About Ubeswap Exchange
Ubeswap Exchange is a decentralized automated market maker exchange on the Celo blockchain. Ubeswap is a decentralized exchange and automated market maker protocol for Celo assets. Ubeswap is based on elements from Uniswap, Sushiswap, Synthetix, and Compound. This is to ensure that the Ubeswap ecosystem can support as many existing tools and projects from the Ethereum ecosystem as possible.
How To Start With Ubeswap
To Start Trading With Ubeswap Exchange Indian Residents First Have To Sign Up For An Account By Following The Steps Below.
Step 1. Click On The “Login/Signup” Link On The Top Right Hand Corner Of The Ubeswap Exchange Website.
Step 2. In The Form, Fill In Your First Name, Last Name, Mobile Number, Email ID And Password.
Step 3. If You Have A Referral Code, Enter The Code While Creating Your Account.
Step 4. Submit The Form And Wait For An Activation Email To Be Sent To You.
Step 5. Click On The “Confirm Email” Link In The Activation Email.
Step 6. After Your Account Is Activated, You’ll Be Sent A 6 Digit One Time Password (OTP), Which You Have To Enter After Logging Into Your Ubeswap Exchange.
Ubeswap’s goal is to increase liquidity on Celo. They envision a world where anyone can trade any asset from their phone or browser, without having to rely on decades-old clearinghouse technology or other centralized systems. This is only possible if people can invest in good assets. Ubeswap seeks to bring in liquidity from all of DeFi by harnessing the fast transaction times, high block gas limit, and stablecoin system of Celo.
Ubeswap is a Decentralized Exchange
Ubeswap Exchange is a decentralized exchange, meaning that you can directly interact with the exchange using a wallet whose private keys you control. They currently support three wallets:
- Valora, a mobile wallet developed by Celo Labs
- Ledger, a hardware wallet, and
- Celo Extension Wallet, a desktop Chrome extension.
First, connect your wallet using one of the following guides:
- Valora (mobile)
- Ledger (desktop)
- Celo Extension Wallet (desktop)
In this tutorial, we’ll show you how to use Ubeswap to exchange tokens and provide liquidity
Ubeswap allows you to swap between any two tokens, granted an Ubeswap pair between those two tokens exist. Let’s say you have cUSD and want to swap it for CELO.
- On the interface, select the tokens you want to exchange from (cUSD) and to (CELO)
- Enter a quantity of cUSD to swap from. This quantity should be more than 0 but less than your maximum balance
Approve cUSDand accept the transaction on your wallet
- Tip: Approving means you grant the Ubeswap smart contract permission to spend your cUSD tokens. Ubeswap will never spend your cUSD without your explicit permission to swap
Once the approval has succeeded, you can click
Swap to perform the swap between cUSD and CELO. Again, accept the transaction on your wallet.
Congrats! You just swapped cUSD for CELO.
Ubeswap Exchange Support for MetaMask is expected to go live in Q3 2021. This relies on Celo’s Donut hardfork to go live, since Celo’s transaction format is currently different from Ethereum’s.
Security is the highest priority. The team has created a protocol that we believe is safe and dependable, and is audited by Bramah.systems. The protocol largely reuses code from Synthetix, Uniswap, Sushiswap, and Compound whenever possible. All smart contract code is publicly verifiable via Sourcify.
Ubeswap Exchange encourage the users to be mindful of risk and only use funds they can afford to lose. Smart contracts are still new and experimental technology. They want to remind our users to be optimistic about innovation while remaining cautious about where they put their money.
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