Uniswap (UNI): overview of the token from the Uniswap decentralized exchange, price chart, characteristics, where to buy, sell and trade
Uniswap (UNI) is a token issued on September 16, 2020 by the decentralized exchange of the same name. On the same day, it appeared on the Binance exchange listing. Since its inception, Uniswap has been actively growing, developing and self-sustaining under the full control of the community. The implementation of UNI (ERC-20 token) is mainly needed to support governance principles that help the protocol continue to evolve.
On the Binance exchange, spot trading of the Uniswap token is available in UNI / BNB, UNI / BTC, UNI / USDT, UNI / BUSD pairs. From September 18, margin trading is also available for the following UNI pairs: UNI / BTC and UNI / USDT with 5x leverage.
The Btcnewsweb.com editors prepared an overview of the exchange and the Uniswap token, their functional features.
Uniswap Chart and Rate (UNI)
|Name||Price||Market Cap||Supply||Change % (7D)||Performance|
Exchange rate chart UNI / USTD on Binance:
|Total emission||1 000 000 000 UNI|
|Current issue as of 18.09.20||64 998 333 UNI|
|Course on 18.09.20||5,8 $|
|Market Capitalization as of 18.09.20||376 064 651 $|
|Exchanges||Binance, Currency.com, Cex.io, Huobi, Okex, Uniswap, Sushiswap, Balancer, PancakeSwap, 1inch Exchange, OpenOcean and others|
Features of the Uniswap exchange
Uniswap is an automated liquidity protocol for exchanging ERC-20 tokens and Ethereum cryptocurrency. It is open source software licensed under the GPL. Allows you to trade quickly and efficiently by eliminating intermediaries. Whenever possible, most actions are based on decentralization and censorship resistance.
In practice, the system works on the basis of template smart contracts, with the help of which pools and liquidity markets are formed. There is no order book, central intermediary, centralized matching mechanism.
The first version of Uniswap v1 has been working since November 2018, the second (Uniswap v2) was launched in May 2020. Uniswap is a significant gas supplier to the Ethereum network due to the numerous fees for transactions in this protocol; in addition, it is one of the most requested decentralized applications at the moment.
It is based on the AMM (Automated Market Maker) system. Liquidity is created by pools with ERC-20 tokens. Liquidity providers charge a commission on each exchange (0.3%); these fees are redirected to the pool’s reserve fund. Going forward, UNI holders will receive 0.05% on each commission, while liquidity providers will receive the remaining 0.25%. Uniswap is not the first project with AMM, but it definitely popularized the development of this direction, as a result of which other similar protocols began to appear.
Uniswap Token Distribution Scheme (UNI)
UNI was released with the goal of finally transforming Uniswap into a self-contained and self-contained infrastructure by supporting self-governing principles. In total, one billion UNI will be released within 48 months. The distribution is arranged as follows:
- 600,000,000 community members
- 215,101,000 – current team members and those who will subsequently work on the team for at least four years
- 178,000,000 – to investors making investments over four years
- 6,899,000 for advisors
After 4 years, inflation of 2% per annum will be launched, which will ensure regular contributions to Uniswap from passive UNI owners.
09/18/2020 on Uniswap, it became possible to receive a token for trading activity in the following trading pairs:
✅ ETH / USDT
✅ ETH / DAI
✅ ETH / WBTC
✅ ETH / USDC
All liquidity pools will be allocated 5 million UNI. After thirty days, participants can start voting on governance initiatives, UNI allocation for a variety of grants, strategic partnerships, new liquidity pools and other changes
UNI will be used for the following purposes:
- Uniswap governance (voting among token holders).
- Treasury management (allocation of funds for various purposes that benefit the development of the platform).
- Management of protocol commissions.
- Working with ENS (Ethereum Name Service).
- Adjustment of the Uniswap Default List (the list of tokens added to the system as default).
- SOCKS liquidity token management
An hour after the release of the token, Binance added it to its listing, and after another 4-5 hours, the Coinbase exchange did it. In addition, Binance has opened trading in perpetual contracts on UNI with leverage up to x50 and collateral in USDT. At the same time, the creator of Binance warned on Twitter that the coin is extremely volatile at first. Due to the high demand for tokens, fees on the Ethereum network have skyrocketed.
Where to store Uniswap (UNI)
You can store the token in the Metamask browser-based web3 wallet. To do this, you first need to add it to the list. When searching simply by name, the token is not highlighted yet, which means that you will have to add it manually.
Find and copy the UNI contract address on the Etherscan website.
Go to Metamask, click Add Token. Go to the Custom Token tab and paste the contract address.
Click “Add token” and UNI transactions will become available in the wallet.
Where to buy, sell, trade Uniswap token (UNI)
The most convenient way is to use the Binance exchange to buy a Uniswap (UNI) token, as the most popular and reliable one. Currently, the following trading pairs are available: UNI / BNB, UNI / BTC, UNI / USDT, UNI / BUSD.
✅ Sign up for Binance or log into your account.
✅ Fund your account with the required cryptocurrency. This can be done without verification.
✅ Go to the Spot Wallet section, which lists all the assets supported by the exchange.
✅ Find UNI in this list using the search bar.
✅ Click “Trade” and specify the desired currency pair.
✅ The system will redirect you to the trading terminal, where buy and sell orders are created. Choose a market order if your goal is to buy a coin at the current market value, or a limit order if you want to set your own price and wait for matches.
✅ The exchange also offers margin trading with up to 5x leverage for UNI / BTC, UNI / USDT pairs. When creating an order, you need to select “Isolated margin”.
Advantages and disadvantages
✅ Uniswap incentivizes liquidity providers by charging them commission fees.
✅ The system is completely transparent and open source.
✅ Support for multiple ERC-20 tokens for trading.
✅ The new UNI token opens up broad opportunities for managing the protocol.
✅ Instant token listing on major crypto exchanges.
❌ After the user withdraws liquidity, he stops and receives a reward.
❌ The platform only supports assets hosted on the Ethereum blockchain.
According to experts, UNI may become one of the most valuable tokens in the next few years. In the two days that have passed since the release, over $ 370 million has already been invested in it. The rest depends on the actions of the development team and how they manage to meet user expectations.