Uniswap (UNI) - The Ethereum Unicorn in the Making?
Uniswap (UNI) is one of the most discussed cryptocurrencies of 2022. If you've been following the charts, you've probably noticed how fast this cryptocurrency is rising and its limitless growth potential. Uniswap (UNI) is currently in the top 25 cryptos by market cap with a market value of more than $4 billion.
How it all began
If you are unfamiliar with Uniswap, here's a quick rundown:
UniSwap is a decentralized exchange (DEX) on the Ethereum blockchain and It was founded in the fall of 2017 by Hayden Adams. He built Uniswap as a proof of concept for an on-chain automated market maker protocol detailed by Ethereum co-founder Vitalik Buterin, in a series of posts earlier that year. Adams brought the concept to life with some help from the ETH community. In particular, he received various grants, including a $100,000 grant from the Ethereum Foundation.
Instead of conducting an initial coin offering (ICO), UNI coins were distributed to existing Uniswap users through what became known as an ‘airdrop’. The airdrop was held in September 2020 and resulted in users receiving 400 UNI each, for a total of $1,200.🪂
What is Uniswap (UNI)?
Uniswap (UNI) is a management token that acts as a voice and allows investors to influence the development of the system. Its creation ensured shared ownership of the community and the autonomous project. Thanks to such voting capabilities, a quorum was assembled and the grant system proposal was adopted.🙌
UNI token has proven extremely popular in a short period of time, with more than 94 million transactions since the developers launched the V1 protocol in November 2018. More than $70 billion (£52 billion) worth of cryptocurrencies is traded on Uniswap every month.
Ethereum's founding father, Vitalik Buterin, believes that UNI could become a minimalist alternative to Chainlink, a price oracle token, which is necessary for developing the field of decentralized finance.
Initially designed to facilitate Uniswap's decision-making process, and not as a currency, this has not prevented UNI from climbing the ranks of cryptocurrencies. 📈
How do you store Uniswap (UNI)?
UNI tokens are easy to store. You can store these universal digital assets in any ERC-20 compliant wallet. Speaking of ERC-20, it’s worth mentioning the NAGAX wallet which is probably the best application for ERC-20 tokens, as it allows you to store ALL of them in one place. Besides full privacy functionality, the NAGAX wallet provides a seamless, frictionless, and easy-to-use UI.
To learn more about the NAGAX wallet, please visit here.
Is Uniswap (UNI) a good investment?
In 2021, the UNI token enjoyed great success with cryptocurrency traders, making significant profits in its short lifespan.
As with any investment, be sure to consider your investment objectives and current financial situation before investing in cryptocurrency.🔎
Uniswap (UNI) at NAGAX
Uniswap has been one of the shining stars of the cryptocurrency market and is available at NAGAX. Buy, sell, trade, and HODL digital assets on one of the fastest-growing crypto exchanges. Low fees, reliable service, and simple setup.
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