The balance section, top left, is your balance present on the EtherDelta smart contract and also in your MetaMask wallet if you’re playing along at home from the first part of this mini-series. I do not recommend that you get EtherDelta to generate a private/public key pair for the reasons explained in the part one. Use something more secure; ideally a Ledger Nano S if you have one because it is compatible with ED (EtherDelta)
This is where you make either a deposit in Ethereum if you’d like to buy tokens, or if you’re selling tokens, its also where you’d deposit those.
This form is the only method of moving any funds between EtherDelta and your own wallet.
If anyone tries to tell you differently, then they’re either attempting to scam you or are giving you incorrect information. Never attempt to send tokens directly to the contract address.
You can see at the top of the section that there are three options…
This is chosen when you would like to move funds from your Wallet to ED.
- Enter the amount you’d like to move from MetaMask (if you’re playing along at home) and click “Deposit”
- A transaction appears that you’ll need to set the Gwei and Gas Price for.You should make a habit of checking the Gas Station for the recommended Gas Price at the Eth Gas Station to use for your transaction to ensure that you’re not wasting money setting it too high, or setting it too low and it taking days to be mined and added to a block.
- Confirm the transaction and both ED and MetaMask will display the transaction hash for you to follow to EtherScan to verify the progress and final costs.
- Total moves from the Wallet Column to the EtherDelta Column. This balance is now ready to be used on ED.
Thou shall never send tokens directly to the Smart Contract address. One must ALWAYS use the deposit form in the top left. If you send your funds directly to the contract address THEY WILL BE *POOF* GONE
Used for moving funds either Tokens purchased/deposited or Ethereum from the sale of Tokens or also deposited.
The process is identical to depositing, but in reverse.
Again, remember to check the Gas Station for the recommended minimum Gwei for the Gas.
Withdrawals can only be conducted to the wallet that initiated the transfer in to the Smart Contract. That is why it isn’t asking for an address to send them to; it is already stored in the Smart Contract. This is where the security comes from in this platform
This last one is arguably the most important as, on it’s own MetaMask does not have any functionality for transferring Tokens, only Ethereum.
Lets look at this one a little more closely because this catches everyone out the first time round. ERC-20 Compatible [read: tokens] wallets need to be told that they’re holding a particular coin and where to look for it – so in MetaMask on the “Tokens” tab; click on the “Add Token” button. Helpfully, ED can give us this information by clicking on the token name in the Balance section.
In the next window you’ll be asked to enter the Contract Address for the Token that you’d like to add. Copy/Paste that sucker in and the rest of the information like the Token Symbol and the Decimals of Precision is populated Automagically.
If for some reason it isn’t; then search for the contract address you’ve copied from ED on etherscan to get the necessary information.
Finally, enter the number of tokens that you want to transfer into the amount field and the address that you want to send them to and the rest goes ahead like a standard transaction.
You may think this step is convoluted and awkward; and you’d be right.