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Introduction to UniSwap and how it is traded

In this week’s article we take a look at UniSwap. We look at what it is, what’s driving its price, and what the charts suggest about where it might go next.

What is Uniswap?

According to its website, UniSwap is an “open-source protocol for providing liquidity and trading ERC20 tokens on Ethereum.” The network was set up to eliminate traditional intermediaries and “unnecessary forms of pension skimming” and create a safe and efficient alternative to existing exchanges.

UniSwap’s main difference is its ability to create liquidity pools for digital assets. A liquidity pool is a digital collection of cryptocurrency secured by a smart contract.

As we’ve discussed here in the past, a smart contract is a self-executing line of code that automatically validates and executes the terms of an agreement between a buyer and seller over a computer network. So, UniSwap allows cryptocurrency traders to exchange tokens efficiently and securely without having to match each seller with a buyer.

As of October 2022, UniSwap recorded $1.2 trillion in trading volume and processed more than 112 million trades. It also has more than 300 decentralized apps integrated into the platform.

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