On December 15th 2020, we wrote about the DeFiBench ecosystem. The name has since changed to EDDASWAP, to more accurately reflect the nature of the project. The $EDDA Samurais, along with Latov from the development team have done an amazing job, addressing the queries and concerns of the pre-launch buyers, as well as newer members of the $EDDA family who came to buy on UniSwap, post-launch, being after March 11th 2021. CEO Mike (Mehul) Patel, with the core team, worked tirelessly, to promote the $EDDA token and its innovative ecosystem. Raising awareness and arousing the interest of the $EDDA token holders, resulting in the full 3500 on public sale (out of 5000 total) $EDDA tokens selling out two days before the sale closed.
The extended team on social media, especially on Telegram helped, reassured and guided, all who needed information, to make an informed investment choice. As well as giving assistance with staking and other Token Generation Event queries (Token ID for ERC20 wallets and Uniswap 0xfbbe9b1142c699512545f47937ee6fae0e4b0aa9). This is a short guide on purchasing $EDDA using UniSwap, as well as staking $EDDA to earn the 5% of the total supply (total supply 5000, 5% = 250 $EDDA) set aside for vault rewards. It is worth noting that there are also rewards for $EDDA/$ETH LP tokens. Please see my earlier article (albeit on a different platform, being NFT20.io but the Uniswap process is the same for obtaining EDDASWAP LP tokens).
Start by adding the $EDDA token to your ERC20 wallet. This guide is using MetaMask, but guides to do the same on other wallets (e.g Trust etc) can easily be found online. On MetaMask, at the bottom of your “Assets” list, you will find “Add Token” click this, and then “Custom Token”. Paste in the token ID from the paragraph above and accept the default settings (i.e 18 decimals). This will mean that once the next step is followed, to obtain the $EDDA on UniSwap the $EDDA will be visible in your wallet. Please note that this may not work on some phones. In my experience, there is most functionality using MetaMask browser extension on either Chrome or Firefox (my personal preference).
On UniSwap, you are able to swap any ERC20 token for $EDDA. You will need to add the same token ID (again at the top in red), click “Select Token” and the token ID will bring up $EDDA. You will be informed of the risks, this is standard as anyone can create a pool or token on a DEX (Decentralised Exchange). As such please make sure that you use the token ID from this guide, or from the pinned message in the EDDASWAP Telegram Group or the EDDASWAP Announcement Telegram Group.
Confirm the transaction and the associated gas fees, once this is done, you will see (top right) a pending transaction box. In MetaMask, you will also see the pending transaction under “Activities” in your ERC20 wallet. You have the option to view the status of the transaction on Etherscan. I would recommend, that if you pay full gas (medium, high or higher. Slow can become too slow if market conditions change) that you have a look after 1 hour, just to check that the transaction has not been dropped. If it has, it will block all the transactions behind it. You will either need to adjust the “Nonce” value or rest your wallet. Resetting ones wallet costs nothing, but you will lose much of your transactional data from the wallet. This is no tragedy though, as you can recall all events related to your wallet, using the public wallet ID on Etherscan. We will now assume that you have your precious $EDDA in your ERC20 wallet, and you wish to stake them to earn the very generous yield that the team has allocated.
You can go to EDDASWAP.COM, or go directly to Staking (either way you will need to connect your wallet). The top option is $EDDA only staking. The APYs (Annual Percentage Yield) will vary Depending on market conditions and the total amount staked. Staking is a two-part process. You will first need to give permission for EDDASWAP to interact with your ERC20 wallet. Once this has been confirmed and gone through, you will need to do the actual staking. The permission is cheaper, but please have enough gas for x2 transactions. Just for guidance, my permission cost approx $20 usd and the staking approx $60. Please note that this is just a guide and ETH miners fees depend on network factors, as such they are out of EDDASWAPS control.
Once the $EDDA is staked you will see the amount as above. The rewards clock up in real time, so you can refresh to see them rise.
I have been working with the EDDASWAP team since November. Mike (Mehul) Patel was ahead of the market by a good 6 months. He and his team have worked non stop to make all this happen. There is still NFT Farming, a DEX, the Launchpad and BSC/Polkadot solutions yet to come. If you are new to EDDASWAP and the $EDDA token, I would encourage you to look at the website, watch Mike Patels recorded livestreams and consider the many superb offerings the platform has to offer.
Written by : Benny Steele