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How it Works

Uniswap is made up of a series of smart contracts, each the venue for a unique ERC-20⇄ERC-20 pair. Pair smart contracts hold reserves (balances) of their constituent tokens, and define rules around how these reserves can be changed. Anyone can become a liquidity provider for a pair by depositing an equivalent value of each token in exchange for pool tokens. These tokens track liquidity providers’ pro-rata shares of the total reserves, and can be redeemed for the underlying assets at any time.


Price is determined by the ratio of HEX to ETH in the liquidity pool. Anybody can provide liquidity, but must provide BOTH Hex and ETH at the current designated ratio (or price).

If somebody buys Hex (Adds ETH, removes Hex), then the ratio of Hex to ETH in the pool changes, which in turn moves the price. Due to this, nobody can exhaust either side of the pool without severe slippage in price.

Test this out yourself by inputting high amounts of ETH or HEX at hexdex.win. You can see the estimated slippage in price, and the estimated amount of HEX/ETH you will receive back.


  • Liquidity pool has 100 ETH and 1,000,000 Hex, making the 'Before price': 1 ETH = 10,000 Hex
  • Somebody buys 50,000 Hex by putting 5 ETH into the pool
  • 5 ETH added = 105 ETH total in Liquidity Pool
  • 50,000 Hex removed = 950,000 Hex in Liquidity Pool
  • 950,000/105 = New Price: 1 ETH = 9,047 HEX
  • The average price paid for the transaction would be 1 ETH = 9523.5 Hex

How to swap HEX/ETH

Visit http://hexdex.win

Connect to your Metamask wallet

Click on the drop down to see potential slippage before a trade. You can adjust the maximum slippage you want your trade to be subject to, as well as adjust the timeout limit for the trade to execute.

Note: If you are experiencing failed transactions, you can do a few different things to help.

  • Increase the gas in the metamask transaction
  • Increase the time limit in the uniswap transaction
  • Increase the allowed slippage in the uniswap transaction

Click Swap when you are ready to make the trade and follow the instructions via MetaMask


Volume has been ranging between $3-$5 million dollars daily on the HEX/ETH pair


Liquidity on the HEX/ETH pair has been ranging between $13 and $14 million dollars as of 5/4/20


Uniswap charges a 0.3% fee on any Hex/ETH transaction

More Information

Visit uniswap.info for more information.

uniswap.txt · Last modified: 2020/10/28 15:02 by yikes