We’ve mentioned how L2 networks allow you to participate in the ETH ecosystem without breaking the bank on gas fees. A big component of this promise is being able to use the apps you already trust from ETH, in a more financially sound way.
Today we’ll be using a platform you’re very likely already familiar with. We’ll be learning to swap your Optimism ETH for OP governance tokens on Uniswap!
In this guide, you’ll learn:
What is Uniswap?
How to switch networks on Uniswap
How to Swap tokens on Uniswap Optimism.
In order to complete this task, you’ll need the following:
An Ethereum wallet, such as MetaMask.
The Optimism Network added to your wallet (you can add it with chainlist.org)
Some ETH in your Optimism wallet to swap for OP, and to cover gas fees.
We go more in depth into what L2 Networks are, how Uniswap works, and much more in our Learn Hub articles. If you’re keen to learn more about these topics, we strongly recommend you give us a visit!
Optimism is a well known L2 solution that uses “Optimistic Rollups” to open up scaling for the ETH network. Beyond this, Optimism’s biggest call to fame is their recent push for decentralization through the OP token. With it, you’ll be able to take part in the constant growth and evolution of the L2 ecosystem.
Uniswap is one of the biggest DEXs (Decentralized Exchanges) in all of crypto. They’re one of the most common platforms to exchange (or swap) between token pairs like ETH, USDC, BTC, and more. What sets Uniswap apart from other exchanges like Coinbase and Binance is that they enable swaps in a decentralized fashion, your tokens are yours to own with no middlemen.
Just go to app.uniswap.org, connect your wallet, and click “Optimism” on the drop-down at the top-right corner. After that you’ll need to authorize the transaction to switch to the Optimism Network.
Pick ETH for the first field and input the amount you’d like to swap, then add the OP token as the output.
You can also add the token by pasting this contract address into the search bar when selecting your output: 0x4200000000000000000000000000000000000042
If this is your first time swapping ETH for OP, you’ll have to authorize Uniswap to trade between these two tokens. Just submit the transaction when it pops up, and verify the exchange amount.
After authorizing Uniswap to swap between ETH and OP, and making sure the exchange value checks out. You just need to click the “swap” button and confirm the transaction when the Metamask pop-up prompts you to. Notice how the gas fees are mere cents? Welcome to the L2 ecosystem.
You just took the first step to participating in layer 2s! This exciting new approach to scaling Ethereum promises to become so much more than just a cheap way to try out web3 platforms. Expect to learn more about this ecosystem in the future.
After getting your OP tokens, you’ll be able to participate in Optimism’s governance by voting on outstanding proposals and electing your own delegates. If you’d like to learn more about using Optimism platforms, take a deep dive into the OP NFT scene by minting your first NFT on Quix!