Uniswap is a decentralized exchange using an automated liquidity protocol. Unlike traditional centralized exchanges, it does not use an order book, and allows traders to trade directly from their wallets without any intermediaries, making it censorship-resistant. Despite its significant ease-of-use improvements over time, many wonder how to use Uniswap with MetaMask.
Uniswap’s success is largely thanks to its innovation in the lending game; instead of the typical order book seen in centralized exchanges, the DEX implemented an automated market maker (AMM) with its own formula, called the “constant product market maker,” which redefines the way liquidity pools attract liquidity for its users.
In order to use Uniswap’s features, such as the liquidity pools, you need a crypto wallet like MetaMask. But what is a liquidity pool, you might ask?
Liquidity pools are, in essence, a smart contract, and a smart contract is a coded digital agreement that dictates certain functions and commands in a decentralized network or protocol. Therefore, in a liquidity pool, the liquidity providers deposit tokens which are used by traders, and trading fees are automatically distributed to pool participants.
What is MetaMask?
MetaMask is an Ethereum wallet available for iOS and Android devices and can be installed as a browser extension for Firefox, Google Chrome, Edge, and Opera. The app provides users access to over 2000 decentralized applications on multiple networks, including Ethereum, Avalanche, BNB Chain, and Arbitrum.
How to use Uniswap with MetaMask
If you don’t have MetaMask installed in your browser or mobile phone, we have a step-by-step guide on what to do. The first step is to install MetaMask, and to safely download MetaMask’s browser extension, be sure to use the wallet’s official website to find the right version for your browser.
- Go to Metamask’s official website (or directly to the Chrome Store for Google Chrome) and download MetaMask.
- Run the app and click on Create Wallet and complete the respective steps
- The app will provide you with a seed phrase —a string of letters that will work as a password to access your account if you log out. Save this password somewhere safe (preferably offline)
Once done, you can access Uniswap via its official website. Keep in mind that to interact with it, you’ll need at least the native token of the network you’re using to pay for transaction fees. On Ethereum, you’ll need $ETH. At the top right of the page, you’ll see the “Connect” tab.
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Choose MetaMask as your option. You can also connect Coinbase Wallet and WalletConnect.
A MetaMask window will appear, prompting you to confirm the connection with Uniswap.
Once done, your MetaMask wallet is successfully connected to Uniswap.
You can now explore and access all the features Uniswap has to offer. You can swap, buy, and sell cryptocurrencies and send them to your MetaMask wallet, inject liquidity into the liquidity pools to earn trading fees, and even store NFTs.
Also read: How to Connect MetaMask to PancakeSwap
To send an NFTs to MetaMask, follow the next steps:
- Copy your MetaMask address and paste it onto the sender’s address field
- Send the NFT to that public address
- Add the NFT to your MetaMask wallet.
To add it, scroll down to “Import Tokens” and click on the “Custom Token” tab. Paste the NFT contract address into the field “Token Contract Address” and type the token symbol. Next, click on “Add Custom Token.” Your NFT should be successfully stored on your MetaMask wallet.
Uniswap is currently available on Ethreum, Polygon, Optimism, Celo, and Arbitrum.
Final Thoughts
Uniswap and MetaMask are two of the most famous apps in the DeFi ecosystem, both having millions of monthly active users. And as you can see, using MetaMask as your main wallet for Uniswap is quite easy. To wrap up:
- Download and install MetaMask
- Launch the Uniswap app
- Click on Connect, and choose MetaMask
- Sign and connect your wallet
Frequently Asked Questions
Does Uniswap Supports BNB?
While you can set your MetaMask to BNB Chain,Uniswap doesn’t support the chain as of early 2023. The protocol is compatible with EVM compatible chains, but support for BNB is yet to be announced.
What Other Wallets Does Uniswap Support?
Currently, Uniswap supports TrustWallet, Wallet Connect, and Coinbase Wallet. Support for more wallets isn’t yet announced but may be there, depending on how specific wallets interact with the smart contract.
