This blog post may contain references to products or services from one or more of our advertisers or partners. We may receive compensation when you click on links to those products or services.
What is Uniswap (UNI)?
Uniswap is a decentralized finance protocol that is used to exchange cryptocurrencies. Uniswap is also the name of the company that initially built the Uniswap protocol. The protocol facilitates automated transactions between cryptocurrency tokens on the Ethereum blockchain through the use of smart contracts. As of October 2020, Uniswap was estimated to be the largest decentralized exchange and the fourth-largest cryptocurrency exchange overall by daily trading volume. In March 2021, Uniswap was generating fees of approximately US$2–3 million daily for the liquidity providers who facilitate liquid markets for the cryptocurrencies being exchanged.
Uniswap is a decentralized finance protocol that is used to exchange cryptocurrencies and tokens; it is provided on blockchain networks that are decentralized, running open-source software, as opposed to any centralized intermediary.
This is in contrast to cryptocurrency exchanges that are run by centralized companies such as Coinbase, Binance, and OKEx. Changes to the protocol are voted on by owners of a native cryptocurrency and governance token called UNI, and then implemented by a team of developers. UNI coins were initially distributed to early users of the protocol.
Become an Insider
Each Ethereum address that had interacted with Uniswap prior to September 1, 2020 received the ability to claim 400 UNI tokens (worth approximately $1,400 at the time). The market capitalization for the UNI token is over $500 million as of October 2020.
How to buy Uniswap (UNI) at a legit cryptocurrency exchange?
The most popular and well-respected cryptocurrency exchanges are Coinbase, Gemini, and Crypto. They have been in the industry since the inception of crypto. To buy the crypto you are looking for, simply register for any of the cryptocurrency marketplaces below and claim the bonus sign-up offer as well.
Best no-fee crypto app for free mobile trading?
Voyager is a mobile-first, commission-free cryptocurrency exchange trading platform for users around the world. Think of Voyager as the Robinhood equal, but for popular cryptocurrencies. The platform supports well over 50+ cryptocurrencies and continues to add to their robust crypto portfolio. Use the referral code ALB64A to be eligible for the $25 signup bonus after a $100 deposit.
History of Uniswap
Uniswap was created on November 2, 2018 by Hayden Adams, a former mechanical engineer at Siemens. The Uniswap company received investments from venture capital firms including Andreessen Horowitz, Paradigm Venture Capital, Union Square Ventures LLC and ParaFi.
Uniswap’s average daily trading volume was US$220 million in October 2020. Traders and investors have utilized Uniswap because of its usage in decentralized finance (DeFi).
In April 2020, Uniswap’s website was taken down temporarily after hackers unsuccessfully attempted to use a reentrancy hack on the exchange. Capital named it along with Maker, Compound, Ankr, Aave, and Chainlink as some of the DeFi “coins to watch ” in 2021.
Editorial Disclaimer: The editorial content on this page is not provided by any of the companies mentioned and has not been endorsed by any of these entities. Opinions expressed here are author's alone
The content of this website is for informational purposes only and does not represent investment advice, or an offer or solicitation to buy or sell any security, investment, or product. Investors are encouraged to do their own due diligence, and, if necessary, consult professional advising before making any investment decisions. Investing involves a high degree of risk, and financial losses may occur.