WIKI

*Paid Advertisement. Not financial advice. RugDoc is not responsible for the projects showcased here. DYOR and ape safu.

How to swap tokens on Ubeswap

Table of Contents

Ubeswap is a decentralized exchange and automated market maker (AMM) protocol for Celo assets. The protocol allows Celo users and applications to trade between any two ERC20 tokens. With Ubeswap, Celo adoption increases because it makes it easier to trade on-chain.

With a few steps, you’ll be able to provide liquidity to Celo and trade between tokens!

Why Use Ubeswap? #

With Ubeswap, users can exchange tokens on Celo without having to trust anyone with their money. This uses liquidity pools, so you can also lend crypto to liquidity pools and earn fees. On top of earning interest, you will also earn the native token, UBE.

Therefore, you can either use Ubeswap to trade between tokens, or you can provide liquidity and earn interest and UBE when others trade between the token pair you provide liquidity for.

Celo is all about mobile, so Ubeswap also acts as a mobile-first decentralized exchange (DEX), bringing DeFi to everyone.

How to Connect a Celo Extension Wallet #

To start trading, you will have to connect a wallet. First, open https://ubeswap.org/.

At the top right corner, click on Launch App.

Connect to Celo Extension Wallet

After launching, a new tab appear. Click the Connect to a Wallet in the top right corner.

You have the option of connecting MetaMask, a Celo Extension Wallet, or Ledger.

Choose the Celo Extension Wallet and add the extension to your browser if you haven’t already.

After the extension is added, you will have the option of creating a new wallet or importing an existing one. Choose accordingly, and follow the prompts.

To set up, click on Create a Wallet and agree to the terms.

Go ahead and input your preferred password, then click on Create.

Retrieve your secret backup phrase and click Next. It’s extremely important that you never give your recovery phrases to anyone.

Once you are done with the setup procedure, you will have successfully added a Celo Extension Wallet.

Now that you have installed the wallet:

  1. Go back to https://app.ubeswap.org/#/swap.
  2. Click on Connect to Wallet.
  3. Choose the Celo Extension Wallet.

A menu will be displayed on the right side where you can click on Next, then Connect.

Trading Celo for cUSD #

Once you’ve connected, choose the tokens you would like to swap. There are various supported tokens, and you can check your options by clicking on the downward arrow after each token.

Any user can also create a new pair and add liquidity by clicking on Pool at the top of the exchange site.

Enter the number of tokens you want to swap, then click swap. To give you an idea, 1 celo is worth 4.22c USD (rates can vary). You’ll also get the transaction details, including the liquidity provider fee.

To swap your tokens, Ubeswap will need your permission. That way, you won’t send your assets to random addresses. Click on Approve Celo to continue.

On decentralized exchanges like this, trading fees go to liquidity providers. Fees are earned when people trade tokens for the pairs they provide liquidity for.

To continue with your trade, confirm the transaction, and the swap will be processed.

In the case of CELO/cUSD, when you trade tokens for this pair, liquidity providers earn fees. Fees are proportional to the share of the pool they contribute to, and are redeemable at any time.

Like I said, Ubeswap isn’t just for converting tokens; you can also become a liquidity provider and earn trading fees. On top of this, Ubeswap also enables you to provide liquidity directly to Moola, another dApp on Celo.

Updated on January 21, 2022
How do you feel about this article?
 

Leave a Reply

*Paid Advertisement. Not financial advice. RugDoc is not responsible for the projects showcased here. DYOR and ape safu.

Official Partners

BNBchain856
bubblemapsrdbig
Popular Links
Resources
For Farm Owners
RugDoc

Disclaimer: This is done with our best knowledge and effort, nothing can be known for certain – always DYOR and risk management. This is NOT financial advice. Use the information presented here to inform your own decisions. Referral links may be included on any outbound link.

  • What do the risk ratings mean?

Our mission here at RugDoc is to screen for hard rug code that results in 100% theft of ALL underlying funds for ALL participants.

This is the ONE part of the due diligence process that most people cannot simply do on their own as it costs thousands of dollars to hire a senior solidity developer to look over a farm for safety.

A project coin with terrible code can go up in price, and a project with good code and a good team can also go down in price.

Do NOT use our ratings to refer to your likelihood in making money if you invest in the project. They are ONLY in reference to code safety.

Everything else beyond code safety is YOUR responsibility to go do research on. We just make sure the casino you’re betting in won’t rob you before you even get to place a bet.

Our reviews for projects are organized into a few colors.

🟢 Least Risk
These projects are the least likely to hard or soft rug. Usually reserved for cornerstone projects of an ecosystem where it makes no financial sense for them to rug in any manner as they make more money just being legit.

🔵 Low Risk
These projects are usually established projects in an ecosystem that have a track record of success or have KYC’d to us or other authoritative sources in the real world. As a result, it is extremely unlikely for them to soft rug or hard rug their projects. The projects can still fail and the token price can go down, but usually more as a result of natural market forces.

⚪️ Some Risk
This is the default rating for projects with unknown teams but have code that is unlikely to have hard rug risk. Since the team is unknown and doesn’t have a track record of success, it’s entirely possible that they may try to soft rug by dumping tokens, abandoning the project, etc. Even a last minute contract swap to a malicious contract is possible. The only thing that is unlikely is a complete hard rug as long as you are 100% sure you deposit into the contract we review.

🟠 Medium Risk
Similar to Some Risk, but the underlying code itself is custom enough or complex enough that it warrants an elevated risk rating that needs deeper research. Make sure you read every point presented to make sure you’re comfortable with that before entering. Still unlikely to hard rug, but more chances of custom code behaving incorrectly and causing other issues.

🔴 High Risk
Project contains code or practices that are HIGHLY LIKELY to lead to catastrophic losses as they are right now. Make sure you read the description carefully as we will always warn what these issues are. If you see the words Hard Rug anywhere in the review, STAY FAR AWAY!

⚫️ Not Eligible
We reserve the right to not review exceedingly complex projects that would require tens of thousands of dollars of senior security analyst man hours. Typically these are projects that deal with leverage, lending, options, derivatives, and anything that is overly complex and which requires tons of peer reviews and audits from top audit companies.

Search

  • How can I request for an update to my review?

🟢 For owners who have made impactful changes and would like an update to their farm review:

1️⃣ Use #update at @RugDocChat with your description and proof of changes and it will be forwarded to our scanners.

2️⃣ This does not guarantee a change in your review.

3️⃣ Owners who have difficulty solving the issues can consider our Consultation Package - please contact @BaymaxCrypto on Telegram to discuss.