Uniswap (UNI)

 

Uniswap is a decentralized exchange that was introduced in November 2018 and uses UNI as its governance token. Hayden Adams designed it in response to a post by Ethereum co-founder Vitalik Buterin encouraging developers to build a platform of this nature. 

Based on the Ethereum blockchain, the Uniswap Protocol enables users to quickly and totally decentralised switch between any ERC-20 currency. As a result, users may trade Ethereum-based tokens with ease right from their own wallets without having to relinquish control of their money at any point throughout the transaction.

Because it enables users to supply liquidity to the pools on Uniswap so that transactions may be conducted, it can be referred to as an automated market maker. Consequently, when transactions are made on their pools, the liquidity providers stand to profit from commissions collected from exchange costs. The exchange charge is currently fixed at 0.4% each trade, split amongst the liquidity providers. 

The protocol is made up of two completely open-source smart contracts called the Factory contract and the Exchange contract that are built on top of the Ethereum blockchain. This allows everyone to examine the code and ensure that there are no errors or "backdoors" in it. 

Users received an airdrop of the UNI token, which is the Uniswap Exchange's governance token, on September 17, 2020. Without prior notice, batches of 400 UNI tokens were given to traders who have utilized the Uniswap market before September 2020. 

60% of the one billion UNI that were created were given to Uniswap users. 21.51% went to investors, 17.8% went to team members and potential hires, and the remaining 0.069% went to advisers.

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