Founders: Hayden Adams
Cryptocurrency symbol: UNI
Coin limit: 1 billion initial supply
Consensus mechanism: Quorum (A democratic on-chain consensus version of PoS)
Purpose: Governance token
Other: Uniswap Labs, Developer. Paradigm, key supporter
Updates: Version 2, 2020. Version 3, 2021.
Forks: SushiSwap, Shinobi Swap
Financial Products: None
Uniswap is the original decentralized exchange (DEX) built on the Ethereum blockchain. The platform uses smart contracts to perform automated market making in various trading pairs. Uniswap stakers can earn through staking and participate in the project through the UNI governance token.
The idea for Uniswap can be traced back to a Reddit post by Ethereum’s Vitalik Buterin. That was followed by subsequent posts by Alan Lu and Martin Koppleman of Gnosis. Vitalik Buterin wrote about the concept again on his blog in 2017. But the software project was founded by Hayden Adams in 2018 and is supported by Uniswap Labs.
Uniswap Version 1 was launched in 2018, with Version 2 in 2020, and Version 3 was released in May 2021.
An automated market maker supports decentralized, smart contract trading pairs in various assets. Automated market makers provide a form of liquidity pool that matches trading pairs. The service is also sometimes called an automated liquidity pool.
AMMs are designed to cut slippage while providing liquidity at every price. The downside is the potential for impertinent losses.
In the original version of Uniswap, trading pairs were confined to ETH/ERC20 token pairs. By Version 3, trading pairs can include any ERC20/ERC20 token pair. Listing is by request, but there is no guarantee of listing, participation or liquidity in a given pair.
Prices of trading pairs represent the prevailing price on Uniswap. This may differ from aggregated prices for trading pairs provided by other sites.
UNI is the tradable native governance token for Uniswap. The token was originally issued to supporters, users and stakers on the platform as an incentive. It also acts as a countermeasure to retain the community in the event of forking events like SushiSwap and Shinobi Swap.
The UNI token gives holders certain benefits. Holders have the right to vote on governance proposals. UNI holders can also activate a fee switch to access a portion of trading fees. UNI tokens also represent a portion of the collective ownership of the Uniswap treasury.
All crypto assets are considered commodities by the CRA. Any exchange of assets, including buying, selling or swapping, is a part of a taxable event. Therefore you must keep records of your activities. Consult a tax expert for more detailed information.
You can buy, sell and trade UNI on select exchanges and trading platforms.
UNI is available in Canada at Bitvo.
Click the button below and fill out the form and your KYC.
You can add funds in several ways, including Interac e-transfer
Once the funds are confirmed, open your trading screen and get started!
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