What is Uniswap cryptocurrency and why is it useful?

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In the emerging crypto space, Uniswap plays a dual role, both as a cryptocurrency and as a decentralized exchange (DEX). Uniswap is based on the Ethereum blockchain and enables users to exchange ERC-20 tokens that can be used to represent a wide range of digital assets as well as financial values. Uniswap exchanges only list tokens built on the Ethereum (ETH) blockchain. Uniswap traders have to conclude smart contracts through which they can deposit their crypto assets into pools, each consisting of two ETH-based crypto tokens – which in a pair represent the assets deposited in this pool. Put more simply, Uniswap is a way for people to securely exchange different types of tokens based on the popular Ethereum blockchain without relying on a centralized exchange.

Trading in Uniswap tokens (UNI) enables crypto holders to participate in the governance of this financial protocol as they explore the decentralized finance (DeFi) space. Independent of central financial intermediaries such as exchanges or centralized online wallets, DeFi uses Ethereum blockchains for financial transactions.

Trade in Uniswap tokens

According to tech website CoinGecko, there are 1,852 types of coins and 2,441 trading pairs that are supported on Uniswap exchanges.

In contrast to other decentralized exchanges, UNI tokens allow holders to trade any two ETH-based crypto coins, which is known as a “swap”. The promotion is seen as a more fluid way to exchange large amounts of crypto.

Uniswap tokens (UNI), one of which costs 27.02 rupees (1,990 rupees) on Monday, use multiple crypto assets that can be exchanged between merchants without the involvement of a central operator.

UNI merchants can buy, sell and hold the crypto tokens via credit cards, debit cards, bank transfers and digital wallets – which ensures fluidity in trading gateways. Exchanges can be facilitated through trusted crypto exchange platforms that enable UNI purchases with competitive fees and low spreads.

In early July, a report from Economy Watch claimed that Uniswap is a popular crypto asset in the UK. With a market dominance of 0.67 percent, Uniswap has a market capitalization of $ 9.4 billion in the UK.

Interested in cryptocurrency? We discuss everything about crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and anywhere you get your podcasts.

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