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Home » What is Uniswap?


WHAT IS UNISWAP?

byCCI
October 13, 2022
in Explainers



Summary

 * Uniswap is the largest decentralized exchange (or DEX) operating on the
   Ethereum blockchain.
 * It allows users anywhere in the world to trade crypto without an
   intermediary.
 * UNI, the governance token that allows users to vote on key protocol changes,
   is the fourth largest cryptocurrency by market cap on Coinbase as of April
   2021 — with a total value of more than $18 billion.
 * A version of this article first appeared on Coinbase. Read more Crypto
   Council explainers.

Uniswap was one of the first decentralized finance (or DeFi) applications to
gain significant traction on Ethereum — launching in November 2018. Since then,
numerous other decentralized exchanges have launched (including Curve,
SushiSwap, and Balancer), but Uniswap is currently the most popular by a
significant margin. As of April 2021, Uniswap had processed over $10 billion in
weekly trading volume.

WEEKLY TRADING VOLUME

02B4B6B$8BDec ’20Jan ’21Feb ’21Mar ’21Apr ’21

Uniswap pioneered the Automated Market Maker model, in which users supply
Ethereum tokens to Uniswap “liquidity pools” and algorithms set market prices
(as opposed to order books, which match bids and asks on a centralized exchange
like Coinbase) based on supply and demand.

By supplying tokens to Uniswap liquidity pools, users can earn rewards while
enabling peer-to-peer trading. Anyone, anywhere, can supply tokens to liquidity
pools, trade tokens, or even create and list their own tokens (using Ethereum’s
ERC-20 protocol). There are currently hundreds of tokens available on Uniswap,
and some of the most popular trading pairs are stablecoins like USDC and Wrapped
Bitcoin (WBTC).

Some of the potential advantages of decentralized exchanges like Uniswap
include:

 * Safe: Funds are never transferred to any third party or generally subject to
   counterparty risk (i.e. trusting your assets with a custodian) because both
   parties are trading directly from their own wallets.
 * Global and permissionless: There is no concept of borders, or restrictions on
   who can trade. Anyone with a smartphone and an internet connection can
   participate.
 * Ease of use and pseudonymous: No account signup or personal details are
   required.

HOW TO USE UNISWAP

In order to use Uniswap, all you need is an Ethereum wallet, such as Coinbase
Wallet, and a bit of ETH (which you’ll need to pay for gas fees). Using the app
browser built into Coinbase Wallet’s mobile application or its desktop browser
extension, you can access app.uniswap.org to start swapping tokens or supplying
liquidity. 

One issue users of all Ethereum-based apps including Uniswap face are
transaction fees (also called gas) that can vary widely in price and can make it
expensive to use the network. Multiple solutions to this issue are in the works,
from the long-planned transition to the ETH2 blockchain (scheduled for sometime
in 2022) to the nearer-term rollout of a “Layer 2” scaling solution called
Optimism later this year. Uniswap developers are confident that Optimism will
allow for significantly cheaper Uniswap transactions.

In early May 2021, Uniswap v3 launched with the goal of making transactions
faster and cheaper.

WHAT IS UNI?

After years of successful operation and on its path to complete
decentralization, Uniswap introduced the UNI token to enable community ownership
over the protocol, allowing stakeholders to vote on key protocol changes and
development initiatives. When Uniswap released the token in September 2020, it
used a unique form of distribution in which it “airdropped” 400 UNI tokens to
each Ethereum address that had ever used the protocol. Over 250,000 Ethereum
addresses received the airdrop, which was worth nearly $1,400 at the time.
Airdrops have since become a popular way for DeFi apps to reward longtime users
– Uniswap has said it plans to distribute a total of 1 billion UNI over four
years. 

WHY ARE THERE SO MANY DEXS WITH “SWAP” IN THE NAME?

It’s because Uniswap, like most crypto protocols, is open source, meaning anyone
can both see exactly how it works and adapt the code to create a competitor. 

In recent years, a large number of DEXs adapted from Uniswap’s code have
launched, including food-named competitors like SushiSwap and PancakeSwap. (If
you want to read more, check out this issue of Coinbase’s Around the
Block newsletter.) 

NEED MORE EXPLAINERS?

Check out the Crypto Council’s resources for all your explainer needs. More
content added regularly.

Tags: bitcoincryptocryptocurrencyDefi Explainerethereumexplainerwhat is
cryptocurrency
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