Last week, Uniswap revealed its V3 interface with improved interface and added technical layers. While the new version may not have affected speculative traders to a large degree, the fundamental difference between how LP tokens interact in Uniswap V2 and V3 has affected millions of liquidity yield farmers. This impacted not only the procedures involved with continuing previous yield farming, but also the size of the liquidity pools as the liquidity pools built up on V2 have not fully migrated to V3. In this article, XFai provides insight for all liquidity farmers on how to interact on Uniswap to continue their farming operations and take advantage of the V2 liquidity pool.
For Traders: Using 1Inch Exchange
The lack of transition between Uniswap V2 and V3 has affected many tokens in the DEX, as the built-up liquidity in V2 is not reflected in V3. This severely affects the traders, as without liquidity, they can neither buy nor sell the tokens. One solution to this is using other parties that still rely on Uniswap V2, such as 1Inch Exchange. To use 1Inch Exchange, follow these steps:
- Go to 1Inch Exchange: https://app.1inch.io
- Connect your wallet using Metamask
- Search for the token you wish to trade
- If the token does not come up, manually add the token by copy-pasting the token’s contract address (e.g. The smart contract address for $XFIT is 0x4aa41bC1649C9C3177eD16CaaA11482295fC7441)
- Select how much of the desired token you wish to trade
- Select between “maximum return” and “lowest gas fee”. The maximum return attempts to provide you with a better rate at the cost of possibly higher gas fee, while the lowest gas fee option attempts to provide you with a normal rate while saving on gas fee.
- Approve the transactions
- Complete the transactions
For Traders: Changing the URL to Use Uniswap V2 Swap
For traders that wish to continue using Uniswap V2 instead of relying on 1Inch Exchange, Uniswap V2 swap is accessible by modifying the URL. To use the Uniswap V2 swap interface, follow these steps:
- Go to Uniswap V2 Interface directly: https://app.uniswap.org/#/swap?use=V2
- Connect your wallet using Metamask
- Select the token you wish to swap
- If the token cannot be found, manually add the token by copy-pasting the token’s contract address (e.g. The smart contract address for $XFIT is 0x4aa41bC1649C9C3177eD16CaaA11482295fC7441)
- Type in the amount
- Approve and complete the swap
For Farmers: Adding Liquidity on Uniswap V2
Since the liquidity for many tokens is not synchronized across V2 and V3, many farmers may have been affected by the sudden change. However, there is still a way to add liquidity into Uniswap V2, following these steps:
- Go to Uniswap: https://app.uniswap.org/#/
- Click on “Pool”
- Click on “More”
- Select “V2 Liquidity”
- Click on “Add Liquidity”
- Select the token you wish to interact with
- If the token does not show up, manually add the token’s contract address (e.g. The smart contract address for $XFIT is 0x4aa41bC1649C9C3177eD16CaaA11482295fC7441)
- Select the token pair. For $XFIT, please select either USDT or USDC
- Specify the amount you wish to add in the liquidity pool
- Approve and complete the transactions
- Go to farm.xfai.com, and stake your LP to participate in farming
About XFai
XFai develops tooling for the DeFi space, graphing it to build game-changing products. The XFai DLO is set to invite mid and small-cap tokens to start earning APY on their token holdings, while the XFai LGE is set to become industry-first in providing a more efficient, transparent, and fair way for everyone to get involved at an early stage. The LGE for XFai’s native token, XFIT, was launched on 16th April 2021. We invite everyone to join the DeFi revolution, spearheaded by XFai.
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