We all know that horrible feeling that price is going down⬇️📉, and we feel like we are the only holders for this token… We try follow everyone along, and sell fast! BUT, uniswap is asking for our approval to sell the tokens — and it seems like it takes FOREVER ♾
The standard ERC20 smart contract has an approve() function that allows ‘approved’ addresses to transfer those ERC20 tokens on your behalf. When you want to trade ERC20’s this has to be done so that the smart contract
(uniswap) can execute the transaction instead of you directly sending the tokens.
When you want to swap two tokens on Uniswap, you need to grant dapp (Uniswap) permission to spend X amount at any time without asking confirmation.
⚠️ It’s important to understand that Uniswap runs the approve method only after the token is listed. However, you can execute the approve method on etherscan by interacting with the contract directly, before the token is listed and to save the approval overhead when you need to sell fast!.
How to approve before listing
You can approve uniswap by interacting with the contract directly using etherscan.
- Open contract’s address on Etherscan
I used WETH for our example:
2) Press Write Contract
3) Press connect to metamask (if not connected)
4) After connection to metamask
5) Press approve
6)Allow uniswap router to spend an infinite amount of tokens on your behalf (T can be changeable, but this is the amount uniswap website use as their default option).
Spender: 0x7a250d5630B4cF539739dF2C5dAcb4c659F2488D (Uniswap Router Address)
Note: If you are trading on binance smart chain Spender address should be pancakeswap router address which is: 0x05fF2B0DB69458A0750badebc4f9e13aDd608C7F
amount: 115792089237316195423570985008687907853269984665640564039457584007913129639935 (Number of tokens allow to spender to spend on your behalf).
Approve transaction for example:
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