this guide is for ERC20 eMAID on the Ethereum network. As most of you probably already know, storing & sending erc20 tokens can be much more convenient than omni. In this guide I’ll tell you all about it. There are currently 2 exchanges trading eMAID, 1 CEX and 1 DEX, with probably more to follow.
What’s the difference between a CEX and a DEX
A decentralized exchange (DEX) is a peer-to-peer (P2P) marketplace that connects cryptocurrency buyers and sellers. In contrast to centralized exchanges (CEXs), decentralized platforms are non-custodial, meaning a user remains in control of their private keys when transacting on a DEX platform. A DEX adds an additional layer of security, often at the expense of UI/UX.
How to: Buy eMAID at P2PB2B (CEX)
When logged in go to your wallet in the top right corner
Select “Main Account” on the left side
Navigate to or search for BTC (Bitcoin) and select deposit on the right side
Once arrived on the exchange (3 confirmations) where going to transfer it from the main wallet to the trade wallet. Go back to your wallet, main account and navigate to BTC as described in step 1, 2 and 3. Now instead of selecting deposit, select transfer.
Type in the amount or select the max button to transfer all. Press confirm
We’re now ready to buy eMAID. Go to Trade on the left side of the top menu navigation bar
Search for eMAID on the right side and select market (make sure BTC market is selected) and click on EMAID/BTC
In the Buy menu, enter the price you want to buy in BTC and enter the amount of eMAID you would like to purchase. You can select the 100% button after you’ve entered your price to fill the amount bar with the exact amount of eMAID you can buy with your current balance.
Press the Buy EMAID button. After the confirmation popup appears, select confirm. You’re now (one of the first at this point) proud owner of eMAID.
How to: Withdraw eMAID from P2PB2B
Leaving funds on centralized exchanges can result in losses of funds. We strongly advice you to not use CEX’s as a storage. Leaving small amounts on exchanges can be beneficial in saving withdrawal cost but please withdraw your funds as soon as you’re talking amounts that are significant to your portfolio. Below a quick guide how to withdraw your funds from P2PB2B.
To withdraw eMAID from P2PB2B you need USDT (Tether) in your account, $20 at the time of writing. You can either deposit USDT directly, or sell a portion of your BTC for USDT using the how to buy guide above. You can also use credit card deposits, but I’d recommend against that as the fees are extremely high.
Once you have enough USDT in your account you can go to the wallet section of your account, clicking the wallet button in the top right corner as described in step 1 of the how to buy guide above.
First we will transfer all your eMAID from the trade account to your main account from where you can withdraw. Click the trade account on the left side, search for eMAID, and click on the transfer button as described in the how to buy guide above in step 5. Then select the max button and press confirm as showed in step 6 in the above guide.
We’re now ready to withdraw eMAID. Return to the wallet section and click on main account in the left side of your screen. Search for eMAID and click on the withdraw button on the right.
In the withdrawal address, enter your Ethereum address and enter the amount you would like to withdraw (or press the max button to withdraw all eMAID from your main account. Now press submit.
After you’ve received the confirmation email, press the link in the mail to confirm your withdrawal.
5. Click the down arrow to change the USDC to the EMAID
6. Click Allow the Uniswap Protocol to use your USDC
7. Enter the amount in USDC for which you want to buy eMAID and Click Swap
8. From the gear you can adjust the percentage change in the price to buy if someone buy ahead of you. Many bots lurk for such an opportunity, it is better to have a low percentage DEFI Sandwich Attack Explain.
Liquidity in UniSwap - how to track it
This is information for the curious and those who want to add liquidity
eMAID is currently on P2PB2B. Even though not a famous exchange, it honestly isn’t bad in terms of UI, UX and fees.
Honestly, me and @Sotros25 have been working so hard getting eMAID some traction on exchanges but it’s extremely difficult. Exchanges require a lot of attention and continue to demand more from the project in terms of liquidity providing, volume and lawyer statements to prove your not a security. Regulation in the UK is currently in such a bad place that Maidsafe cannot be involved in any of this, meaning, this should be entirely community driven. Soton managed to get us a lawyer statement, which is the first step of getting on any higher tier exchange. I offered my time, money and my knowledge and connection when it comes to exchange managing. But in terms of volume and liquidity, Exchanges like Bitfinex, Kraken or Binance either require a thriving community (a top 20 coin with tons of market makers already active) or project assurance that they will provide a market maker. We’re not talking several thousands here, but it would be closer to a million eMAID and the BTC equivelant, which is simply not something I can do myself. For this reason, I recently started this topic to raise funds for community driven CEX listings and support.
There have been a few donations, one community member was quite generous. Making it possible for eMAID to get on P2PB2B instead of only getting omni delisted from P2PB2B and people losing access to their funds. Don’t get me wrong, I appreciate all the small donations, but we’re talking 4 donations in total. It makes me question how important we as a community think exchange adoption really is.
I’m sure current market sentiment doesn’t help, it is the best time to communicate with exchanges however. Additionally, I know some of you want to see Maidsafe deliver a stable testnet before donating which is understandable too.
I hope that I don’t come across as too frustrated (because truthfully I am a little). I just hope that the community will step up before it’s too late. I know we have a ton of people that want exchange adoption and we have even more people that are afraid we lose access to the markets we currently have. People need to understand that (at least until the Swiss foundation is good to go) it’s all in the hands of the community right now. There are plenty of opportunity now that we have ERC20, I just hope we take them, I’m ready for it.
Well yeah. Volume plays a big role when exchanges consider listing a coin. It’s great to see we have such a strong community, people with diamond hands and such, but it has a downside, which is limited supply and volume on exchanges. On top of that all of our tokens are currently in circulation, there are no miners that continue to put pressure on the market (and provide liquidity / volume). Marketmakers in such markets are extremely important, providing liquidity on both sides of the market, and moving the order book. This makes charts look good, allow people to enter and exit the market whenever they want. It attracts people into the market and the volume pulls the attention of exchanges (it’s where the money is for them).
There are exchanges that provide good market making services, some of them don’t even require a fee, just enough tokens to use for both sell and buy side of the market. And like I said, I hope the community will step up and donate to make this happen otherwise it simply wont happen.
Reading the instructions on using Uniswap in the OP I think it would be worth clarifying the prerequisites for step 1, or maybe adding in some extra steps?
It seems you should first get a Metamask wallet and deposit some USDC in it, and I read elsewhere you need ETH. None of that is clear to me if I just follow the step by step, or how to do it assuming it’s true!
If you have a ledger live, there is also Apps like Zerion and Paraswap if you don’t mind paying a tiny bit extra in fees so you don’t have to deal with WalletConnect / Metamask or moving funds between hot / cold wallets.
Note: If you use paraswap.io you can connect a ledger directly and there is no markup.
You only need ETH (it will be used to pay the gas fee + auto convert some to USDC to pay for the eMAID/USDC pair). You basically put 1 ETH then it shows you how much eMAID you receive to your ethereum wallet.