The Ethereum Blockchain has continued to evolve with various applications and developments like Uniswap coming to the forefront.
With so much development, the Ethereum blockchain has developed from a mere blockchain platform to smart contracts that have given rise to Decentralized Finance platforms (DeFi), Decentralized exchanges (DEX), non-fungible tokens (NFTs), and GameFi platforms, among others.
As a result, Ethereum has been transformed in a number of ways. Furthermore, these projects and decentralized platforms have significantly increased Ethereum’s market capitalization, development, and user acceptability on a global scale.
A popular and successful decentralized financial platform built on Ethereum (ETH) that has made a massive impact in the market in recent times is UNISWAP.
UNISWAP has a market capitalization of over $7.8 billion, and it is ranked number 28 in the total available coins on Coinmarketcap and ranked number 37 on Coingecko respectively.
What is UNISWAP (UNI)?
Uniswap is a decentralized exchange (DEX) that enables users to swap an ERC-20 token for another ERC-20 token without needing a centralized intermediary or even a centralized exchange.
With the possibility available on a DEX, traders do not have to deposit their tokens on an exchange and be exposed to the security risks of a centralized exchange.
The users simply need a compatible Ethereum wallet like Metamask and they can immediately start swapping tokens. The users can swap their tokens directly without the need for an order book.
The flexibility of the DEX enables this to work by using an Automated Market Maker (AMM) where Liquidity Providers (LP) deposit tokens into the smart contract and this liquidity then provides a price quote to traders without relying on any professional market makers. As a way of compensation, Liquidity Providers are compensated with a 0.3% trading fee for providing liquidity on the protocol.
What is the UNI token?
UNI is the governance token for Uniswap. UNI was introduced on 16th September 2020 through an airdrop to users who have engaged or interacted with the protocol either by swapping tokens or by providing liquidity. This was agreed upon by the founders as a means of compensating the loyal community who engaged in the Decentralized Exchange.
The UNI token allows token holders to participate in the governance of the protocol. Some of the key decisions will involve the usage of the treasury or associated funds for future projects or upgrades that can be decided only through a governance vote.
How does UNISWAP work
The Uniswap platform was created on the Ethereum blockchain and uses blockchain-based smart contracts to facilitate the decentralized trading of various digital assets.
Such pairs of crypto assets are swapped in a non-human intervention system via liquidity pools, which use smart contracts to rebalance after every trade automatically.
The Uniswap platform, which functions as a systematic electronic ledger, is always updated to reflect the trading activity that is happening amongst other Uniswap users or traders.
This process enables the platform to function as an exchange without any involvement from a controlling authority, Uniswap is ascribed as the first automated market maker.
Low & high UNI
UNISWAP (UNI) which was listed amongst all the major crypto exchanges on the 17th of September 2020 at $1.03, which coincidentally marks its all-time low and later got to its all-time high on the 3rd of May 2021 at $44.92
The live UNI price as of 4 May 2022 at the time of writing is $7.22 with a 24-hour trading volume of $139 million with a circulating supply of 456,489,583 UNI tokens.
The Klever Exchange is obviously one of the best exchanges to trade UNISWAP (UNI) now, such that users with a Klever Exchange account would simply log in using all our secured protocols to ensure the safety of the user funds.
Alternatively, if the user is new to the Klever Exchange, they can easily create their own accounts and have access to the Klever trading platform.
The user can simply fund their exchange accounts by transferring crypto (USDT) to the exchange account.
You can take the following steps:
- First deposit USDT to your Klever Exchange account.
You can deposit funds with QR Code or copy the address
- After sending USDT to the address, the funds will be deposited and confirmed transactions on the blockchain.
- Once you have USDT in your account, it is possible to trade or exchange it for UNI within the Klever Exchange.
UNI/USDT Trade Pair in KleverEx
However, the Klever Wallet enables users to purchase UNISWAP (UNI) by using credit & debit cards through our integrated payment gateway partners, Simplex.com, Banxa, Moonpay, and Mercuryo.
The Klever team ensures that the trading experience for crypto traders is made simple and less complicated using the best technology in a secure manner for user safety in a Klever way.