How to Buy UNI at Coins.ph!
Here’s the BitPinas guide on how to buy UNI at Coins.ph, how to swap, what is a decentralized exchange, and an intro to the Uniswap protocol.
Uniswap is a decentralized exchange with an AMM (automated market maker) model. Built on the Ethereum blockchain, Uniswap basically allows the community to swap tokens amongst themselves by allowing users to provide liquidity, in exchange for fees and rewards, so that other users will be able to trade.
How to Buy UNI at Coins.ph
UNI, the governance token of Uniswap is one of the cryptocurrencies launched on Coins.ph in October 2021, along with AAVE and MKR.
1) Sign up with a Coins.ph account (if you already have an account and are already ID and selfie-verified, proceed to step 3.)
2) Get ID and selfie-verified.
3) Create a UNI wallet on the app. The option should be immediately viewable once the app is updated to the latest version. (If you cannot see this option, update your app to the latest version.)
4) To buy UNI, just “slide” to convert “Php” to “UNI.”
Uniswap FAQs
Unlike centralized exchanges that use market makers, Uniswap is a “decentralized exchange” that allows users to pool their funds to provide liquidity on trading pairs. This means there is no order book and there are no central facilitators that do the trade.
Anyone can list their own tokens on Uniswap as long as they are ERC20 tokens. If there is no liquidity pool, users can create them themselves.
Liquidity providers earn from the fees from trading.
UNI Token FAQs
UNI is the governance token of Uniswap. When it launched on September 2020, anyone who interacted with the Uniswap protocol before September 1st of that year were rewarded with atleast 400 UNI. There will only be 1 billion UNI tokens in existence, and 66 million of those were claimed on launch day.
40% of UNI tokens will be distributed in the first year, and this distribution rate will drop by 10% per year, until all UNI tokens have been released.
Because UNI is a governance token, every UNI holder can vote on how the Uniswap protocol should run. For example, what to do with UNI’s community treasury, who gets UNI grants, and so on.
Growth
Many people have cited Uniswap as their first experience in swapping tokens in a decentralized exchange. By February 2021, Uniswap has processed $100 billion in trading volume and remains a very popular DeFi protocol. Its all-time high price of $44.92 was reached on May 3, 2021.
Why Buy UNI on Coins.ph
As a locally-licensed crypto exchange in the Philippines, Filipinos can easily buy UNI on the platform using pesos, the local currency. This is instead of going to international exchanges that also support UNI. While it the international platform may have better rates, depositing fiat to them may not be allowed or entails more steps. You will also most likely buy UNI using USDT or USDC.
Whereas in Coins.ph, cash-in is a one-step process. Deposit fiat via local bank or other remittance outlets, and the user only needs to convert their pesos to UNI in just one “slide-to-convert” process.
In addition, your UNI can easily be converted to pesos should you need to liquidate or use it to pay your bills, which, by the way, can be done straight inside Coins.ph.
This article is published on BitPinas in collaboration with Coins.ph: How to Buy UNI at Coins.ph!
