You can now use BC Vault crypto wallet with Uniswap with help of WalletConnect functionality.
What is Uniswap Protocol?
The Uniswap Protocol is an open-source protocol for providing liquidity and trading ERC20 tokens on Ethereum/Polygon and other Layer 2 Ethereum blockchains. It eliminates trusted intermediaries and unnecessary forms of rent extraction, allowing for safe, accessible, and efficient exchange activity. The protocol is non-upgradable and designed to be censorship resistant.
The Uniswap Protocol and the Uniswap Interface were developed by Uniswap Labs.
How to use BC Vault with Uniswap (and simmilar WalletConnect dApps)
Uniswap supports Ethereum and other Layer 2 Ethereum clones as Polygon (MATIC) blockchain. The default setting is Ethereum blockchain, but you can change it in the top right corner in the Uniswap application or on the BC Vault side (depends on which wallet you connect, Network information will be passed on):
- Select the wallet you want to use with Uniswap in the BC Vault Desktop Application and select "WalletConnect":
New WalletConnect dialog will open in the BC Vault Application.
- Go to Uniswap application available on: https://app.uniswap.org/
- Select pair of currencies you are interested in (for example: ETH<->USDT) and click on "Connect Wallet":
- On the next menu select "Wallet Connect":
- You will be presented with a QR code, which you can copy now. Click on "Copy to clipboard":
- BC Vault Desktop Application will automatically detect that correct address was copied. If not, you can paste the address (or scan it with camera) and click on the "Connect" button:
- Make sure you are connected to correct web site with correct URL and confirm the connection:
- Now you can use different functions of the Uniswap application and confirm the actions on the BC Vault:
Approve vs. Send & Fees
Please take note, that Uniswap will always first ask for approval to access your funds for every single token you are trying to do a swap from the first time.
You first have to approve the access (and pay fees for that operation) and then you will be able to actually proceed with swap to other tokens (and also pay fees for that operation).
Uniswap by default will generate approval for the maximum possible funds (so that you do the approval only once - pay the fee only once). For advance users, you have the possibility to change the approval amount in the BC Vault Application (open the ticker on the top right corner of the approval dialog:
It is very important to understand, that with this you are giving approval to site in question (Uniswap in this case) to have full access to your funds! Only do that with well known reputable sites!
!!! We recommend you to use a dedicated wallet that only temporary holds needed crypto for operation with external sites (as UniSwap) with WalletConnect !!!
For revoking the approval see below (Revoke approval)!
Once approval is done, you will be able to do swaps of this token. Please note, that gas fees can be very high on the Ethereum network and it is not unusual to pay $50-$100 for a swap or even more. All will be presented to you by Uniswap before you confirm the transaction.
Due to high fees we do recommend you to get acknowledged with Uniswap (See Uniswap Tutorials on the bottom) as a fail of the transaction (due to valid time expired or rate change over acceptable percentage...) will still result in loss of fees! This is by design of the Ethereum network itself. Network fees are not collected by Uniswap or BC Vault and we have no influence on that.
Nothing happens with your funds until you actually confirm anything on the BC Vault device itself.
Once you have approved access to funds to dApps (as Uniswap) you can see all the approvals in blockchain explorers.
For Ethereum this would be Etherscan Token Approval for example (you can find it under More/Token Approvals on the etherscan.io site).
For Polygon blockchain - https://polygonscan.com/tokenapprovalchecker
Simply copy/paste your wallet address into the above site and click search:
In the BC Vault Desktop Application select the wallet in question and proceed with WalletConnect connection. Then click on the "Connect to Web3" on the etherscan.io site and select WalletConnect:
Once connected you will see how many funds are exposed to the approvals:
Now you can click on "Revoke" for any approval given in the past.
You will have to confirm the revocation transaction (notice revocation is basically approval for 0 amount) on the BC Vault device and pay gas fees (those are all ethereum smartcontract transactions, that require gas):
Always make sure you are talking to the reputable and correct dApp website using correct URL over HTTPS protocol! As for example for Uniswap in MacOS Safari Browser you will see following URL:
You can additionally check the certificate chain is valid:
More information on how to use Uniswap is available at Uniswap Help Center.