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Feb 4, 2021 · A Complete Beginner’s Guide. Uniswap is an automated ethereum-based crypto exchange with its own governance token, UNI. By Ollie Leech. Feb 4, 2021 at 2:09 a.m. PST. Updated Feb 9, 2023...
- ollie@coindesk.com
- Learn Editor
The Uniswap Protocol is a decentralized marketplace to swap cryptocurrencies on the Ethereum blockchain. It exists as a set of persistent, non-upgradable smart contracts. That means that no one controls the codebase.
- What Is Uniswap?
- How Does Uniswap Work?
- The Retrospective of Uniswap
- Competition with Sushiswap
- How Does Uniswap Make Money?
- The Purpose of Uniswap (Uni) Tokens
- Is Uniswap Safe?
- How to Swap Tokens Using Uniswap?
- Where to Get Uniswap Tokens (Uni)?
- Closing Thoughts
Uniswap refers to an open-source protocol built on top of the Ethereum blockchain. It represents an exquisite solution to simplify the process of ERC-20 tokenswaps without any centralized third-parties.That means users have the autonomy to manage their funds without depending on any centralized resources. However, the lack of liquidity, such as ins...
The Uniswap protocol was inspired by the concept of the on-chain automated market maker (AMM) by Vitalik Buterin. Uniswap primarily uses the pricing mechanism Constant Product Market Maker Model, a variant of the Automated Market Making (AMM)system that holds liquidity pools for traders to trade against. Subsequently, in May 2020, Uniswap introduce...
In 2016, Ethereum’s creator Vitalik Buterin proposed to create a decentralized exchange combined with an “on-chain automated market maker.” In his post on Reddit, he also shared some technical details of how this could be achieved. Hayden Adams, a former mechanical engineer at Siemens, picked up that idea and started developing a fully-functional p...
Uniswap exceeded some of the top centralized exchanges by daily trading volume just a few months after its launch. Users welcome the use of smart contractsand making money through yield farming or liquidity mining. However, investors quickly realized they have little control over their investments. Thus, developers saw the opportunity and quickly l...
Previously, Uniswap didn’t make any profits from end-user fees, trades, or any other means that are usually applied in the world of blockchain technologies. The fees users pay are a reward for liquidity providers. These liquidity providers receive 0.3% of alltransaction feestaken by the pool contract on a transaction. However, the fee is calculated...
In September 2020, Uniswap released its governance token, UNI. The main goal is to further increase the protocol’s decentralization by offering end-users more governance and ownership rights. The UNI token’s primary purpose is to allow holders to vote for different proposalsand enhancements to further improve the platform’s development. Not only do...
Despite its outstanding contribution to the DeFi ecosystem, Uniswap does come with some security flaws. After the launch of Uniswap V2, members of the community actively tested the protocol. Two months later, in July 2020, complaints about fake tokens started to emerge. Since there was no pre-moderation for token listing, scammers took advantage of...
The process of token swap on Uniswap is pretty straightforward. To convert one ERC-20 token to the other, you will need an Ethereum walletand access to the internet. As Uniswap is an open-source protocol, anyone can use its code to implement it in a self-made application. Alternatively, you can access it via Uniswap’s native app. Here’s a step-by-s...
You can buy and trade UNI on crypto exchanges such as Bybit. The exchange allows you to buy spot or trade UNI derivatives. Step 1: Create an account or login with Bybit Step 2: Purchase USDT by going to "Buy Crypto". Choose between Express, Fiat Deposit, Crypto Deposit and P2P Trading. Step 3: After you’ve purchased the stablecoin, click on "Spot" ...
The Uniswap team has created a solution that the cryptocurrency community has been long waiting for. Furthermore, being an automated liquidity protocol, coupled with a unique governance system through UNI tokens for ownership, users are more confident, hence, elevating their usage to a new level. With Uniswap, swapping Ethereum-based tokens has bec...
Oct 16, 2024 · Uniswap is an open source peer-to-peer decentralized protocol. Immutable, persistent, non-upgradable smart contracts on the Ethereum blockchain define the Uniswap protocol. This makes the protocol censorship resistant, secure, and self-custodial. The protocol’s services are open for public use.
Dec 11, 2023 · Uniswap is a DEX that lets users trade cryptocurrencies without depending on a central authority or intermediary, while maintaining censorship resistance. Operating on the Ethereum blockchain, Uniswap leverages smart contracts — self-executing programs on the blockchain with predetermined conditions directly written into code.
Jan 22, 2022 · The Uniswap decentralized exchange (DEX) is the most popular DEX built on the Ethereum blockchain. For users wondering, "What is Uniswap?," this article provides an overview of what it is and...
Uniswap is an automated liquidity protocol powered by a constant product formula and implemented in a system of non-upgradeable smart contracts on the Ethereum blockchain. It obviates the need for trusted intermediaries, prioritizing decentralization, censorship resistance, and security.
