What is Uniswap (UNI)?
Uniswap Protocol token is a governance token issued to Uniswap community members. The network functions as a decentralized exchange, giving users the ability to swap ERC-20 tokens issued on the Ethereum blockchain.
By issuing governance tokens, Uniwap reinforces its identity as a self-sustaining and publicly owned network, running autonomously free from interference. Token holders can vote on governance proposals, community treasury matters, the Uniswap protocol fee switch, and other issues put forth for discussion.
UNI is not originally meant to serve as a digital currency like Bitcoin. But many DeFi users see the value of owning Uniswap Protocol tokens. It’s one of the most popular decentralized exchanges on the Ethereum chain, with the largest share of the trading volume. The Uniswap price has largely been driven by the overwhelming interest from the general public, traders, and crypto fans.
Uniswap has run reliably since 2018, launching its Version 2 in May 2020 and releasing the UNI token in September of the same year. The price of Uniswap was at about $1.03 on its first days but shot up to a high of $44.92 in May 2021.
Who is the founder of Uniswap (UNI)?
Hayden began working on the automated market maker concept at Karl’s suggestion. Vitalik Buterin, the founder of Ethereum, first shared the idea online, but Alan Lu proposed the initial concept of automated market makers.
Hayden would announce the launch of Uniswap to his 200 or so Twitter followers on 2 November 2018 after cumulatively working on the platform for over one year. He credits Vitalik for giving the network its name.
What is special about Uniswap technology?
Uniswap leverages the power of smart contracts running on a distributed blockchain to create a peer-to-peer system for cryptocurrencies swaps. Unlike centralized exchanges (CEX) controlled by a single company, Uniswap adopts a permissionless approach where anyone can carry out swaps.
While CEXs have order books and match sellers to buyers, Uniswap utilizes an automated market maker. At a high level, users interact directly with the liquidity pool. Prices are set algorithmically and may vary depending on the distribution of cryptocurrency pairs in the pools.
How many UNI coins have been issued?
At its genesis, the platform minted 1 billion UNI coins. 60% of the genesis supply was allocated to community members, to be distributed over four years ending September 2024.
Uniswap recognized past users by making 15% of the 60% share allocated to community members immediately available to claim historically. By the fourth year, the community treasury will only retain 43 million UNI to distribute on an ongoing basis.
How is the Uniswap network secured?
Centralized exchanges have off-chain systems and have been victims of multiple security issues such as hacks. Decentralized and non-custodial exchanges such as Uniswap are more resilient against security breaches, stolen private keys, and other incidents. Every transaction is verified and stored as part of the distributed Ethereum blockchain.
Why is it worth investing in UNI?
Investing in UNI may entail purchasing the tokens to hold on to them until selling them can yield a profit. UNI may have a bright future and grow in value. Decentralized exchanges are becoming more popular and critical in the DeFi space. Uniswap has also proven its network to be reliable. Plans for Uniswap Revenue sharing by token holders are still in active discussion.
Where can I buy UNI cryptocurrency?
Changelly makes it easy, fast, and secure to buy UNI tokens. We guide you in purchasing by highlighting the best Uniswap price from our available partners (Simplex, MoonPay, and Indacoin). The platform fees are only 0.25% carrying out crypto-to-crypto exchanges on floating rate purchases. Get started by creating an account or signing up with Google or Facebook.
Can I buy UNI with a credit card?
Yes. Get UNI with your credit card on Changelly. Our partners support VISA and Mastercard networks. You’ll see the supported payment methods from each partner when reviewing their offers.
Can I buy a UNI coin with a debit card?
You can buy Uniswap with debit cards on Changelly. We recommend having USD or EUR card accounts to minimize fiat to fiat conversions to base currencies such as USD.
Can I buy UNI with PayPal?
Not many exchanges support buying UNI and other cryptocurrencies with PayPal. But if the exchange supports this e-wallet, then it is possible to purchase UNI with PayPal. Changelly has similarly not added support for this popular payment method.
Where to store UNI?
Users can store Uniswap tokens on electronic digital wallets that they can access online through web portals, browser extensions, or apps on their desktop or mobile phones. Alternatively, you can store UNI on a secure hardware wallet. Changelly partners with various wallet providers such as Trezor, Exodus, and more for a smooth experience.