Uniswap is a decentralized exchange built on Ethereum that utilizes an automated market making system rather than a traditional order-book. Instead of matching individual buy and sell orders, users can pool together two assets that are then traded against, with the price determined based on the ratio between the two.
History
Uniswap was born out of an idea proposed in 2016 by Vitalik Buterin for a decentralized exchange (DEX) that would employ an on-chain automated market maker with certain unique characteristics. A year later Hayden Adams began working on turning this idea into a functional product. After receiving several grants as well as $100,000 from the Ethereum Foundation, Uniswap launch in November 2018. The protocol quickly gained liquidity and started facilitating meaningful volume. Six months after launching, a fundraising round was completed, led by Paradigm to allow the addition of two more employees.
What makes Uniswap unique is that it solves the problem of high spreads for illiquid assets on order-book exchanges. This problem exists because there is little incentive for professional market makers to provide liquidity on very thinly traded assets. However, with Uniswap, anyone can be a market maker by depositing assets into a pool and earning fees based on the amount of trading activity. One downside to this model is that there is substantial slippage for large orders as the price paid increases as the quantity demanded increases - UNISWAP.ORG
History
Uniswap was born out of an idea proposed in 2016 by Vitalik Buterin for a decentralized exchange (DEX) that would employ an on-chain automated market maker with certain unique characteristics. A year later Hayden Adams began working on turning this idea into a functional product. After receiving several grants as well as $100,000 from the Ethereum Foundation, Uniswap launch in November 2018. The protocol quickly gained liquidity and started facilitating meaningful volume. Six months after launching, a fundraising round was completed, led by Paradigm to allow the addition of two more employees.
What makes Uniswap unique is that it solves the problem of high spreads for illiquid assets on order-book exchanges. This problem exists because there is little incentive for professional market makers to provide liquidity on very thinly traded assets. However, with Uniswap, anyone can be a market maker by depositing assets into a pool and earning fees based on the amount of trading activity. One downside to this model is that there is substantial slippage for large orders as the price paid increases as the quantity demanded increases - UNISWAP.ORG
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went flat ahead of the election. staying on the sidelines until this is over.