- Daily trading volume of Uniswap is $750 million
- Holding UNI allows users to have a say in governance and shape the future direction of the Uniswap decentralized exchange ecosystem.
- UNI tokens provide the ability to stake tokens to earn an additional source of income. UNI token holders are also entitled to a portion of transaction fees if they choose to provide liquidity on the exchange.
- Holding UNI tokens allows users to participate in token airdrops.
- Strong competition from Binance based DEXs such as PancakeSwap.
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Uniswap (UNI) in a nutshell
The Uniswap (UNI) is the native token of the Uniswap decentralized exchange/ecosystem and provides many benefits to its holders. The Uniswap token (UNI) is the main token of the Uniswap ecosystem. UNI is an ERC-20 token running on the Ethereum network. UNI token is a governance token and allows users to vote to decide how the ecosystem fund is spent and distributed. It also provides staking rewards to users who decide to stake their tokens.
The UNI token has seen phenomenal growth and has given rise to an entire ecosystem surrounding the decentralized exchange (DEX) universe.
The total supply of the UNI tokens is 1 billion. The inflation rate is fixed at 2%. The distribution mechanism is explained below.
Uniswap Community: 60%
Has UNI Token been audited and doxxed?
Yes. The UNI token was audited by Consensys Diligence. The team behind the UNI Token publishes regular documentation via press releases and is active on social media channels.
Trust & Fairness: 4
Exchanges & Swaps: 4
Overall Rating: 4.25
Detailed Review of UniswapToken (UNI)
The Uniswap token is used inside the Uniswap decentralized exchange ecosystem that allows users to swap tokens on the Ethereum network.
UNI can be used to stake and provide liquidity to earn a portion of the transaction fees, it can be used to farm and earn a yield which is a great source of passive income, it is also used as a governance token for voting purposes. 1% of UNI is required to submit a proposal while every UNI holder is entitled to a vote.
The Uniswap token opens the door to an entire ecosystem of services inside the Uniswap exchange. It also provides its holders with voting and governance power to shape the future of the Uniswap exchange.
Uniswap also utilizes JIT (Just-In-Time) liquidity, which is a sophisticated microeconomic tool for token improvement. You can read more about it on the Uniswap blog.
Where to Buy UniswapToken?
The UNI token can be bought on Binance, Huobi, Crypto.com, Coinbase, FTX, Bybit, Kraken, Gemini, Bitfinex, Bithumb, Bitstamp, Poloniex, Bittrex, OKEx, Liquid, eToro, WhiteBit, KickEX, KuCoin, Gate.io, Tokpie, Bitbns, WazirX, and LBank.
You can buy UNI either through cash via P2P (peer-to-peer), credit or debit cards, or through other cryptocurrencies.
If you already hold some crypto, then you can use the coins to purchase UNI directly through the supported native decentralized exchange: Uniswap. All you need to do is connect your wallet such as Metamask and select the appropriate coin pair that you wish to use for purchasing UNI (for example ETH/UNI). The decentralized exchanges are a quicker and easier method that guarantees anonymity as you do not have to deposit fiat currencies or complete a KYC process before purchasing the Uniswap token. You can also use UNI for purchasing other altcoins through the decentralized route as explained above.
What Can you do With the Uniswap Token?
NFT Marketplace: The UNI ecosystem has recently launched NFTs to represent the liquidity positions of its users. In the future, it plans to launch an upgraded version of its marketplace.
Staking UNI: Uniswap allows users to stake currencies to earn staking rewards. It is one of the best ways to earn an additional source of passive income. Users can also choose to add liquidity and earn an additional source of income on Uniswap.
Hodl as a long-term investor: The developers of UNI have plans to include the token as a form of payment on NFT marketplaces all over the world. You could also simply hodl it and gain from its price appreciation in the long term. The token also generates passive income for its holders as it can be staked.
Swap UNI to other ETH tokens: You can use UNI and directly swap to other altcoins on a decentralized exchange. The process is quick and simple and is described below.
How to Swap UNI to other altcoins
Simply head over to a decentralized exchange and connect your wallet. Then, select the amount of UNI you wish to spend (factoring in transaction fees) and swap it for another crypto token. You will receive the tokens in the same wallet.
How to Buy UNI?
In order to buy UNI, you will need to use a centralized exchange or a decentralized exchange. Decentralized exchanges (DEXs) are simple and easy to use and do not require any registration. The process of token swap on DEXs has been explained above.
For purchasing UNI on a centralized exchange, you will need to register and create an account with the exchange and then deposit fiat currencies or crypto assets that can be used to buy UNI. You will need to complete the Know Your Customer (KYC) procedure to open an account on a centralized exchange.
Steps to open an account on a centralized exchange:
1. Go to the exchange site where UNI is listed and click on the Register button.
2. Then select your country of residence and proceed to the registration interface. Here, you will need to provide your email ID/phone number and a password that will be used to login into the newly created account.
3. Click on the agree to terms and conditions button and wait for the verification mail or message.
4. Clicking on the verification tab will take you to your new account. You will need to provide documentation such as a driving license, passport, or other government-issued IDs to confirm your identity and address. A utility bill and national ID may also be accepted in some cases. This process is known as the KYC regulation and it is in place to prevent the risk of fraud and to ensure that the site is safe for all users.
5. Once this additional step is completed, the exchange will activate your account and you can deposit funds to start trading. You can select fiat currencies or cryptocurrencies supported by the exchange to deposit funds to buy UNI.
6. Most exchanges support multiple payment methods including credit/debit cards, bank transfers, third-party payment processors, and P2P transfers.
The UNI token has launched the ability to issue NFTs to liquidity providers in Uniswap version 3. The NFT art shows significant information about the liquidity position. The Uniswap protocol also plans to launch an upgraded version of its NFT marketplace that will incorporate the ability for its users to access and mint exclusive NFTs.
The all-time high price of one UNI was $44.92 on May 3, 2021. It is currently trading at $14.07 at the time of writing (Source: CoinGecko). The all-time low price was $1.03 on September 17, 2020. Comparing the all-time low and all-time high price, we get returns of about 1271.8% which are very impressive returns. The UNI token is slowly establishing its position as a leading cryptocurrency of the Uniswap DEX. The UNI price can be checked on sites like CoinGecko and CoinMarketCap.