What is the Uniswap Project (uniswap)?

08/09/2023 12:46 • Metaverse & Beyond • 62 views

Uniswap is a decentralized protocol that provides liquidity mining, decentralized trading platforms, and decentralized exchanges. In Uniswap, each block automatically adds an upper limit of tokens for exchange, and users can earn corresponding UNI rewards through this setting. This token will maintain the same proportion as other tokens in Uniswap. So how does Uniswap work? Uniswap is an application developed by a decentralized finance team based on smart contracts.

One of its core functions is to allow users to transfer their funds pool from one wallet to another. This means that users can use its services without running any servers, without installing applications such as MetaMask or GoogleDrive.

However, most people do not understand its specific gameplay because it does not have its own exclusive token name. If you want to create a new token, there must be a smart contract specifically for token exchange and governance. So you need different ways to determine whether this token will be used to purchase some assets.

However, not all cryptocurrencies should be used with this token, as it does not have digital stablecoins supported by issuing fiat currencies like many traditional banks.

Therefore, the goal of Uniswap is to allow users to participate in various aspects of the cryptocurrency world in a more efficient and secure manner and to create more innovative forms.

In addition, Uniswap is also the first DeFi project running on Ethereum.

Currently, Uniswap’s code has been released for more than a year with the code name “0x”, and there have been many important updates:

1. Token allocation: Currently, the protocol has deployed approximately $100 million, and the Uniswap team has been constantly adding new functions.

2. Transaction fees: The transaction fee for each transfer is only 0.3%, and does not include any Gas costs.

3. Transaction fees: In Uniswap, traders only need to pay a certain amount of ETH to obtain transaction pairs on Uniswap. This also allows users to freely choose what cryptocurrencies or certain cryptocurrencies they want to trade.

4. “Liquidity mining” means that as long as the user deposits ETH, they can send the share of liquidity to the designated wallet and then send it to the designated address to achieve automated trading. This model is similar to the order book model on Ethereum, but it is also a special design method on Ethereum.

5. Liquidity mining system-executes operations through multiple independent smart contracts, and distributes corresponding tokens according to user contributions.

uniswap

Liquidity mining rewards on the decentralized exchange Uniswap have started to be distributed on the Ethereum network. According to official information from UniswapLabs, UNI holders can earn transaction fee rewards by providing liquidity funds to the UNI-ETH pool. Currently, UNI tokens have been listed on Uniswap.fi and the Genesis Pool activity has been launched.

According to the official introduction, Uniswap is an automatic market maker protocol built on the Ethereum network, aiming to enable anyone to create and manage sustainable digital assets as well as various cryptocurrencies’ products or services. (Note: UniSwap is the first decentralized exchange on Ethereum that supports automated market making mechanism and is completely trustless, using automated market maker algorithm (AMM) to ensure all transactions are carried out off-chain).

As of the time of writing, the total supply of Uniswap’s governance token UNI is 1 billion, of which about 10% has been locked. This portion is allocated to team members, advisors, and liquidity contributors.

This article and pictures are from the Internet and do not represent qiAiAi's position. If you infringe, please contact us to delete:https://www.qiaiai.com/metaverse/22826.html

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

What is the Uniswap Project (uniswap)?

uniswap

Related recommendations