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What is Uniswap? Why was it a revolution?

Wed Jul 14, 2021 5:08 pm

What is Uniswap?
Uniswap is a decentralized exchange (DEX) based on Ethereum used to Exchange ERC20 tokens.
While most exchanges ([censored][/size][/font], Binance, etc.) charge a commission every time an exchange occurs, Uniswap is designed to function as a public good, a tool for the community to exchange tokens without platform fees or intermediaries.


Who created Uniswap?

Uniswap was created by Hayden Adams, who was inspired by a post from Ethereum founder Vitalik Buterin.


Uniswap Evolution

Although Uniswap launched in November 2018, it wasn't until relatively recently that the protocol began to see significant traction.
Much of this interest stems from the release of Uniswap V2 in May 2020, a major update that allows direct swaps from ERC20 to ERC20, removing wrapped ether (WETH) from the equation when possible. Uniswap V2 also supports previously incompatible ERC20 tokens such as OmiseGo (OMG) and Tether (USDt), and adds a number of technical enhancements that make their use more desirable.
As liquidity mining and yield farming platforms increased dramatically in popularity in 2020, Uniswap saw a corresponding increase in interest, as many DeFi platforms allow Uniswap's liquidity providers to see an additional return on their LP tokens. (Liquidity Provider).
This, in combination with the 0.3% exchange fees distributed to liquidity providers - and the platform's popularity as a launch pad for popular DeFi project tokens - has seen Uniswap move up the ranks to become one of top DeFi platforms by total value blocked (TVL), a measure of the total value of crypto assets blocked on the platform.
In February 2021, it became the first decentralized exchange to process more than $ 100 billion in trading volume, and it now frequently exceeds $ 1 billion in trading volume each day. This performance has made it not only the largest DEX by trading volume, but one of the top five most popular exchanges.

To know more: https://www.blockchainx.tech/crypto-currency-development

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