Dreamr 💜 DeFi | The DMR Token is also on Uniswap (v3)

Sep 10, 2021 6 min read
Dreamr 💜 DeFi | The DMR Token is also on Uniswap (v3)

Dear Community, we are excited to announce that the dreamr ecosystem’s native digital asset, the DMR Token, will list on Uniswap (v3) at the same date and time as Bittrex Global.

Updated 9/10/21 - Live Link to the Market on UniSwap Here.

Details:

  • The DMR_ETH Swap pair will open September 10, 2021 at 9:00PM UTC
  • DMR is listing on Bittrex Global with USDT-DMR and ETH-DMR markets opening simultaneously with the Uniswap pair.
  • Dreamr Labs Ltd. has developed The Dreamr Platform Token to give users a meaningful say in the platform's development and technology governance.

Official DMR Contract Address:

0xf74941046389c78f12fe44784c0ec9ca7ceb7dc2

Below is a Step by Step guide on how to locate the DMR token on Uniswap and Swap ETH for DMR

STEP 1 - Set Up a MetaMask.io Ethereum wallet, or similar, that can access Decentralized Applications (DApps).

Note: If you already have an ethereum wallet that can access DApps, TrustWallet etc., proceed to Step 2

MetaMask - A crypto wallet & gateway to blockchain apps
A crypto wallet & gateway to blockchain apps

Below is a step-by-step guide on how to set up an Ethereum wallet on MetaMask if you haven't before. Many of the principles, like writing down your Secret Recovery Phrase and storing it somewhere safe, apply to setting up any wallet.

Make sure to write down your Secret Recovery Phrase (Seed Phrase), do not skip this step!! Also never share these words with anyone, as it can give them the ability to take over your wallet and transfer your tokens.

Note: We at Dreamr Labs like MetaMask because it is one of the original ETH wallets and it allows us to keep digital assets offline in cold storage wallets like the Ledger Nano X, but still interact with DApps by connecting via USB cable. MetaMask is an ETH wallet itself and does not require the use of a hardware wallet, this step is optional and offers added security.

STEP 2 - Deposit ETH into your MetaMask wallet to interact with the Uniswap Protocol

With your wallet open in MetaMask, you can find your account address and the ability to copy it right below the Account Name in the middle of the page. This is where you will send ETH to pay for gas fees to interact directly with the blockchain.

It is important to know is that Uniswap is not an "exchange" in the typical sense, it's a decentralized protocol of open-source code, with innovations in liquidity pools and automated market-making that allow for Swaps between ETH and other ERC-20 Tokens.

STEP 3 - Connect Your Wallet to Uniswap

Your MetaMask (or similar) wallet is like your Ethereum account. You use it to connect to the Uniswap app and other decentralized applications (dapps). This is similar to signing in with Google, except you are signing in with your own Ethereum address that is saved in your wallet.

To start using the Uniswap app, connect your wallet by following these steps.

Visit https://app.uniswap.org/ and click 'Connect Wallet'

Select your wallet from the list. If you don't see your wallet in the list, select 'WalletConnect' to get a QR code that your wallet can scan.

  1. Your wallet will prompt you to confirm this connection, either in your browser or on your mobile device. Once you confirm, you'll be connected to the Uniswap app and ready to trade!

Your wallet is the gateway to decentralized applications.

STEP 4 - Swap ETH for DMR

Once you've connected your wallet to the Uniswap app, you are ready to swap tokens.

Quick reminder: ALL Ethereum transactions cost gas (ETH) to pay for computation. In order to trade on the Uniswap protocol, you'll need to have enough ETH in your wallet to cover the gas fees.

1. Select tokens

First, make sure ETH is selected on the top field. Then click on 'Select a token'

2. Click "Manage Token Lists" at the bottom of the token selector. Make sure the CoinGecko Token List is turned on.

3. Type 'DMR' in the search field, and select the Dreamr Platform Token

4. Enter the desired input or output amount and evaluate your swap

Next, enter the amount that you wish to trade. You can enter either your desired input amount or output amount.


5. Review your swap

Press the 'Swap' button to view a preview of your swap. This screen will show all the details of your trade:

  • Liquidity Provider fee: the Uniswap protocol charges a 0.3% fee on all trades. This fee is incentivizes liquidity providers to provide funds to the market and thus make your trade possible.
  • Route: the route of pairs that your trade executes through. The Uniswap app may route your trade through multiple pairs to achieve the optimal price.
  • Price Impact: the effect your trade will have on the market price for this token pair. In large pools such as ETH/DAI, small trades will have a negligible price impact. However if you are trading large amounts or trading a token pair with low liquidity, then price impact might be high and result in a worse overall price.
  • Minimum Received: this is the minimum amount you will receive from the trade. It is determined by the market price and your slippage limit setting. If the market price shifts suddenly or if your trade is front run, then the Uniswap Protocol will guarantee you receive at least this amount otherwise it will abort the transaction and return your assets, minus the gas fee. The Ethereum network does not refund gas fees.

When you're ready, click 'confirm swap' and confirm the transaction in your wallet. Make sure you review the gas fee in your wallet and select an average or fast transaction speed. If your transaction is too slow it will fail and you will lose the gas you paid to try to execute that transaction. Your gas fee cannot be refunded.

You will be able to see the status of your transaction in your wallet or in the Uniswap app by clicking your account.

Gas fees can be quite expensive but they change in real-time depending on the Ethereum network activity. If the gas fee for a swap is too expensive for you, come back later to see if the gas fee has come down.

Reminder:

When you trade, you are sending and receiving tokens to and from that wallet. This is a key attribute of all decentralized apps: you hold your tokens in your wallet and authorize transactions with your private key. In contrast, centralized services like Coinbase take custody of your assets and authorize transactions on your behalf after you've signed in with a password.

Thank you for reading and your support of the dreamr ecosystem. Any questions can be directed to our Dreamr Community Telegram Group.


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