Uniswap is an automated liquidity protocol and a decentralized financial infrastructure and protocol for ERC-20 token transactions in Ethereum. Uniswap allows its users to make fast and efficient transactions by eliminating reliable transaction agents. In addition, Uniswap is defined as open source software licensed under the GPL.
What is Uniswap?
Uniswap is an automated liquidity protocol. In practical terms, this term means that there are template smart contracts that define a standard way to create liquidity pools and related markets that are compatible with each other. Therefore, there is no order book, no central party and no central manager to invest and trade. Each pool is defined by smart contracts with various functions that allow token exchange and liquidity.
On the other hand, Uniswap is designed to be compatible with any ERC-20 tokens in the Ethereum ecosystem. Therefore, users can take various steps and ensure that their own tokens are included in Uniswap. However, Uniswap does not give any guarantee or time limit in this regard.
In addition, thanks to Uniswap, users can perform their transactions directly from their own wallets. In fact, the biggest difference of Uniswap from central exchanges emerges here. In central exchanges, tokens must first be transferred to the stock exchange, then transactions must be made, and then the tokens must be withdrawn from the wallet.
However, it is seen that one of the reasons for the great interest in UNI lies in the distribution of 400 UNI to platform users with an airdrop organized by the Uniswap protocol. After the platform launched the UNI coin, it distributed 400 UNIs to all users using Uniswap before September 1, 2020. Thanks to this, when the price went above $8, users received more than $3,000 in gifts.
How to Use Uniswap?
In fact, when using Uniswap, you should always check the authenticity of the website, as with every link. In order to use Uniswap, users must have a wallet such as Metamask. Afterwards, users continue their transactions by sending the amount of Ethereum (ETH) they want to use in Uniswap to their wallets.
After these steps, the use of the platform can be started by connecting the wallet to Uniswap. Later, users can proceed with the tokens attached to the platform, or they can continue by adding any token that is in Etherscan and not in Uniswap.
What is UNI Coin?
UNI coin is the very new governance token of the Uniswap protocol. It will be useful to look at current numerical data to understand more clearly about issues such as “buying Uniswap coin, UNI coin Binance, where to buy UNI Coin” and UNI token.
According to Uniswap CoinMarketCap data, it is trading at $15.46 at the time of publication and is the 13th largest cryptocurrency with a transaction volume of $1,049,916,131. It is also stated that the UNI coin, which saw the highest level with $44.69 on May 3, 2021, despite being very new.
When Uniswap launched the UNI token, it distributed 400 UNIs to platform users, and with the effect of these tokens, there are currently 565,641,064.77 UNIs in circulation. It is also worth noting that this number will reach 1,000,000,000 UNI in total.