If you have been paying any attention at all to crypto, you will know that the Defi (Decentralized Finance) sector has been red hot.
People trading DeFi tokens have made 1000% return on their investments in ONE DAY.
But let’s not focus on the negative. I assume you are not reading this newsletter because you are interested in buying Treasury bonds.
Instead, the tokens and ether are always stored in your own wallet, in this case, my Portis wallet:
First thing to learn about the Uniswap dashboard: It’s not very informative.
About a week ago I deposited two ether to my Portis wallet. Where did the rest of the ether go?
But Uniswap doesn’t try to put a price on those tokens. For that, you have to look elsewhere.
The next screen snapshot is one of my Portis wallet, where my ether and tokens are stored:
Even when you click on the balances, it is tough to find the tokens that you have in your account:
But fortunately, Etherscan saves the day. See the clickable link in the screen snapshot below, from the Uniswap dashboard.
Notice the boxes that I have highlighted. I spent 0.25 ether buying some DEXT tokens which are now worth about $69 (Yes I am down on the transaction).
Etherscan is also a wonderful tool for showing information about the tokens on the Ethereum network.
Clicking on the info tab in Etherscan also gives us more information:
We can only hope that they don’t “dump” it.
It’s a good idea to learn to walk before running. Before doing any serious trading in Uniswap, you better know how to FIND your tokens after buying them.
I hope this guide helps.
In future articles, I will cover how to buy into liquidity pools and some token screening tools that may help you choose which tokens to buy.
Should you take this seriously? I honestly don’t know. I pointed out last week the problems with Uniswap.
But the last time there was a token craze, I made a killing. Check out this article I wrote almost three years ago and tell me if you get a sense of deja-vu.
Disclaimer: As always, what I write should not be taken as advice on investing.