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FollowingUniswap is one of the first decentralized finance (or DeFi) applications to gain huge attention on Ethereum-launched in November 2018. Since then, many other decentralized exchanges have been launched (including Curve, SushiSwap, and Balancer), but Uniswap is currently the most popular with significant advantages. As of April 2021, Uniswap has processed more than US$10 billion in weekly transactions.
Uniswap pioneered the automated market maker model, in which users provide Ethereum tokens to Uniswap\'s \"liquidity pool\", and the algorithm sets the market price based on supply and demand (rather than the order book, which is matched for buying and selling on a centralized exchange such as Coinbase).
By providing tokens to the Uniswap liquidity pool, users can receive rewards while implementing point-to-point transactions. Anyone, anywhere can provide tokens to the liquidity pool, trade tokens, and even create and list their own tokens (using Ethereum\'s ERC-20 protocol). There are currently hundreds of tokens on Uniswap, with some of the most popular trading pairs being stablecoins such as USDC and Wrapped Bitcoin (WBTC).
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Some potential advantages of decentralized exchanges such as Uniswap include:
1. Security: Funds are never transferred to any third party and are not usually subject to counterparty risk (i.e. entrusting your assets to a custodian) because both parties trade directly from their wallets.
2. Global and without permission: There is no concept of boundaries and no restrictions on who can trade. Anyone with a smartphone and Internet connection can participate.
3. Ease of use and pseudonym: No need to register an account or personal details.
What is UNI?
After years of successful operation and embarking on a path of complete decentralization, Uniswap introduced UNI tokens to achieve community ownership of the protocol and allow stakeholders to vote on key protocol changes and development plans. When Uniswap released its tokens in September 2020, it used a unique form of distribution that \"airdropped\" 400 UNI tokens to each Ethereum address that had ever used the protocol. More than 250,000 Ethereum addresses received airdrops, valued at nearly $1,400 at the time. Since then, airdrops have become a popular way for DeFi apps to reward long-term users- Uniswap said it plans to distribute a total of 1 billion UNI over four years.
Why are there so many DEXs with \"Swap\" in their names?
This is because Uniswap, like most encryption protocols, is open source, which means anyone can see exactly how it works and adjust the code to create competitors.
In recent years, a large number of DEXs adapted from Uniswap code have been launched, including competitors named after food such as SushiSwap and PancakeSwap.
