Learn how to use B2M tokens on Uniswap, Ethereum's largest decentralized exchange (DEX).
UOne of the functionalities that the B2M token has is the ability to be added and interact with different decentralized exchanges that run on the Ethereum network, such as Uniswap. In this tutorial we will teach you how to add the B2M token to this well-known exchange and we will explain the possibilities of performing this type of operation.
Before starting
To carry out this tutorial you must have previously configured a MetaMask wallet with a balance in B2M tokens, since this is key to interact with Uniswap and use the token in this space. To achieve these previous steps, we recommend reading these two tutorials:
Once this is completed you can continue with this tutorial to explore the possibilities of using your B2M tokens in Uniswap.
How to use the B2M token on Uniswap?
Below we describe step by step the possibilities of using the B2M token within Uniswap:
Step # 1: Go to the official Uniswap website
First of all, you will need to go to the Uniswap official website and connect to the dApp through the MetaMask wallet.
To do this, click on the button "Connect Wallet" from the Uniswap dApp and click on the link to MetaMask option.
Then accept the interaction with the MetaMask wallet and, with this, you will already be connected to Uniswap through your MetaMask wallet.
Step # 2: Choose the operation you want to perform
Uniswap is a DEX with many options, the main one being the exchange of tokens on the Ethereum network. However, Uniswap also allows us to create liquidity pools (LP Pools).
These liquidity pools are actually exchange pairs (eg: ETH/B2M) in which several people inject liquidity into that fund or "pool" waiting for third parties to use said pool to carry out their own exchanges through the pair in question. . Thus, a person who wants to exchange B2M for ETH, accesses this pool (ETH / B2M), places her B2M and receives an exchange for ETH according to what the market dictates within Uniswap. The opposite is also possible (ETH -> B2M), so the pool is bidirectional in its changes.
The good thing about this option is that each liquidity provider (those who add ETH and B2M to the pool on Uniswap) make money as more and more people use this exchange pair. This is possible because Uniswap charges a small commission, which is shared in profits for the liquidity providers and for the protocol itself. Everyone wins at this service.
In summary, Uniswap has two very clear options for the use of the B2M token:
- Exchange it directly.
- Create a liquidity pool and earn money with each new exchange that is made and uses the liquidity of that pool.
We will explain both operations in more detail below:
Step # 3a: Use the direct exchange option
If what you want is to exchange B2M for another token (ex: B2M -> DAI) or another B2M token (ex: DAI -> B2M), you can do it through the direct exchange option.
To do this you must add the B2M token to Uniswap, something that can be done very easily using the option "import tokens" from Uniswap, click "Select Token" and then in the option "Manage token list".
Next, go to the “Tokens” option and add the B2M token smart contract:
0xd7c302fc3ac829c7e896a32c4bd126f3e8bd0a1f
There you will see the option of "To import" and by clicking on it you will have already imported the B2M token to Uniswap.
As a recommendation, we remind you to verify very well the contract address of the B2M token, indicated above and check it in the official website of the B2M token. Also, remember that for now B2M is an ERC-20 token, so it only works on Ethereum (later we will announce new supported networks).
Once this process is done, you can make an exchange as you wish using B2M.
Part # 3b: Create a liquidity pool using B2M in Uniswap
If you do not want to exchange your B2M tokens but you want to create a liquidity pool and thus earn interest for having your B2M, then this is the option you should choose. Creating a liquidity pool in B2M is quite simple, although with some additional steps that we will explain in detail in this tutorial.
First of all, to create an LP in Uniswap you must bear in mind that you need two tokens, the first would be B2M, and the other can be chosen from the set of tokens that you are most interested in exchanging. Remember that Uniswap LPs must be adapted to the needs of users, so you must monitor which tokens are most interesting for exchange, something that you can analyze in centralized exchanges or communities. That said, for our example we will be using the USDT / B2M pair, so we must be in possession of B2M and USDT tokens in our MetaMask wallet.
Next, we will go to Uniswap and start creating our LP for USDT / B2M.
In the option "Common Fund" From Uniswap we must select the USDT and B2M tokens (the latter we already added in step # 2). This will be our initial step to configure the pool, for which the following will be to specify the initial exchange prices and the applicable fee.
Uniswap in this sense has already done a lot of work, facilitating this process. In our case, we will choose the 0,3% fee value (the usual in almost all Uniswap pools) and we will put the price of the B2M token the value of 33 B2M per USDT (about $ 0,03 per B2M token or € 0,026 per B2M token).
On the other hand, the price ranges in the pool will be calculated in:
- Lowest: 25,014
- Maximum: 35,003
These ranges will be the ones that will mark the initial exchange of the token, and then the LP can adjust them according to the interaction with the pool. Finally, the creation amount will be 100 USDT and a total of 14.712,4 B2M that you must have in the MetaMask wallet to create the pool. The pool creation process involves gas, so the creation of this pool (the transaction as such) will be more expensive than the rest of the operations, this because the gas will be used to configure everything together with the Uniswap commission.
At this point, all that remains is to click on “Create Pool” and that's it, your USDT/B2M pool will be available on Uniswap. When a person exchanges B2M or USDT, they will use this pool or any other enabled, in the end for each exchange you will earn a small commission and you will increase your balances.
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