How to buy Floki Inu on Uniswap
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With over 400,000 holders and prominent street advertising, Floki Inu has become the best-known meme coin after Doge and Shiba. Let's find out how to join the Floki army and buy FLOKI on Uniswap.
What is Floki Inu?
Floki Inu (FLOKI) is a meme coin, similar to Doge Coin and Shiba Inu. But while FLOKI evolved from a meme, the team behind it believes that the power of memes can lead cryptocurrency to wider adoption. The token has gained such popularity that Elon Musk even named his Shiba Inu puppy Floki.
FLOKI is named after a character from the TV series Vikings. This explains why Floki Inu wears a Viking helmet, why HODLers Floki Inu call themselves Viking Army, and why the P2E game the Floki Inu team is working on is called Valhalla.
As of August 1, Floki Inu's price is $0.000015, the 24-hour trading volume is $13 million, and the Fully Diluted Market Cap is $151 million. FLOKI is ranked #2775 on CoinMarketCap.
FLOKI is also working on the following projects: Flokiplace, NFTs and the FLOKI merchandise store, the Floki University learning platform and a cross-chain bridge.
Charitability is also an important part of FLOKI. The team intends to build schools in various underdeveloped countries in the world.
Partnerships such as those with CryptoCart and NOWPayments allows the Floki Inu token to be used to purchase items from multiple online stores. And the partnership with Wintermute enables FLOKI to increase trading volumes on the exchanges.
In 2021, FLOKI sponsored many soccer clubs (Cádiz, Kerala Blasters, Spartak Moscow, Twente, Bayer 04 Leverkusen etc), as well as the world boxing Champion Tyson Fury. In 2022, FLOKI sponsored the Alfa Romeo F1 Racing Team. All of this allows FLOKI to get more publicity.
But even though such partnerships make FLOKI promising, we should not forget that the products the FLOKI team is working on are still in development and we have yet to see them. Remember that investing is always a risk.
Thus, Floki Inu, using its meme potential and association with Elon Musk's dog, wants to create utility not only for users, but also for the world at large. FLOKI is constantly evolving, and that definitely appeals to users.
What is Uniswap?
Uniswap is a cryptocurrency open-source exchange that runs on Ethereum. According to CoinMarketCap, Uniswap is currently the most popular DEX.
Top Cryptocurrency Decentralized Exchanges. Source: CoinMarketCap
While centralized exchanges have an order book, Uniswap has liquidity reserves, and transactions are made directly from these reserves without involving a third party. Prices are set automatically by an Automated Market Maker (AMMs) algorithm that maintains the total volume of reserves.
In other words, Uniswap works with an order matching system. This system is similar to the order book of classic centralized exchanges.
An advantage of Uniswap is that it allows you to manage your digital assets anonymously - as opposed to most centralized trading platforms, such as Binance, which require a registration and an identity verification.
Next we will learn what Floki Inu ($FLOKI) is and how to buy it on Uniswap.
How to buy Floki Inu?
To exchange one token for another, you need some ETH on your balance to pay the fee and an amount of a particular asset if you want to exchange a token other than ETH. For example, if you want to exchange USDC for Floki Inu, for example, you will need to keep not only USDC in your wallet, but also some ETH to pay the fee.
Here's a step-by-step tutorial on how to buy FLOKI on Uniswap:
1. To get started, go to Uniswap website and click on "Launch App" button.
Then the trading platform opens in a new tab.
2. Now we connect the wallet. No registrations or KYC. It also doesn't require a gas fee.
As of this writing, Uniswap supports several wallet options:
- Coinbase Wallet
Most users prefer to work with Metamask. We will work with it too.
When you connect your wallet, you will see your address and the balance of your wallet in the upper right corner.
- If you don't have a wallet: Add the MetaMask extension to your browser, run it and select the "Create a new wallet" option. Then be sure to save the mnemonic phrase and set a strong password.
3. Now select the tokens you would like to exchange. We find the Floki Inu token and click Import.
Note that any user can place a token on Uniswap. This means that some of them may turn out to be fake. There have been several cases where fake coins have been placed on Uniswap and scammers have forced people to buy these tokens. Unfortunately, if you buy these tokens, you won’t be able to sell them. So go to CoinMarketCap or Coingecko and check the contract address before making a swap.
In August 2020, Uniswap introduced token lists to address this problem, serving to ensure the legitimacy of new tokens.
You can also add a token by copying the contract address on Coingecko or Coinmarketcap, and entering it in the search on Uniswap.
4. Now we choose the asset and the amount we want to exchange to FLOKI.
The default token for the exchange is ETH, but you can choose another one. In this case we use ETH. Then click on Swap.
5. Verify the data and confirm Swap.
6. Then we sign the transaction in the wallet.
After a while, the transaction will finish and you will see a window notifying you that the transaction was submitted. There you will also see a link to the explorer and an "Add FLOKI" button, by clicking on which you will add the asset to Metamask.
You'll notice that unlike traditional centralized exchanges, transactions on Uniswap are almost instantaneous.
Congratulations, we just made a swap and bought a Floki Inu!
We can make a reverse swap by exchanging FLOKI for ETH.
Before exchanging purchased tokens for ETH, the token must be approved. A fee ($1 in this case) must be paid for this.
Confirmation is inexpensive, but many users may not be aware of it and, as a result, may not be able to sell the token for the desired price. Do the approval in advance.
A total of 0.0023 ETH of gas was spent on the exchange transaction, which is $2.43.
In Uniswap, trading fees are allocated based on the total liquidity reserve for each pair of tokens: 0.30%, 0.05% or 1%. You can read more in the Uniswap documentation.
In addition to trading fees you will also pay transaction fees, which depend on what the gas fee on Ethereum is at the moment. You can monitor the gas status in the lower right corner.
Also, if you click there, you will be taken to the Ethereum Gas Tracker page on Etherscan.
When a token is very volatile, there is a chance that you may not be able to sell the token immediately and thus miss out on a good price. This is what slippage is used for. Slippage determines the percentage by which the final transaction price can differ from the originally set price. You can edit slippage by clicking on the setting icon in the upper right corner.
Exchanging tokens on DEX exchanges is an easy process. To exchange coins on most other exchanges, you need to make a deposit to the exchange, place a trade order, wait for its execution, and after the exchange, withdraw funds back to a non-custodial wallet.
Uniswap eliminates all of these steps. You don't have to register, KYC, do the complicated steps of funding your wallet on the exchange and wait for the assets to arrive in your account. The decentralized process has many advantages and is suitable for beginners.
But because Uniswap works on smart contracts, the commissions can be unreasonably high, and often they even exceed the amount of the asset you want to exchange. For example, when trying to exchange Floki Inu for USDC, the exchange fee was $14 and the amount of Floki Inu in the wallet was $4. So, even if you want to buy some token for ETH for $4, in some cases you still have to pay more for the exchange transaction. At some points, Uniswap isn't exactly profitable.
Token exchanges on decentralized exchanges are not perfect, but users appreciate their convenience and practicality.
Pontem is a product studio working toward global financial inclusion powered by blockchains - primarily Aptos, the most scalable and safest L1 network. We are partnered with Aptos to build foundational dApps, development tools, AMMs, and more. The first dApp, LiquidSwap - the first-ever AMM for Aptos - is already available as a test version.