Uniswap is a decentralized exchange that creates markets using liquidity pools (LPs) rather than an ordinary order book. There are no order books, centralized parties, or central facilitators in these pools; instead, smart contracts that define them allow for the trading of tokens and the addition of liquidity. Users of the Uniswap platform combine two assets, which are then traded against one another, with the price based on the ratio of the two. By adding an equivalent amount of each ERC-20 token to the LP, anyone with ERC-20 tokens can increase the liquidity in these pools. Users that provide liquidity to an LP are given an LP token, which they can exchange for the underlying assets and fees at any time. Fees are split equally across each pool. The native governance token of Uniswap is called UNI.Learn More
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