For most people, finance depends on structure, centralized systems, and controlled processes. For you, however, this does not have to be the case. In the vast world of cryptocurrency, a decentralized system of operation drives every decision, transaction, and exchange. In plain terms, what this means is that a process as basic as how to exchange dapp token to Ethereum is not under the control of a single authority.
With this post, you will learn what Dapp tokens are, what they mean to you, and how to exchange your dapp token for Ethereum.
First, What’s A Dapp Token?
DApps or Decentralized applications rely on the decentralized blockchain networks to create exchange value for anyone with a virtual crypto card in the cryptocurrency space. In more detail, Dapp tokens combine a smart contract backend and a user interface frontend. Furthermore, these tokens are without restriction, thereby providing everyone with access to dapp tokens as a reliable means of exchange for cryptocurrency.
Ways To Exchange Your Dapp Token To Ethereum
The most common way of converting/Exchanging a DApp token to ETH is by using a Crypto Exchange like Bitmama or other P2P (Person to Person) exchange platforms.
To make use of a DApp, you would need a Crypto wallet and an Ethereum wallet. For most people, MetaMask remains a great choice for an Ethereum wallet.
Of the several ways to exchange a DApp token to Ethereum, two of the most popular routes include:
The Initial Step
Bitmama is an online crypto exchange platform where users can trade cryptocurrency. They support the most commonly traded cryptocurrencies and provide crypto wallets for traders to store their digital funds. In addition, a platform like Bitmama considers ‘crypto beyond trading’ as a core aspect of its operations. This is expressed by the easy accessibility to virtual dollar cards, crypto cards, and virtual debit cards.
To swap tokens to Ethereum on the Bitmama App, follow the steps highlighted below;
Step 1: Download The App
On your crypto trading app of choice, click on the ‘TRADE’ icon and select ‘CONVERT’ at the left part of the Screen. This would be as described majorly for the default version of the App.
Step 2: Connect Your Wallet
After clicking on the convert icon, connect your wallet address and select the DApp token which you have as requested and the token with which you want to exchange. For example, ‘Shiba Inu’ may be your token of choice.
Next, select Shiba Inu on the list of suggested tokens. And also select your preferred token on the list of suggested tokens you want to convert to, which is ETH. Remember, everything exists in the same decentralized system.
Step 3: Preview Conversion
The next step on your journey to exchange dapp tokens to Ethereum is to click on ‘Preview Conversion’. At this point, the price equivalence for your transaction will be displayed.
Step 4: Convert
Just click on the convert button and you would have exchanged your dapp token for Ethereum. The transaction takes less than a minute to complete and the crypto just exchanged would be seen in your spot wallet.
How To Swap A DApp Token To Ethereum Using Uniswap
As you already know, Uniswap is a top cryptocurrency exchange that runs on the Ethereum blockchain. This decentralized exchange (DEX) allows crypto users to swap dapp and other tokens peer-to-peer, without relying on a centralized authority.
In the next part of this post, we will consider how to swap a DApp token to Ethereum on Uniswap.
Here are the steps to follow:
Step 1: Have A Registered Crypto Wallet
A wallet differs from an exchange in that it is a place to store cryptocurrency, while an exchange allows for the buying and selling of cryptocurrency. A great choice for an Ethereum wallet is MetaMask.
Step 2: Download a Crypto Exchange (Bitmama) and create an account
After creating an account with the Crypto exchange, buy Ethereum from the crypto exchange and send it to your crypto wallet.
Step 3: Initiate Wallet Deposit
Remember, you will get a wallet address when you sign up on the Bitmama App. To complete your exchange from dapp to Ethereum, you need this wallet address to receive the ETH.
On your exchange app, navigate to your Ethereum position and click on the option to send your ETH. You would be requested to enter the address for your wallet.
Enter your wallet address and hit send.
Step 4: Connect To Uniswap
Once your wallet contains Ethereum (ETH), you can connect it wallet to Uniswap. Locate the option to connect your Crypto wallet to Uniswap and click on it.
At this point, you will be to choose your wallet.
If you are using the Metamask Chrome extension, you should be able to log in automatically. Once you have successfully connected your wallet to Uniswap then you are ready to begin transactions on the exchange.
Step 5: Make Your Exchange
To make your trade, select the amount of ETH you would like to trade and what token you would like to swap it with. For example, dapp token.
Since you desire to swap your DApp token to Ethereum, select the contract address for Ethereum as requested.
Step 6: Confirm the Transaction Amount
The corresponding or equivalent amount of the DApp token per Ethereum would be displayed and the amount of ETH you would receive in your wallet if you proceed with the trade.
Once you are satisfied, click on CONVERT to proceed with the trade and complete the trade. After the trade is complete the equivalent amount of ETH from the conversion would be dropped into the Crypto wallet provided during the whole process.
There you go!
You have just swapped your DApp token to Ethereum.
Remember, life in crypto goes beyond trading.
With Changera and Bitmama, you can even stretch the boundaries of exchange to buy airtime, book flights, and make investments in cryptocurrency.
All you have to do is take the first step and download the Bitmama App today.