Uniswap is becoming the most dominant DeFi crypto, dwarfing its rivals at the speed of light. Crypto traders are now swapping their Ether for such a promising crypto.
Data seen from Whale Alert revealed large entities moved over 150,000 Ether worth over $56 million from an unknown wallet to Uniswap in 6 different transactions.
The largest of the six transactions were captured here:
? ? 53,758 #ETH (20,090,524 USD) transferred from unknown wallet to Uniswap
— Whale Alert (@whale_alert) October 11, 2020
At the time of writing, Uniswap traded at $3.40 with a daily trading volume of $219. 6 million UNI price is up 4.6% in the last 24 hours. It has a circulating supply of 180 million coins and a max supply of 1 billion coins.
Uniswap’s advantage: with a normal Ethereum wallet, crypto holders can link to Uniswap’s application and trustlessly swap ERC20 tokens in a seamless manner.
- The Uniswap application allows holders to not exchange their coins; it also helps users without needing an ID or going through a cumbersome KYC process and they can also create any type of ERC20 pool or provide an existing pool with liquidity and earn funds.
- Coinbase, an American-based crypto exchange that is usually very choosy on listing newly created altcoins, added UNI to its Pro trading platform just hours after its debut.
What you should know: Uniswap is a decentralized exchange protocol built on the Ethereum network.
Uniswap has no book or any centralized platform for executing trades. It allows users to trade without a middle man or third party, with a high degree of decentralization and censorship-resistance.
How Uniswap makes money: Uniswap is designed to be a decentralized protocol. All fees go to market liquidity facilitators, and none of the founding partners get a cut from the transactions that occur through the protocol.
- Currently, the transaction fee paid for these market liquidity providers is 0.3% per successful transaction. That said, these are added to the liquidity pool, but these market liquidity facilitators can redeem them at any time.
- The fees are distributed according to each liquidity provider’s share of the pool.