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Welcome to MAXBIT support

Uniswap (UNI)

Maxbit Support
  • Updated

What is Uniswap (UNI)?

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  1. Native Blockchain:
    • Uniswap (UNI) operates on the Ethereum blockchain as an ERC-20 token. Uniswap itself is a decentralized exchange (DEX) built on Ethereum.
  2. Consensus Protocol:
    • Being on the Ethereum blockchain, UNI inherits Ethereum's current consensus mechanism, Proof-of-Work (PoW). Ethereum, however, has plans to transition to Proof-of-Stake (PoS) with its Ethereum 2.0 upgrade.
  3. Trilemma (Security, Speed, Scalability):
    • Security: Uniswap, built on Ethereum, benefits from its robust security. Smart contract audits and formal verifications add to its security layers.
    • Speed: Transaction speed depends on the Ethereum network. During high congestion times, it can be slower.
    • Scalability: Uniswap V3 introduced concentrated liquidity, offering more flexibility and potentially better scalability for liquidity providers.
  4. Founder / Date Founded:
    • Uniswap was created by Hayden Adams in November 2018, with guidance and assistance from Ethereum creator Vitalik Buterin.
  5. Objective / Use Case:
    • Uniswap allows users to swap a variety of Ethereum tokens without relying on a centralized intermediary, providing more control and potentially lower fees. The UNI token itself gives governance rights, allowing holders to vote on platform proposals and changes.
  6. Total supply/ Limit or Unlimited:
    • UNI has a capped supply of 1 billion tokens. These tokens are distributed to various parties, including past users, team members, advisors, and a community treasury.
  7. Supply Deflation:
    • As of my last update, UNI doesn't have a burning mechanism that would make it deflationary. However, its fixed supply and the governance decisions could influence its scarcity and value in the future.

          This summary provides a foundational understanding of Uniswap and the UNI token for those new to the cryptocurrency world. It's important to note that the crypto space evolves rapidly, so always make sure to keep up with the latest updates and developments.

References:

  • Uniswap. (n.d.). Introduction. - [https://docs.uniswap.org/concepts/overview ]
  • Ethereum Foundation. (n.d.). Ethereum 2.0 - [https://ethereum.org/en/eth2/]
  • Uniswap. (2021). Uniswap V3 Core - [https://uniswap.org/blog/uniswap-v3/]
  • Adams, H. (2018) Announcing Uniswap - [https://blog.uniswap.org/uniswap-history ]
  • Uniswap. (2020) Introducing UNI - [https://uniswap.org/blog/uni/]
  • Uniswap. (2020) UNI Token Distribution - [https://uniswap.org/blog/uni/]

 

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