was successful. Thirdly, it is very much possible that the liquidity in the pool is insufficient.

2.Fake coins: One thing that uniswap permits are that it creates room for everyone to have their tokens listed. But, what this does is that it gives room for there to be fake coins. The aim of these fake coins is to deceive users into sending their own funds before receiving these coins.

How to wrap Omi tokens (wOMI)

In order to make this process a lot easy, there is not only a swap site but also a set of steps that need to be followed. Some of the steps that you would need to adhere to are;

1.You would have to create or rather install a MetaMask

2.Before you can send your Omi tokens and considering the fact that Omi is a Go20 token, you must include the Gochain network to the MetaMask's interface.

3.Desist from sending a large test amount to your wallet as it is advisable

4.It is also expected that you add wOMI to MetaMask.

5.The next line of action would be to link the MetaMask to the chainswap

6.Also, you will have to ensure your balance is confirmed

7.You will have to enter your transaction amount

8.Then you would migrate to the Ethereum network

9.Also, the next line of action would be to pay the fee and have the transaction approved

10.The final move would be to add liquidity to uniswap.

Moving ahead, many users are interested in knowing what one wOMI would cost in dollars. Currently, one wOMI is pegged at  0.008262 USD. However, this price is subject to change as the prices aren't fixed.

In conclusion, we have successfully talked about features of uniswap, how its been used, as well as the pros and cons of using it. Plus having given more insight on the price of wOMI to the dollars and how to wrap omi token, you should be ready to swap your wOMI tokens today.

About BitForex:

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