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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?
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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.
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