{"id":21605,"date":"2021-03-11T10:39:02","date_gmt":"2021-03-11T18:39:02","guid":{"rendered":"https:\/\/coincentral.com\/?p=21605"},"modified":"2021-12-09T17:11:15","modified_gmt":"2021-12-09T22:11:15","slug":"what-is-uniswap","status":"publish","type":"post","link":"https:\/\/coincentral.com\/what-is-uniswap\/","title":{"rendered":"\u00a0What is Uniswap? Exploring the World&#8217;s Largest Decentralized Exchange (DEX)"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Uniswap<\/span><span style=\"font-weight: 400;\"> is an <a href=\"https:\/\/info.uniswap.org\/home\">Ethereum-based decentralized cryptocurrency exchange<\/a> (DEX) or a smart contract protocol that allows anyone to swap ERC20 tokens.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Uniswap is the <\/span><b>largest cryptocurrency exchange of its type<\/b><span style=\"font-weight: 400;\">, with <\/span><b>more than $4.3 billion in total liquidity locked<\/b><span style=\"font-weight: 400;\">, <\/span><b>approximately $1 billion in daily volume<\/b><span style=\"font-weight: 400;\">, and just <\/span><b>over $100 billion<\/b><span style=\"font-weight: 400;\"> in total trading volume processed since the platform&#8217;s launch in October 2018.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Uniswap is the brainchild of <\/span><a href=\"https:\/\/twitter.com\/haydenzadams?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor\"><span style=\"font-weight: 400;\">Hayden Adams<\/span><\/a><span style=\"font-weight: 400;\">, a former engineer at Siemens, who was inspired to create the token swap protocol by a 2016 Reddit post by Ethereum founder Vitalik Buterin.\u00a0<\/span><\/p>\n<figure id=\"attachment_21623\" aria-describedby=\"caption-attachment-21623\" style=\"width: 2806px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" class=\"size-full wp-image-21623\" src=\"https:\/\/coincentral.com\/wp-content\/uploads\/2021\/03\/Screen-Shot-2021-03-11-at-1.29.22-PM.png\" alt=\"Uniswap home page\" width=\"2806\" height=\"1288\" srcset=\"https:\/\/coincentral.com\/wp-content\/uploads\/2021\/03\/Screen-Shot-2021-03-11-at-1.29.22-PM.png 2048w, https:\/\/coincentral.com\/wp-content\/uploads\/2021\/03\/Screen-Shot-2021-03-11-at-1.29.22-PM-591x271.png 591w, https:\/\/coincentral.com\/wp-content\/uploads\/2021\/03\/Screen-Shot-2021-03-11-at-1.29.22-PM-621x285.png 621w, https:\/\/coincentral.com\/wp-content\/uploads\/2021\/03\/Screen-Shot-2021-03-11-at-1.29.22-PM-300x138.png 300w, https:\/\/coincentral.com\/wp-content\/uploads\/2021\/03\/Screen-Shot-2021-03-11-at-1.29.22-PM-874x401.png 874w, https:\/\/coincentral.com\/wp-content\/uploads\/2021\/03\/Screen-Shot-2021-03-11-at-1.29.22-PM-768x353.png 768w, https:\/\/coincentral.com\/wp-content\/uploads\/2021\/03\/Screen-Shot-2021-03-11-at-1.29.22-PM-1536x705.png 1536w, https:\/\/coincentral.com\/wp-content\/uploads\/2021\/03\/Screen-Shot-2021-03-11-at-1.29.22-PM-600x275.png 600w\" sizes=\"(max-width: 2806px) 100vw, 2806px\" \/><figcaption id=\"caption-attachment-21623\" class=\"wp-caption-text\">Uniswap&#8217;s home page as of 3\/11<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The project was kickstarted with a $100,000 grant from the Ethereum Foundation and subsequently backed by several renowned venture capital funds, including Andreessen Horowitz (a16z) and Union Square Ventures.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How Uniswap Works: Centralized vs Decentralized Exchanges<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">When users want to buy or sell a cryptocurrency, they need to access a cryptocurrency exchange. Here, they&#8217;re faced with a choice; they can either go to a:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>centralized exchange<\/b><span style=\"font-weight: 400;\">, which doesn&#8217;t support self-custody and requires personally-identifying information to pass KYC checks,<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>a non-custodial decentralized exchange<\/b><span style=\"font-weight: 400;\"> like Uniswap, which requires no KYC checks and is accessible to anyone.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The typical centralized cryptocurrency exchange relies on <\/span><i><span style=\"font-weight: 400;\">order books<\/span><\/i><span style=\"font-weight: 400;\"> and <\/span><i><span style=\"font-weight: 400;\">order matching systems<\/span><\/i><span style=\"font-weight: 400;\"> to match the buyers with sellers and determine cryptocurrency prices. The order book is a real-time electronic record of all cryptocurrency orders and prices on the exchange, while the order matching system is a specialized software protocol that matches and settles orders from the order book.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In order to <\/span><i><span style=\"font-weight: 400;\">guarantee<\/span><\/i><span style=\"font-weight: 400;\"> liquidity, centralized cryptocurrency exchanges employ so-called professional market makers \u2014 primarily represented by big bangs, brokerage houses, and other large and sophisticated financial institutions \u2014 who continuously provide a &#8220;bid-ask spread&#8221; on the exchange.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Way say that these market makers &#8220;make the market&#8221; because they&#8217;re <\/span><b>continually there to buy and sell cryptocurrencies<\/b><span style=\"font-weight: 400;\"> (provide liquidity) so that the exchange users will always have someone to trade against. <\/span><b>Market makers make their money on &#8220;the spread&#8221; or the small difference between the quoted and the real market value of the cryptocurrencies they&#8217;re trading.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">On the other hand, decentralized exchanges like Uniswap don&#8217;t rely on order books and order matching systems to settle orders and determine prices. Instead, they use so-called <\/span><i><span style=\"font-weight: 400;\">Automated Market Makers (AMMs)<\/span><\/i><span style=\"font-weight: 400;\">, which represent smart contacts that create and manage liquidity pools of tokens, and set these tokens&#8217; prices based on algorithms or mathematical formulas.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It is very important to understand that when users trade on Uniswap, <\/span><b>they aren\u2019t interacting with other traders (peer-to-peer) but rather directly with the AMM smart contract (peer-to-contract).\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Under the hood, when someone initiates a swap on Uniswap, say they wish to exchange $100 in ETH for $100 in WBTC, the AMM smart contract will automatically send the ETH to the ETH-WBTC liquidity pool and exchange it for the equivalent value of WBTC.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the exchange rate isn\u2019t determined by the supply and demand like on centralized cryptocurrency exchanges but calculated using the following mathematical formula: <\/span><b>X*Y=K<\/b><span style=\"font-weight: 400;\"> \u2014 where X and Y represent the value of each token in the pool, and K is a predefined constant.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, let\u2019s assume there\u2019s a hypothetical pool containing <\/span><b>Ethereum (ETH)<\/b><span style=\"font-weight: 400;\"> and <\/span><b>Random Coin X (RCX)<\/b><span style=\"font-weight: 400;\">, where the pool starts with <\/span><b>10 ETH (X)<\/b><span style=\"font-weight: 400;\"> and 500 <\/span><b>RCX (Y)<\/b><span style=\"font-weight: 400;\"> of initial liquidity. In this case, the constant or <\/span><b>K would equal 10 x 500 = 5000.\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Now, let\u2019s assume you want to buy 1 ETH worth of RCX tokens. How many tokens would you get?\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Uniswap\u2019s AMM smart contract would calculate the price of RCX tokens in the following way: when you swap 1 ETH for X amount of RCX tokens, you\u2019re left with 11 ETH and an unknown amount of RCX tokens in the pool, and a constant K = 5000. <\/span><b>To calculate how many RTX tokens will be left in the pool after the swap, we need to divide the K with X to get the Y. That is: 5000\/11 = 454.54. <\/b><\/p>\n<p><span style=\"font-weight: 400;\">This means that now, after the swap, there are 11 ETH (X) and 454.54 RTX tokens (Y) in the pool, whereas the constant K remained equal to 5000. If we subtract the number of RCX tokens after the swap from the amount of RCX before the swap, we get the price of RCX in ETH. That is 500-454.54=45.46. To conclude, <\/span><b>for 1 ETH token, you would get 45.46 RTX tokens.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Aside from being open-source, super-easy to use, and accessible to virtually anyone with a cryptocurrency wallet, Uniswap allows users to earn passive income on their crypto by providing liquidity to the exchange and becoming a market maker themselves.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How to Use and Trade on Uniswap<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Trading or swapping between ERC20 tokens on Uniswap is as simple as it gets. All you need is a cryptocurrency wallet like <a href=\"https:\/\/pastel.network\/how-to-use-metamask\/\">Metamask<\/a> or a Ledger and some ERC20 tokens in it.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The first step in the process is to connect your wallet with Uniswap by clicking on the &#8220;Connect wallet&#8221; button on the <\/span><a href=\"https:\/\/app.uniswap.org\/#\/swap\"><span style=\"font-weight: 400;\">interface&#8217;s<\/span><\/a><span style=\"font-weight: 400;\"> top right corner.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When you do this, Uniswap will send a connection request to your wallet, which you&#8217;ll need to approve manually. This is so that Uniswap can seamlessly interact with your wallet and read its balance. Think of this as &#8220;logging in&#8221; to the exchange.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Once you&#8217;ve connected your wallet, you&#8217;re set to trade.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For instance, if you want to swap or sell ETH for 100 USDC, you\u2019ll need to take the following steps:<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Step 1:<\/span><\/h3>\n<p><img decoding=\"async\" class=\"size-full wp-image-21622\" src=\"https:\/\/coincentral.com\/wp-content\/uploads\/2021\/03\/Uniswap-1.png\" alt=\"Using Uniswap 1\" width=\"513\" height=\"690\" srcset=\"https:\/\/coincentral.com\/wp-content\/uploads\/2021\/03\/Uniswap-1.png 513w, https:\/\/coincentral.com\/wp-content\/uploads\/2021\/03\/Uniswap-1-223x300.png 223w, https:\/\/coincentral.com\/wp-content\/uploads\/2021\/03\/Uniswap-1-335x450.png 335w\" sizes=\"(max-width: 513px) 100vw, 513px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Select ETH from the sidebar in the &#8220;From&#8221; field. Then, in the &#8220;To&#8221; field, select the USDC token and set the amount to 100. When you&#8217;re ready to make the exchange, click on the &#8220;Swap&#8221; button.\u00a0\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Step 2:<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">A pop-up side window containing the transaction details will open when you do this, asking you to confirm the transaction.<\/span><\/p>\n<p><img decoding=\"async\" class=\" wp-image-21621\" src=\"https:\/\/coincentral.com\/wp-content\/uploads\/2021\/03\/Uniswap-2.png\" alt=\"Using Uniswap 2\" width=\"356\" height=\"626\" srcset=\"https:\/\/coincentral.com\/wp-content\/uploads\/2021\/03\/Uniswap-2.png 516w, https:\/\/coincentral.com\/wp-content\/uploads\/2021\/03\/Uniswap-2-170x300.png 170w, https:\/\/coincentral.com\/wp-content\/uploads\/2021\/03\/Uniswap-2-256x450.png 256w\" sizes=\"(max-width: 356px) 100vw, 356px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Here you can manually adjust the Gas fee you&#8217;ll need to pay (in ETH) for the swap and see how long it will take for the transaction to settle before you confirm the transaction.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Step 3:<\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-21620\" src=\"https:\/\/coincentral.com\/wp-content\/uploads\/2021\/03\/Uniswap-3.png\" alt=\"Using Uniswap 3\" width=\"527\" height=\"868\" srcset=\"https:\/\/coincentral.com\/wp-content\/uploads\/2021\/03\/Uniswap-3.png 527w, https:\/\/coincentral.com\/wp-content\/uploads\/2021\/03\/Uniswap-3-182x300.png 182w, https:\/\/coincentral.com\/wp-content\/uploads\/2021\/03\/Uniswap-3-273x450.png 273w\" sizes=\"(max-width: 527px) 100vw, 527px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Confirm the swap in your wallet. This is the last action required on your part. The USDC will arrive directly in your wallet as soon as the miners verify the transaction on the Ethereum blockchain.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How to Provide Liquidity on Uniswap<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">If you want to become a market maker and provide liquidity on Uniswap, you can do so by taking the following steps:<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Step 1:<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Click on the <\/span><b>Pool<\/b><span style=\"font-weight: 400;\"> button in the top left corner of the interface. Here you need to select the token pair or the pool to stake your tokens and provide liquidity. It is important to know that you can only enter liquidity pools with an equal dollar value of the two tokens in the pair. For example, if you want to add $1000 worth of liquidity in the ETH-USDC pool, you&#8217;ll need $500 in ETH and $500 in USDC to do so.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Step 2:\u00a0<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">When you select the pool and the amount of liquidity you want to supply, <\/span><b>click on the<\/b> <b>Supply button and approve the contract interaction notification.<\/b><span style=\"font-weight: 400;\"> After you&#8217;ve confirmed the action and your transaction has been processed, you&#8217;ll receive a confirmation for your contribution along with UNI-V2 LP tokens representing your liquidity share in the pool.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As a liquidity provider, you&#8217;ll now passively earn a portion of the fees accumulated with every token swap in the pool, proportional to your share of the liquidity in it. For example, if you&#8217;ve contributed 5% of the total liquidity in the ETH-USDC pool, you&#8217;ll get 5% of the total fees generated by the same pool.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Step 3:\u00a0<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">When you decide to <\/span><b>exit the pool<\/b><span style=\"font-weight: 400;\"> and cash out, you can simply remove the liquidity by clicking on the <\/span><b>Remove Liquidity<\/b><span style=\"font-weight: 400;\"> button in the same user interface. When your transaction is confirmed, you&#8217;ll receive back the ETH and USDC tokens you initially deposited, plus any fees you&#8217;ve earned for providing liquidity.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Uniswap Governance: $UNI Token<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In September 2020, Uniswap introduced its governance token called UNI by airdropping 400 UNI (worth ~$1000 at the time) to every wallet that had in any way interacted with the protocol before September 1, 2020.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The primary purpose of the UNI token is to decentralize Uniswap\u2019s governance. UNI token holders can vote on protocol improvement proposals and determine the project\u2019s trajectory as it evolves. They can also control the protocol\u2019s fee structure, fund liquidity mining pools, grants, and other growth-driven initiatives, manage the project\u2019s community treasury, and so on.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The UNI token is also available for trading on most of the top cryptocurrency exchanges, such as Bitfinex, Coinbase Pro, Huobi Global, and OKEx. As of February 2021, the UNI token price is ~$26, with a market capitalization of ~$8 billion.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Final Thoughts: Uniswap Exchange Review<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Uniswap is the most prominent decentralized exchange in the industry for a reason. It was the first to introduce the AMM model for pooling liquidity and setting prices, it\u2019s straightforward and intuitive to use, it has no virtually no barrier to entry, and its pools have the highest liquidity compared to all other decentralized exchanges on the market.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The most serious issue facing Uniswap today is the super-high transaction fees on the Ethereum network. The Uniswap protocol itself charges a 0.30% fee for every swap that occurs on the protocol, which is somewhat within the reasonable range compared to leading centralized exchanges. However, the real problem is the Ethereum Gas fees, which currently range between $25 and $100 per swap or a peer-to-contract transaction due to the network&#8217;s overload.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Unfortunately, this makes Uniswap virtually unusable for smaller or sub $1000 transactions, and even then, the fees are still incredibly costly. Hopefully, Ethereum 2.0 will roll out soon enough with a much-improved transaction throughput and make on-chain microtransactions possible again.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Uniswap is an Ethereum-based decentralized cryptocurrency exchange (DEX) or a smart contract protocol that allows anyone to swap ERC20 tokens.\u00a0 Uniswap is the largest cryptocurrency exchange of its type, with more than $4.3 billion in total liquidity locked, approximately $1 billion in daily volume, and just over $100 billion in total trading volume processed since<\/p>\n","protected":false},"author":5,"featured_media":21624,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"iawp_total_views":603,"footnotes":""},"categories":[5712],"tags":[27243,11441,5774,27906],"class_list":{"0":"post-21605","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-guides","8":"tag-defi","9":"tag-dex","10":"tag-ethereum","11":"tag-uniswap"},"wppr_data":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>\u00a0What is Uniswap? 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