Uniswap is a decentralized cryptocurrency exchange that operates on the Ethereum blockchain. It was launched in November 2018 and quickly gained popularity as a decentralized alternative to centralized exchanges. Unlike centralized exchanges, Uniswap allows users to trade cryptocurrencies without the need for intermediaries, such as banks or exchange operators.
Uniswap uses an automated market maker (AMM) system, which means that the exchange’s liquidity is provided by users who deposit their cryptocurrency into a liquidity pool. Users can trade cryptocurrencies by swapping them with other cryptocurrencies in the liquidity pool, and the exchange rate is determined by a mathematical formula based on the ratio of the two cryptocurrencies in the pool. This allows for continuous and decentralized trading of cryptocurrencies without the need for order books or matching engines.
Uniswap’s native cryptocurrency is called UNI, and it is used to participate in the governance of the Uniswap protocol. Holders of UNI can vote on proposals and changes to the protocol, such as fee adjustments or new features. The supply of UNI is fixed at 1 billion, and the cryptocurrency can be bought and sold on several major cryptocurrency exchanges.
Uniswap has gained popularity for its ease of use, low fees, and decentralized nature. It has become one of the most widely used decentralized exchanges, and its popularity has spurred the growth of other decentralized exchanges using the AMM model.
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