Introducing Polkaswap Trading For UMI Lovers

UMI DIGITAL
4 min readAug 3, 2021

With Umi Token launch just around the corner it is essential that the growing community are well informed on the steps needed to trade $UMI on our DEX of choice — Polkaswap.

A gentle reminder that trading will also be possible on Uniswap.

So What is Polkaswap?

Polkaswap is a next-generation, cross-chain liquidity aggregator DEX protocol for swapping tokens based on the Polkadot (and Kusama) network(s), parachains, and other connected blockchains.

Through the development of bridge technologies, Polkaswap enables the trading of Ethereum-based tokens and tokens from other blockchains. This trading is done seamlessly, at high speed and low fees, while exchanging assets in a non-custodial manner on the SORA network.

With its liquidity aggregation technology, Polkaswap can trade against multiple liquidity sources under the liquidity aggregation algorithm. Liquidity sources can be in the form of AMM DEXs, order books, or any other algorithm. The open-source nature of Polkaswap makes it easier for the community to add more liquidity sources by developing within the Polkaswap module.

It is also important to note that Polkaswap will operate on a parachain, meaning it will be natively interoperable with the entire Polkadot and Kusama ecosystems, and with the addition of Ethereum bridges Polkaswap will be the first-ever cross-chain, fully decentralized exchange.

What other areas should I explore on Polkaswap?

Important links to explore @sora_xor and @polkaswap AMM DEX:

So How Will I Trade UMI via Polkaswap?

Around the 21st of August, when UMI’s ILO concludes trading will commence across both Uniswap & Polkaswap. There are certain steps traders will need to take before being able to trade UMI via Polkaswap, which are markedly different to Uniswap.

Below are the steps required to Trade on Polkaswap. Furthermore we would like to thank Polkaswap Community Collective for their continued commitment to aiding the promotion and support of UMI both during the ILO & as we commence our trading. Being the first ILO on Polkaswap and the first native dapp to launch on Sora XOR is no small feat.

Steps to trade on Polkaswap:

*ADD UMI TOKEN TO POLKASWAP*

  1. Download Polkadot.js extension. (Make sure you have Polkadot{.js} set to ‘Allow use on any chain’ or ‘SORA’)

2. Go to Polkaswap.io and sign into your Polkaswap account.

3. In the ‘Account’ section click ‘Add Token’

4. Open the ‘Add Token’ page, click on the ‘Search’ tab and copy the SS58 UMI Asset ID into the field called ‘Filter by Asset ID’.

ASSET ID:

0x003252667a82d2dd70fa046eea663eaec1f2e37c20879f113b880b04c5ebd805

5. Make sure it is the correct token and click on the ‘UMI’ asset ID

6. In the ‘Add Asset’ page, make sure to toggle on “I understand” and then click ‘ADD ASSET’

7. In the Account section you will now be able to see UmiToken and your balance.

*TRADE UMI TOKEN ON POLKASWAP*

Once UMI has been added to your token list, following the steps above, it will then be possible to trade Sora (XOR) for UMI.

  1. Visit the SWAP tab located in the top left hand corner of the screen

2. Ensure you select UMI Token from the drop down menu. You may need to click on the Custom tab and select UMI from there:

3. Hit the Switch Arrow button ensuring XOR is on the top and UMI is on the bottom. Enter the amount of XOR or other supporting pair you wish to swap, to purchase UMI.

4. Lastly to execute the transaction click Swap which should be highlighted in Pink when suitable liquidly is present to allow the trade to process.

5. To trade UMI Token for Sora (XOR) ensure you reverse the order of point number 3, with UMI located above XOR.

Note: Please be reminded Umi Token will be tradable after the ILO has concluded on or after the 21st of August 2021.

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UMI DIGITAL

The NFT & DeFi farming initiative built on the Sora (XOR), Polkadot (DOT) and Ethereum (ETH) blockchains