What Is Uniswap (UNI)?
Uniswap is one of the newest tokens that quickly became a phenomenon in the DeFi sphere. Its protocols facilitate liquidity and trade Ethereum-based ERC-20 tokens. But is it a good investment to make in 2021?
The Uniswap platform is an independent protocol ecosystem that runs on Ethereum. Its main purpose is to create liquidity, but it also operates as a crypto exchange blockchain. Uniswap is also an open system, which means that any user can look through the code and modify it. Taking into account that it is decentralized, Uniswap quickly found its audience and became one of the largest decentralized services.
The UNI coin was launched in September 2020. Based on the Ethereum blockchain, the Uniswap token is a vital element of the network. It is a developed governance instrument, which supports the infrastructure of the system, making crypto trading automated.
Uniswap Token Price Live Data
In order to help you make an investment decision, we present a UNI token price chart to you. It visualizes the historical changes of the Uniswap token’s prices. On these graphs, you find online trading data of UNI crypto in two colors. The green color represents an increase, and the red one — a price decrease. The vertical axis is the price scale, and the horizontal axis is the time scale, which allows you to see the exact time when the price changed.
Uniswap Exchange Rates
Starting from the $0.419 point, the UNI price was increasing quickly. By May 2021, it had reached a $43.31 peak. During the first half of 2021, the price per token was within a $4.5-$44.97 range. Despite the steady Uniswap price increase, the cryptocurrency is still recovering after the May 2021 market crash.
How to Convert Uniswap
When you decide to swap your UNI tokens, here is an instruction:
- Choose the UNI as a cryptocurrency you convert and select the cryptocurrency you want to convert to.
- Specify the number of coins you want to buy/sell in one of the fields — the other one will be automatically updated.
- Enter the wallet address where you want the coins to arrive and click the “Exchange” button.
- Send the required amount of UNI to the one-time deposit address provided by the platform.
- Wait for the transaction to begin. It takes 5-30 minutes for us to complete it at the best rate possible. If something goes wrong, we will inform you of the following steps.
- After the transaction is complete, you can see the details on the “Completed” page.
Can You Mine Uniswap?
UNI coin is a mineable token. Users can get the coins through liquidity mining, which is also called yield farming. It works as follows:
- A trader deposits their assets into a pool. This leads to the creation of liquidity tokens, which are sent on the address of liquidity provider (a trader);
- Every liquidity provider gains the amount of tokens that equals the amount of coins provided to the pool;
- After the end of a transaction, the 0.3% fee is applied to the sender. It is then split between all liquidity providers in this group;
- In order to recover the liquidity of the pools, LPs “burn” their liquidity tokens, thus exchanging them for their liquidity pools’ shares.
If a trader doesn’t want to mine these tokens, they can buy this cryptocurrency on exchange platforms like Godex. With this service, you can buy or sell coins with the highest exchange rates and gain profit by participating in its affiliate program.