Using MetaMask (dapp for chrome) with EtherDelta (decentralized exchange)

in metamask •  2 years ago

Hey Steemers,

I recently picked up some Veritaseum from the decentralized exchange EtherDelta, and wanted to write about my experience there in case any of you may want to check it out or buy some Veritaseum for yourself before it hits the big exchanges. I used Metamask as a chrome dapp (decentralized app). Metamask hosts a wallet with your private key (an Ethereum wallet) and allows you to access sites directly in your chrome browser and trade as if you had your wallet right there with you on the site. It's really cool as it allows you to carry crypto such as ether on your chrome browser, which makes it very easy to start trading on a decentralized exchange like EtherDelta.

If you wanna get in on some coins very early, you can often find them on exchanges like EtherDelta too, so if you wanna be an early bird in some of the latest tokens, keep reading on:


The first step I took was to open my chrome browser. Then type in 'metamask.io' on the url.
This will take you to a page with a foxhead mascot where you can install metamask as a dapp for chrome. Click 'get chrome plugin', then click 'add to chrome'.

Now when you're signed in, click the small foxhead up the top right of your browser and the metamask dapp will open up. Within this dap you can see your private key, your wallet address, transaction receipts, etc. To the right of where it says "MetaMask", make sure you click and change that part to "Main Ethereum Net" otherwise your transactions will more than likely fail. Copy your wallet address in the MetaMask dapp and this is where you'll send your Ether to. Only send a little bit to your Metamask account first just to make sure it works, and always a bit extra than you're planning to sell/trade it for so you can cover gas fees. Sometimes Metamask can be slow, so be patient for the Eth to transfer onto it. Sometimes restarting the browser really helps too.

When you can see that your Ether has reached your wallet in the metamask dapp, open EtherDelta <- through this link. This link is the legit EtherDelta and I scooped it up from crypt0's latest youtube video, "Veritaseum: The Next Big Profit."

When you're in EtherDelta, you can select your Metamask account on the top right of the site. After you do that, you should be able to see your Eth in your wallet on the left. Now you have to deposit that Eth into the EtherDelta wallet (remember to keep some spare eth for gas fees.) Type in how much Eth you want to deposit, click 'deposit' and on the metamask screen that pops up, click accept. I go with the default values placed for gas fees and it goes fine.

Wait a bit for the eth to show in your ethdelta wallet. Once again, if it's taking over 30 minutes and you can't see it yet, restarting your browser and signing back into metamask and jumping back into EtherDelta may help. I found it took a while, then restarted my browser and it was fine. On EtherDelta you can also chat to other users by clicking the 'chat' tab up the top of the page. Here you can ask for help if you're having any troubles.

When the Eth is in your ethdelta wallet you can start selling it for the other tokens on the exchange. I jumped on eth/veritaseum, clicked the green order up the top on the 'Order Book', and then chose how much Ether to exchange for Veritaseum. You don't have to get Veritaseum, but this is the general process in exchanging ether for a token on EtherDelta. Once you click buy and accept the Metamask transaction screen, after a few minutes you should be able to see the Veritaseum you bought in your etherdelta wallet on EtherDelta.

Depending on if you're pumping/dumping or investing, click 'withdraw' up the top left of the Etherdelta page if you just want to hold onto your new tokens until they hit the big exchanges. When you're in the withdraw section on Etherdelta, you can withdraw your Veritaseum to your Metamask wallet so you can send it to a big exchange such as Bittrex for when it gets listed there. Type in how much Veritaseum or Eth you want to withdraw, click withdraw, then accept the transaction. 

Wait a moment, restart browser if you need to and soon you should be able to see that the transaction has been accepted. You can check your transaction progress in the Metamask tab to make sure it's moving along alright.

When an exchange such as bittrex lists something such as Veritaseum, you can transfer your Veri to the wallet on that exchange using MyEtherWallet. Simply click the tab "Send Ether & Tokens* up the top of the page. Where it's asking "How would you like to access your wallet?" select 'private key', and copy and paste your metamask private key into the 'paste/type private key' part and hit ok. Your metamask private key is found by opening the metamask dapp (clicking the foxhead top right on browser) and finding the little icon above Buy/Send that says "export private key"

From this part, you'll be able to see your new token (such as Veritaseum for example) and be able to send it off to another exchange if it's ever listed there. Veritaseum could be a major win but there are a fair few other tokens on there which look promising for the future and could be well worth the Ether. ;) I'm personally going to hold onto my Veritaseum for a few months and wait for it to get listed on big exchanges before I send it out of my Metamask account.

I hope this tutorial has helped and thanks again for all the support mates.

Cheers,
Shredlord

I'll be donating to
crypt0 for chucking up his youtube video 'Veritaseum: The Next Big Profit?/How To Buy Veri On EtherDelta (Decentralized Exchange), as it helped me in figuring out how to do this so I could bring the news to you. If you wanna check out the video, check below.



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Thanks, good write up on how to use Metamask! :)

Thank you. How save is it to keep tokens at Etherdelta wallet?

Will you release the source code ?

·

what do you mean?

Looks like veritasium was a hit afterall. Heading to $100 soon.

XD