24H Volume

$5.76M

-12.11%

Global Ranking

Not ranked
Uniswap V2 is a fully decentralized on-chain protocol with liquidity pools, order matching and on-chain settlement for token exchange on Ethereum that uses liquidity pools instead of order books. Anyone can quickly swap between ETH and any ERC20 token or earn fees by supplying any amount of liquidity. And anyone can create a market (i.e., liquidity pool) by supplying an equal value of ETH and an ERC20 token. Uniswap V2 allows only one market per ERC20 token. The market creator sets the exchange rate, which shifts through trading due to Uniswap V2's "constant product market maker" mechanism. When trading reduces one side of the pair's liquidity relative to the other, the price changes. This creates arbitrage opportunities, encouraging more trading. Uniswap V2’s design is different from a traditional limit order book model because the protocol creates a single liquidity reserve for each ETH-ERC20 token pair. Every liquidity reserve is an exchange smart contract that holds some quantity of ETH and an ERC20 token. The Uniswap V2 exchange contract works as an automated market maker (AMM) that determines the exchange rate between ETH and an ERC20 token based on the relative quantity of each token in the reserve. Instead of filling buy and sell orders, users trade against the reserve by adding one token and removing another. The key formula to keep in mind is x * y = k, where x and y are the coin quantities in the liquidity pool, and k is the product. In order to keep k constant x and y can only move inverse each other. For example, a DAI/ETH reserve initially set up with 150,000 DAI and 1,000 ETH creates a price point of 150 DAI/ETH. If a user intends to buy 10,000 DAI from the DAI/ETH reserve, they are increasing the quantity of ETH in the reserve and removing DAI from it — thus, placing downward pressure on the DAI/ETH ratio and increasing the price of DAI. One caveat to keep in mind is front running, which is an issue for all DEXes on Ethereum today. To help mitigate, Uniswap V2 allows one to specify a maximum price when placing an order. Therefore, if a miner front runs an order, the user cannot be forced into accepting the worse price. They might miss the trade, unfortunately, but they won't get a costlier price. Another feature Uniswap V2 implements is expiring orders which prevent miners from withholding signed transactions and processing them later when the price has moved. Uniswap V2 has no native token, but each liquidity pair is represented by a unique, freely-transferable ERC20 token. All fees (0.3% per trade) are added to the relevant liquidity pool; thus all fees go to liquidity providers in proportion to their share of the pool's liquidity. Liquidity providers can add to or withdraw their funds at any time. ... Expand
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KYC Unknown
Risk Reserve --
Region U.S.A
Assets --
Coins 326424trading pairs
Quant API Unknown
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Uniswap v2 (Ethereum)Market

24H Volume: $5.76M
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Type: USD
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