Using Uniswap
Uniswap is a decentralized exchange for Ethereum tokens. DOOR token can be exchanged on Uniswap.
Last updated
Uniswap is a decentralized exchange for Ethereum tokens. DOOR token can be exchanged on Uniswap.
Last updated
Uniswap allows anyone the ability to exchange one Ethereum token for another Ethereum token. This is powerful because it not only determines the value of each unique token but allows people to buy and sell their tokens easily with no middleman.
Without getting into the technical side and differences, it works very much like any exchange. You own one asset and want to trade it for another asset. In most cases, one asset is the equivalent of the US Dollar. So for example you can swap USDC (Stable coin tied to the US Dollar) for DOOR.
Door ensures there is liquidity in the market to allow for people to buy and sell DOOR on Uniswap.
Each time you swap or exchange DOOR there will be fees related to the transaction that Metamask and Uniswap charge for their service.
If your goal is to sell your DOOR and transfer into your bank (US Dollar), there are a few steps you need to take:
Step 1: Transfer DOOR Tokens from your Door Wallet to your Metamask Wallet
If your DOOR is in your Door Wallet (mydoorwallet.com) you need to withdraw and put in to a Metamask wallet. We provide instructions on how to do this in the "Setup Metamask" section.
Step 2: Using Metamask via Uniswap you can swap your DOOR Tokens for USDC.
Go to Uniswap and click "Connect Wallet". It will connect the Uniswap exchange to your Metamask wallet. Then click on the first token and you will need to add the Contract Address for DOOR Token so Uniswap can find the correct token. In the second token slot, you can select USDC.
Once you select the DOOR Token it should automatically load the number of tokens you have in your Metamask Wallet. You can then click "Max" to swap the maximum number of DOOR, or you can manually type in the number of DOOR you want to swap for USDC.
Although Uniswap is awesome at creating liquidity for tokens, it does not allow you to transfer the USDC (or any other token) to your Bank account. Uniswap is only used for buying and selling using Ethereum tokens.
Step 3: Send your USDC to a centralized exchange that is connected to your Bank
Once you have your USDC in your Metamask, you can now SEND the USDC to your exchange. Most people use Coinbase.com as their primary exchange that connects to their bank account. This is the final step of the process. You need to send your USDC from Metamask to your USDC wallet on Coinbase.com. Once the USDC is in Coinbase you can sell it for the equivalent value in U.S. Dollar and then deposit it into your bank account.
Withdraw DOOR Tokens from Door Wallet (mydoorwallet.com) to your Metamask Wallet.
Connect to Uniswap and swap your DOOR Tokens for USDC Tokens.
Send your USDC Tokens to your Coinbase (or other exchange) wallet.
Sell your USDC for US Dollars
Withdraw US Dollars into your Bank Account.
