SWAPPING crypto is SOOO much EASIER than exchanging Crypto | Read and be Inspired

in LeoFinancelast year (edited)

WOW! Am so stoked! I made my first ever Uniswap transaction just yet! Bought some KOIN and sold some Ether!

A little over one and half months too late to be able to claim some free UNI tokens which would've given me more than one thousand dollars of free funds. But hey, sometimes we loose big on free perks. That said, I discovered this morning I still have some other token in one of my Ethereum wallets that went from a few micro cents to a few cents, a gain of at least 50 fold. A token many users sold early this year, but I was not following the herd. Fortunately I wasn't :) Hey, sometimes we win big as well! :)

Those who don't know about Uniswap: It's a place where crypto tokens can be swapped for other tokens. Kinda like what is possible on exchanges, but different.

Inspired by a few users in the KOINOS Discord channel, I purchased some KOIN. Mining KOIN for the last 5 days, I figured my hardware is not powerful enough to get me the amount of KOIN I want to possess as a minimum. Fortunately, some miners decided to add KOIN to Uniswap and trading (well, swapping) is on!

Initially I thought: "Darn, why are these services such as Uniswap needed? We have exchanges, many of them, centralised but also decentralised ones! Why adding yet another way of exchanging crypto funds?"

I must say: Swapping at Uniswap is Super Easy!

"April Furry Art Swap Drawing" by SweetDrop (source)

Once setup, it is easier than trading at Exchanges. The way one 'trades' at Uniswap is different though. At an Exchange, we can set a buy or sell price. At Uniswap we can't: The purchase or sell is immediate for the price the automatic market maker sets. When giving in a buy or sell order (a swap), we get told the exact amount we pay and receive, including the Uniswap fees (0,3%). Next step in the swap process shows the details of the Ethereum/Gas transaction fees. When we are ok with them, its an additional mouse click before the swap is executed. It took about 30 seconds before the system told me: Swap successful! The result: Some Ether less, and some KOIN more.

You may ask: "Why swapping Ethereum for KOIN?" Well, I'll tell you. I believe in the team behind KOIN. I believe they can deliver the tech they promise. I think their tech will be the next step required in crypto space, a modular blockchain allowing massive scaling. With 100 Million KOINs being minted next 180 days; An exchange/swap price set at about 3$ct; Its a no brainer for me to want more KOIN. 3ct with 100M tokens is a market cap of 3M dollars only. I bet you, a market cap of 100M dollars is easily reached when the tech becomes available to the market. That'll be a gain of 30 to 40 times! A gain Ether or BTC will be dreaming about :) Therefore better to use some of my BTC and Ether to buy in right at the start of a great new project!

Note: KOINOS blockchain tech is not available yet. At this stage it's just a concept.

Disclaimer: Don't regard this as any financial advise, I just share with you my own thoughts and actions. Do your own research before you decide to jump onboard of KOIN or any other crypto or fiat asset.

published at DEV.to (source)

Setting up Uniswap

I'm sure multiple ways and methods are available to setup Uniswap. I took the most easy and most commonly used method. I connected my MetaMask wallet to Uniswap.

In the past I was never really active around the Ethereum chain, but I had an Ethereum wallet from some years ago. Back then, I needed an Ethereum wallet (and address) to claim some free tokens (they are worthless today, but who cares :)) MyEtherWallet (MEW) was the service I used.

Earlier this year when reading up on some of the Ethereum stuff, I discovered MetaMask. A browser based wallet for Ethereum supporting all the tokens created on this blockchain. So I downloaded the Chrome version; Installed it; Connected my MEW created Ethereum wallet. As far as I remember, quite easy to set this all up. MetaMask gave me a new Ethereum wallet, but it was super easy to connect my old MEW created wallet. Just needed the private keys.

Subsequently, connecting Uniswap with MetaMask is so straightforward and simple, I wonder why I didn't do this before. One just need to make sure to open Uniswap in the same browser as to which MetaMask is configured. Initiation of this connection is done through Uniswap, after which MetaMask asks to provide the password to the MetaMask wallet, and voila: Connection established, and swapping can start!

Note: I use many browsers on my laptop. Different browsers for different type of work. Like the native Safari browser (yes, I have a Mac). But I also use Chrome and Firefox. Lately I also use more and more the Brave browser. Since Brave is more or less a copy of the Chrome browser, I can imagine MetaMask will work with Brave as well. Something I still need to test. In case you need to get yourself MetaMask and you use the Brave browser, I still think you shall try Chrome first; See if you can make it work; Only then to add MetaMask to your Brave browser. Sure, you can take the adventurous route and try immediately with Brave. As mentioned already, I think it should work!

swapping crypto is as simple as swapping books
published at The Boston Calendar (source)

An alternative User Interface to Uniswap: AstroTools

Hanging around in the KOINOS Discord last few days, got myself another tool that works great: AstroTools. This is a frontend to Uniswap. AstroTools provides the information in a better format than Uniswap user interface does; At least, that's my opinion. The Ether/KOIN swap I executed earlier today, I initiated through AstroTools. A tool which is super easy to setup and connect to MetaMask as well. I just initiated the connection from AstroTools, and subsequently needed to give my MetaMask password to get the connection established; Thats all to it; Super simple!

Useful Links

MetaMask: Main Website
MetaMask: Browser Plugins


My Blog Post on KOINOS, the Project and My Mining Experience

NJOY to the MAX

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Funnily enough I just took the ETH-KOIN plunge myself today too!

Mining away too, which is entertaining, but I think the uniswap exchange is better value.

I decided to stake 70% of what I swapped to the liquidity pool as I want to make sure I've got at least some left in case all of that gets drained (but I wouldn't mind the ETH!)

I know what you mean about the team, it could be a winner going forwards.

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Great you plunged in as well.

Mining: well, I made 80% of my KOIN the first 12 to 24hrs for the cost of 0.1ETH. Another 0.1ETH spend on the 20% of KOIN I got last 4 days. Proof frequency now set to 1/day, since otherwise the cost of ETH tx is higher than the gain in KOIN with current market prices.

I may stop mining, and buy at the bottom. Saves me energy, and will make sure my laptops will last longer... And have no noise around; the fans going crazy at the moment :)

You know what? I really like the fact the team didn't keep some KOIN themselves. Also seen a few videos with team members discussion why they are in KOINOS. Nothing to do with money and get quick rich. But much more about adding value to the blockchain world. I really really hope they can deliver. Super when we have a blockchain which allows the implementation of all sort of things through smart contracts, rather than building the logic into the chain itself. Modularity is key, and KOINOS team seems to understand that. Even governance and consensus will be implemented in smart contracts! Better we can't get. The trick is security of the smart contracts though. They need to be developed super save, with super high level of security. Otherwise such approach is doomed.

I see KOIN is hyped more and more by the day. Maybe I should buy some myself. I am using Brave though and don't know if metamask would work on it. Great post by the way.

 last year (edited)

After the post I couldn't resist, I tried to add MetaMask to Brave. No problems at all. Use the Chrome plugin at MetaMask website and all goes by itself :) Not sure about KOINOS and hype. From personal point of view, I like the coin value to go rock bottom, ie like zero. When the tech is there, I think they will be recognised since the tech will be great (at least, if the team delivers what they promise). The lower value I can get KOIN at, the more profit I'll make in the future hahaha

It's close to 29 cents for now...

2,9ct :) about the cost for me to mine; but I have low hashrate, older laptops. some mine with huge hasrates so I suppose they mine for less than 3ct, maybe like 2 or 1ct.

I was mentioning the market price. I see it's currently about 29 cents. It's great if you can mine it at 3 cents. What PC configuration do you have?

Market price is a little lower than 3ct. not 29ct.

That's what I found on coingecko.

 last year (edited)

Check Uniswap/Astrotools:

Just checked coingecko: KOINON is not KOINOS. KOINOS is on Uniswap only at the moment.

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Super interesting and thanks for explaining this option I was a bit worried about. There is so much to learn and better to keep up on Everything. I tried to get some FOX through an airdrop but couldn’t even connect my MetaMask wallet. So! I missed out on it as on many others.

Let me know, I can help to get Metamask going. In essence, it's not at all that difficult, just a bunch of steps to get the setup done, and some funds into it. Starts with Ethereum address/wallet. You may already have one. That one can be imported to Metamask quite easily.

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 last year (edited)

Got myself extra votes... of the category "downvotes". No comment though :( It was stemgeeks... Guess used the tag "stem" while the post is not 100% technology or science (though crypto in itself is almost a science on its own)... ok ok, I get it. Removed the tag. On a positive note: Got myself 2 votes extra hahaha

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