Pastel (wPSL) is now officially trading on Uniswap!

Pastel

Published in

PastelNetwork

4 min readMay 16, 2021

We are excited to officially announce that Wrapped PSL (“wPSL”) is available for trading on Uniswap (v2)!

Introduction to Uniswap

Uniswap is a leading decentralized crypto exchange that runs on the Ethereum blockchain. Uniswap (v2) has consistently generated over $1bn in daily trading volume and has over $7bn in total value locked, providing users with increased access to liquidity with reduced execution risks (e.g., slippage). While the vast majority of crypto trading takes place on centralized exchanges, decentralized exchanges (DEXs) are not owned or operated by any single entity. To facilitate trading, DEXs use an innovative trading model called automated liquidity protocol which you can learn more about here.

Uniswap is completely open source, meaning anyone can examine or contribute to the source code. Furthermore, DEXs provide users with more autonomy and control over their funds, as traditional centralized entities are susceptible to high-levels of exchange risks. A user holding funds on the exchange are effectively giving up control of their private keys, as orders are logged an internal database rather than executed on a blockchain. With DEXs, users always maintain full control of their funds. This eliminates the risk of losing assets if the exchange is ever hacked or goes out of business.

What is wPSL?

wPSL is an ERC-20 token that is used as an equivalent to regular Pastel (PSL) to work on the existing Ethereum ecosystem. wPSL is backed one-to-one by PSL that is locked by a third-party custodian. wPSL can be traded on Ethereum DEXs and can be stored in wallets such as MetaMask. With wPSL, users can access PSL and its diverse array of use-cases directly on Ethereum. In addition, wPSL holders will be able to process unwrapped / wrapped requests to directly convert wPSL to PSL and vice versa. Users can learn more about wPSL here.

How to acquire wPSL

Getting started with Uniswap is relatively straightforward. First, make sure you already have an ERC-20 supported wallet setup such as MetaMask or Coinbase wallet. Next, you need to add ether to your wallet to trade on Uniswap and pay for ‘gas’ (Ethereum transaction fees). The more you pay for gas, the faster your transaction is processed by Ethereum network miners.

Next, follow these steps:

Go to https://v2.info.uniswap.org/home
Search for wPSL, which should take you to https://v2.info.uniswap.org/pair/0x731a5948bfa84a7a40d2fd3c263b75d09cf14de1
Click “Connect to a wallet” in the top right-hand corner and select the wallet you have.
Log into your wallet and allow it to connect to Uniswap. It will give you an option to swap tokens directly From ETH — To WPSL.
Enter the amount you wish to acquire and click “swap.”
A preview window of the transaction will appear and you will need to “Confirm” the transaction on your ERC-20 wallet.
Wait for the transaction to be added to the Ethereum blockchain, which you can monitor by copying and pasting the transaction ID into https://etherscan.io/. The transaction ID will be available in your wallet by finding the tx in your sent transaction history.
Once the transaction is confirmed, you’ll be able to find wPSL in your ERC-20 wallet!

How to pool wPSL liquidity

Go to https://app.uniswap.org/#/pool/v2 to view your Uniswap v2 liquidity.
Click “Add V2 Liquidity”
Click on “Select a token” and search for wPSL
Enter the amount of ETH + WPSL you wish to pool and click Supply.
A preview window of the transaction will appear and you will need to “Confirm” the transaction on your ERC-20 wallet.
Once the transaction is confirmed, you’ll start to earn rewards as a liquidity provider!

About Pastel

Pastel is the world’s first fully dedicated, decentralized NFT platform allowing users to register, store, and trade ‘provably rare’ assets. The platform gives creators a way to securely connect with fans and sell unique, limited edition digital assets –without the high fees or storage constraints of other crypto projects. Pastel also allows for the development of third-party applications to sit on top of the Network, enabling developers to enjoy the scalable registration features, storage processes, and security of the broader network. By leveraging a purpose-built native blockchain, Pastel deploys a number of key features such as a deep-learning based duplicate detection system to ensure proven authenticity.

The network is a fork from Z-cash, running the Proof-of-Work (PoW) algorithm Equihash and also supports Supernodes, which provide computational resources to the network to support asset registration, distribution, and permanent storage. Pastel is managed by world-class developers, cryptographers, and technologists, supported alongside an experienced and extensive network of marketers, influencers, and third-party agencies. Pastel is backed by key stakeholders including Innovating Capital, a prominent venture fund.