Uniswap (UNI) Token’s Offline Safe-Keeping Using the Ledger Nano S and X
The rise in popularity of the decentralized exchange (DEXs) protocols derived from the Ethereum platform led to the creation of Uniswap (UNI). Uniswap is a DEX platform allowing traders to swap their ERC-20 tokens with each other without the need for a centralized intermediary.
Uniswap works as an automated market maker (AMM), allowing liquidity providers (LP) to deposit their tokens into a smart contract. The liquidity in the smart contract is able to always provide a price quote 24/7 without relying on professional market makers. The LPs are compensated with trading fees as part of their return for providing liquidity for traders to trade.
Got Uniswap? Here’s how to store it on Ledge Nano X/S.
Before you begin: You will need to have Ledger Nano X/S hardware wallet, and Ledger Live app installed on your computer or mobile device.
Before you begin: Make sure your Ledger Live application is up to date:
- Download Windows 10 Ledger Live update
- Download MAC OS Ledger Live update
- Download Android Ledger Live update
Note: to secure the UNI tokens you first need to have the Ethereum app installed on your Ledger Nano X/S. This is because UNI is an ERC20 token. Once Ethereum is installed you can then add UNI to your ETH account and manage your funds from there.
