Just two years after popular decentralized exchange Uniswap made its entrance into the crypto space, the platform has recorded tremendous achievements.
When Uniswap announced its launch on November 2, 2018, data on Dune Analytics showed that the exchange managed a mere $14,000 weekly trading volume.
However, thanks to the DeFi space boom in recent times, the weekly trading volume on Uniswap has increased to more than $4 billion.
Even though this is not the all-time high (ATH) of the exchange as it has already recorded over $6 billion, Uniswap is still poised for more exploits.
The platform remains undisputed for yield farming and has so far seen $2.74 billion in total value locked (TVL) for various projects, according to data on DeFi Pulse. This makes it the largest DeFi project built on the Ethereum network.
The exchange supports the trading of ERC-20 tokens and the conversion of Ether (ETH) to ERC-20 tokens, and vice-versa without the need of an intermediary.
As a decentralized exchange, all fees are paid to market liquidity providers, automatically added to its liquidity pool. The fee can be retrieved at any time by these market liquidity facilitators.
In September, Uniswap announced its governance token dubbed UNI with a total supply of 150,000,000. The platform disclosed that it would give 15% of the total token supply to historical users and liquidity providers. This sharing formula saw early users receiving 400 UNI (valued at $1,200 at the time of the announcement).
Under 14 hours of the distribution, Coinfomania reported that traders immediately claimed 40% of the $UNI, while 60% decided to hold the token.
Although $UNI traded at an ATH of $8 within 48 hours of launch, the token is trading at $2.26 at the time of writing due to the current bearish condition in the altcoin market.
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