The UniSwap Token (abbreviated with the ticker symbol, UNI) has become the first decentralized finance (DeFi) token among the top 10 digital assets on CoinMarketCap after crossing $14 .7 billion.
This milestone comes just days after UniSwap became the first decentralized exchange (DEX) to process over $100 billion in volume.
UNI, the governance token for the UniSwap platform, was announced on September 2020. Large exchanges like Binance and OKEx almost immediately listed the token.
UniSwap has seen a record month of trade volumes with each week seeing an all-time high with a total monthly volume on the DEX clocking at over $32 billion in February 2021 alone – all-time monthly high.
Uniswap also saw all-time volume jumping to past the previous record to reach $118 billion.
This milestone is better seen from a contextual perspective tweeted by UniSwap founder, Hayden Adams below:
Uniswap is a decentralized exchange built on Ethereum that utilizes an automated market making (AMM) 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. The price is determined based on the ratio between the two assets. On the platform, users can permissionlessly swap tokens, and create (and add tokens to) liquidity pools to earn swap fees.
In a nutshell, Uniswap coordinates a decentralized exchange by providing the rules and incentives to get users to supply their capital in order to make markets for any asset on Ethereum. The product of this is a globally accessible, always available, decentralized exchange with programmatic liquidity.
RECOMMENDED READING: [WATCH] The DeFi Revolution will Get its Customer Base from Africa, Says Cardano CEO
Follow us on Twitter for latest posts and updates
Join and interact with our Telegram community
Subscribe to the channel below to keep updated on latest news on video:
Start trading bitcoin today from as low as $10.
Open a LocalBitcoins Trading Account to get started!