In a recent tweet, a decentralized exchange protocol, Uniswap, announced that they now live on the Avalanche network. Avalanche is a Layer 1 blockchain that is Ethereum Virtual Machine compatible, allowing anyone to deploy smart contracts and build decentralized applications.
The Uniswap web app now supports the Avalanche Network. This means anyone can swap and provide liquidity using the Uniswap Protocol on the Avalanche Network. The Uniswap interface allows users to trade cryptocurrencies and NFTs on various networks, including Ethereum, Polygon, and Optimism.
Avalanche network, also known as the AVAX network, uses the AVAX token as payment for network fees. You can explore transactions done on the Avalanche network using snowtrace.io.
Swapping with the Uniswap V3 on Avalanche Network is just like swapping on Layer 1 Ethereum. To swap on Avalanche Network, follow these easy seven steps:
- Select the tokens you wish to swap.
- Select the “Swap” button and review your quoted price, route, and slippage.
- If this is your first time swapping the token with the Uniswap protocol on Avalanche, then you’ll need to approve the token in order to trade it.
- In your wallet app or wallet extension, allow the token to be used for swapping. This transaction will require a network fee.
- In your wallet, confirm the swap.
- Once the swap is confirmed, the transaction is submitted to the blockchain (pending).
- You will see “Success” and a green checkmark on the screen when the transaction is successfully completed.
Also recently Uniswap v4 was released, marking a significant milestone in on-chain liquidity and decentralized finance (DeFi). Uniswap is expanding its availability by deploying on the Avalanche blockchain and this move helps users increase options and flexibility when it comes to trading and providing liquidity through Uniswap.
