Hayden Adams founded UniSwap exchange in the year 2012. It is a decentralized exchange that allows users to trade on Ethereum-based tokens. Because of its simplicity and friendly interface, it quickly gained popularity among users.
This platform uses a different trading model, "Automated Market Making, " allowing traders to trade without using a centralized order book.
This blog will guide you through the basics of UniSwap regarding all the necessary information one needs to know.
Pros offered by this exchange
- Variety in Tokens
The platform has listed several numbers of tokens on its platform which includes ERC-721 and ERC-20 tokens. For instance, Toncoin, Shiba Inu token, UMA token, Aurora, Tribe Token, and many more.
- Open Source Platform
It is an open-source platform, which means that it does hide any of the information from the users which makes this exchange more transparent that gains the trust of the users. It also means that any user who has in-depth knowledge in the field of trading and auditing can verify whether the information provided by the platform is accurate or not.
- High level of Liquidity
Traders can trade in a large number of tokens as they want from the liquidity pool and even after this, it will not have much effect on the market price.
- Fees Charged
Compared to many other decentralized exchanges, the fees charged by UniSwap Exchange is relatively low than others. Low fees make it an attractive exchange for investors.
Like centralized exchanges, it does not have any traditional method of providing a customer care facility (a calling facility is not given). Instead, UniSwap has a team of community members who works on resolving the issue faced by the users. These community users and developers use the social media platforms such as Twitter and Telegram to look for any complaints raised by the user. The traders can write down their issues on their social media platforms and tag the official account of the exchange to ask for assistance facility.
Before reaching out through the social media platform user can also visit the official documentation page of the UniSwap Exchange. On the page, all the common issues that could have occurred and other issues that have been resolved recently have been written along with their possible solutions. You can take a look and see if the issue you are facing is written or not. If yes, then try to perform the solution given with it.
To Sum it Up
This platform has a simple design which makes it easy to use for first-time users. Even the charged gas fee for the transactions is 0.3% which is way lower than the other exchanges. In the end, we hope that you were able to understand about UniSwap Exchange through our blog.