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Uniswap (UNI) is up today and has managed to regulate its price as other coins have continued to sink. Part of the reason for this could be its acquisition of the NFT marketplace aggregator Genie. This, which is in line with Uniswap's broad appeal, allows anyone to discover and trade NFTs across many platforms. It is this next-level openness that creates such a wide space for Uniswap in the crypto market.
What makes Uniswap unique?
In the crypto world, decentralization is not only a buzzword but a way of life. Most crypto exchanges are decentralized and open-source, with the draw of cutting out the middleman of banks and governments taking large shares of assets. UniSwap (UNI) is one of these decentralized exchange protocols, but it takes the idea of decentralization even further.
Launched in 2018 by Ethereum developer Hayden Adams, the protocol aims to keep the trading and exchange of tokens automated and entirely available to end users and holders of tokens. At the same time it seeks to enhance the efficiency of cryptocurrency trading, when compared to traditional exchanges.
Uniswap is different from other cryptocurrency exchanges in that it is permissionless and allows anyone to trade Ethereum ERC20 tokens without any middleman. It facilitates the on-chain exchange of ERC20 tokens using smart contract technology. The appeal of Uniswap is that users keep control of their assets all the way through transactions. The goal of this protocol is to keep the trading both automated and available to the investor. All of this is available in an extremely sleek and user-friendly interface. Users can connect to the exchange via a compatible wallet, such as Metamask. Once connected to Uniswap, the wallet can connect to the Ethereum network and begin trading.
The level of liquidity and functionality available in Uniswap is something that can be lacking in older exchanges, and is likely part of the reason for its popularity. The powerful dApp is moving the DeFi sphere forward. Today's Uniswap price is $5.35 USD with a 24-hour trading volume of over $121 million.
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