Uniswap is a decentralized token exchange protocol that allows for peer-to-peer cryptocurrency trading. It is based on the principles of liquidity pools and automated market markers (AMM) for trading ERC-20 tokens. Built in 2018, Uniswap is the second-largest project by market capitalization in the world.
Uniswap aims to make it easier to buy and sell tokens without going through a centralized exchange, which may be vulnerable to hacks and other issues. It employs automated trading to improve trading efficiency which is uncommon in traditional methods.
While many crypto projects are closed source, Uniswap is completely open-source. This means that anybody can view the project’s code or participate in its development. Most centralized exchanges are profit-oriented and charge high fees for listing new cryptocurrencies on their platforms; however, listing on decentralized exchanges like Uniswap is simple and inexpensive, with new coins issued regularly.
Uniswap is designed to be fast, secure, and reliable by using Ethereum smart contracts and by having users access the protocol with MetaMask. It does not hold any customer funds or user information. Users retain control of their private keys at all times while using the DEX platform.
In September 2020, Uniswap launched their native token named “UNI” that grants its users “governance privileges”. Meaning that holders are entitled to vote for changes in the protocol’s system. The UNI token is also rewarded to liquidity pool accounts that provide liquidity to the following Uniswap pools:
Who are the Founders of Uniswap (UNI)?
Uniswap was created in 2018 by Hayden Adams, a young entrepreneur who is committed to making the crypto space more accessible. It is his vision that one day, everyone will have an equal opportunity to invest in their future and that everyone would be able to easily diversify out of traditional assets and into crypto assets.
Adams created Uniswap to be a fast, safe, and reliable decentralized token trading platform. Not just for investors but developers and entrepreneurs alike.
What is Uniswap (UNI) used for?
The primary reason for the UNI token is to grant its holders governance privileges to vote on the protocol’s decisions. Holders can vote on partnerships, liquidity decisions, and other proposals.
UNI also allows you to use decentralized crypto exchanges in a fraction of the time it would take traditional centralized exchanges. It has a lower barrier to entry, making it accessible to anyone with internet access. With this new technology, exchanging tokens becomes as easy as sending an email or text message. The average fee per transaction is currently around $0.05 to $0.09, which is about a 30-60% discount compared to traditional centralized exchanges.
Aside from its intra-platform uses, the Uniswap token can also be used to make potential gains from investments. It can be traded on several exchanges platforms such as Binance, Coinbase, Gemini, Uniswap, and so on.
What Is the Unique Point of Uniswap (UNI)?
Uniswap is the first of its kind. It is a decentralized cryptocurrency trading exchange based on the Ethereum blockchain. By using a multi-signature smart contract, each token holder and trader has their wallet to manage funds without any third-party risk or supervision.
This decentralized nature also means that there is no central point of failure which offers 100% security for the user. The project provides users with an additional layer of security by allowing them to make use of advanced technologies such as zero-knowledge cryptography and ring signatures, both of which provide additional privacy and protection for traders.
How many Uniswap (UNI) is in circulation?
There are 520 Million Uniswap (UNI) coins currently in circulation out of a total of 1 Billion.
The UNI token is distributed among nodes in the following system:
- 60% for the Uniswap community members
- 51% to team members
- 8% to investors
- 69% to advisors.
Is the Uniswap (UNI) Network secured?
Uniswap network is decentralized. This means that it usually does not require any signups or KYC. This contrasts with many centralized cryptocurrency exchanges which request personal information to comply with KYC (Know Your Customer) and AML (Anti Money Laundering) requirements. The Uniswap Network does not know your identity at all!
Also, since UNI is an ECR-20 token, UNI tokens are protected by the security protocols relative to the strength of the Ethereum network. And since the Ethereum network is stable and protected, then UNI tokens are in safe hands.
Only a flaw in a smart contract can cause security issues that could lead to data breaches and the stealing of millions of dollars, which is quite common in recent times.
How do I buy Uniswap (UNI)?
Uniswap(UNI) is a popular token that can be bought or sold via any exchange. To buy Uniswap(UNI), you will need to find an exchange where it is being traded and deposit funds to purchase it.
Some popular exchanges for trading UNI include KuCoin, Binance, and Lykke. Once funds have been deposited, they can be purchased on the chosen exchange as well as many others.
Which Cryptocurrency Wallet Supports Uniswap (UNI)?
The PTPWallet platform supports many cryptocurrencies simultaneously, such as Uniswap tokens. Because of its speed, flexibility, and unique features, it has grown to become one of the most used new platforms. In addition, users can easily use PTPWallet as their main Uniswap wallet as it offers a simple and interactive interface, making it easy to navigate its system.