Rupiah Token team is glad to announce that IDRT is now tradable on Uniswap! You can now swap IDRT with ETH or 600+ ERC20 tokens such as USDC, TUSD, BAT, ZRX, DAI, and many others :)
What is Uniswap?
Uniswap is a unique type of DEX (decentralized exchange) built on top of Ethereum blockchain. A recipient of Ethereum Foundation grant, Uniswap is entirely run by smart contracts on Ethereum blockchain. It has no order book and no bid & ask prices. Instead, prices of token swaps are determined purely by mathematical formula based on relative amount of tokens available in the Uniswap smart contract ecosystem.
What are the key benefits of using Uniswap?
- Trade IDRT against ETH or 600+tokens!
- No registration / KYC needed — you just need a Metamask or Web3-compatible wallet (such as Trust Wallet’s dapp browser).
- 100% uptime and instant liquidity — all swaps are done by smart contracts.
- Open source project & platform — all smart contract functions are public on GitHub.
- Lowest gas cost compared to most decentralized exchanges.
How can I trade IDRT using Uniswap?
- Make sure you are using a Metamask or Web3-compatible wallet such as Trust Wallet’s dapp browser. For help setting up IDRT, click here.
- Make sure you have a small amount of ETH for transaction gas fee (about ~0.0005 ETH per transaction).
Step-by-step example for token swap:
We will show example to swap IDRT to other ERC-20 token below:
- Open Uniswap interface at https://uniswap.exchange/.
- Click ‘Connect' button on top right section of the page to connect Uniswap to your Web3-compatible wallet.
- Click token selection button on the Input field.
- Input the amount of IDRT you want to trade. If this is your first time, Uniswap smart contract will need to ask your approval to spend your token. Click ‘Unlock’ to continue.
- Clicking “Unlock” will create a “transaction” request that will give permission to Uniswap smart contract to move your IDRT for future swap transactions. Click approve/confirm.
(Note: if you are using Metamask, you can ignore the weird number appearing on “Total” column — no IDRT tokens are going to be moved on this transaction).
- After approval is done, we are ready to swap! In the example below, we want to swap 14376 IDRT to DAI. Simply put in the desired token pairs and amount — the exchange rate will be calculated immediately.
- Click ‘Swap’ button. There will be a confirmation for transaction from your wallet application, simply confirm or approve the transaction to continue.
- Wait for the smart contract to work its magic. After several block confirmations (typically 1–3 minute), check your wallet and see that your transaction is done!
This is cool! How does Uniswap really work?
Multiple exchange contracts facilitate token conversion
Quoting from the official documentation:
- Uniswap is made up of a series of ETH-ERC20 exchange contracts.
- There is exactly one exchange contract per ERC20 token
- Exchange contracts are automated market makers between an ETH-ERC20 pair
- Since ETH is a common pair for all ERC20 exchanges, it can be used as an intermediary allowing direct ERC20-ERC20 trades in a single transaction
Basically, every ERC20 in Uniswap is paired to ETH using a specific exchange contract. The contract stores both the ERC20 token and a corresponding amount of ETH in the smart contract (along with other information for token exchange).
The exchange price between a specific ERC-20 token and ETH is determined by using the model x*y = k, where x and y are the supplies of ERC20 token and ETH in that contract, while k is a constant. These supplies set the exchange rate between ERC-20 and ETH. Now, because all ERC-20 tokens can be swapped to ETH, the ETH can be used as intermediary to directly swap any ERC-20 token pairs (such as IDRT and USDC).
Traders and liquidity providers
In Uniswap, there are two main parties at play: traders and liquidity providers. Traders can freely trade tokens or ETH on Uniswap, while liquidity providers provide ERC-20 tokens and ETH (liquidity) for traders to trade with. The Uniswap contract automatically takes 0.3% fee for each trade, and this fee is proportionally distributed to all liquidity providers.
What’s more unique is that anyone can fill these roles, you can be a trader and gain profit by price difference or arbitraging. Or you can be a liquidity provider and get incentivized for providing liquidity.
To learn more about being a Liquidity provider in uniswap, check this out.
- Good guide for Uniswap price mechanism: https://www.mycryptopedia.com/what-is-uniswap-a-detailed-beginners-guide/.
- Official documentation: https://docs.uniswap.io/
- Official whitepaper: https://hackmd.io/C-DvwDSfSxuh-Gd4WKE_ig
- Official (x * y = k) market maker model: https://github.com/runtimeverification/verified-smart-contracts/blob/uniswap/uniswap/x-y-k.pdf
You have now learned what Uniswap is. Now it’s time to try swapping IDRT with other tokens on https://uniswap.exchange/swap! If you need technical assistance in using Uniswap to trade IDRT, contact us at firstname.lastname@example.org!
About Rupiah Token
PT Rupiah Token Indonesia is a venture-capital backed startup based in Jakarta, Indonesia. As a leading Blockchain technology company, our mission is to boost the acceptance of Indonesian Rupiah worldwide and accelerate the transition to a more inclusive and open financial system. Since our establishment in January 2019, we have been hard at work developing our service in Indonesia and listing our tokens on reputable exchanges and other cryptocurrency players.
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