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Uniswap Guide, Usecases, and Where to Buy in the Philippines

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While Binance, Coinbase, Coins.ph, PDAX, GCrypto, Maya, and other well-known crypto exchanges dominate discussions about crypto trading, they operate as centralized exchanges under a central authority. They utilize order book-based trading, where a buy order must match a sell order of the same token amount for successful trades.

Enter Uniswap, a paradigm shift in the world of crypto exchanges. Uniswap, a fully decentralized exchange (DEX), employs an innovative trading model known as an automated liquidity protocol.

UNI Price to PHP

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Uniswap: The DEX Titan

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Uniswap, a decentralized exchange for trading cryptocurrencies, operates on the Ethereum blockchain and ranks among its largest applications. Developed by Hayden Adams in 2018, who also founded Uniswap Labs for software development atop the Uniswap Protocol. This entity is responsible for the Uniswap web app, NFT aggregator, and mobile wallet.

The Uniswap Protocol, lauded for its weekly handling of billions in trading volume, leads in DEX volume across Ethereum mainnet, Polygon, Arbitrum, and Optimism. Functioning through immutable smart contracts, it epitomizes decentralization – no single entity governs its codebase. Even if Uniswap Labs ceases to exist, the protocol remains operational.

Uniswap’s compatibility extends to several blockchains, including Ethereum, Polygon, Arbitrum, Optimism, Binance Smart Chain, and Celo.

The protocol has evolved through four iterations:

  1. Uniswap V1: Launched in November 2018.
  2. Uniswap V2: Introduced in May 2020, facilitating ERC-20 to ERC-20 token trades.
  3. Uniswap V3: The current version, launched in May 2021, introduced concentrated liquidity, allowing liquidity providers to select specific price ranges.
  4. Uniswap V4: Currently under development with community contributions, not yet deployed.

$UNI: The Driving Token

The Uniswap Protocol’s governance token, $UNI, enables holders to vote on protocol proposals and stake for more voting power.

Ticker Symbol$UNI
Year Launched2018
Consensus AlgorithmPoS
All-Time High$44.92 (May 03, 2021)
All-Time Low$1.03 (September 17, 2020)
Websitehttps://uniswap.org/
Socialshttps://twitter.com/Uniswap
https://discord.gg/FCfyBSbCU5

How to Buy $UNI in the Philippines

  1. To start buying, selling, holding, and trading $UNI on exchanges, users should create and verify an account by providing requirements such as personal information, an email address, a phone number, a valid ID, and a selfie. 
  2. Choose the $UNI trading pair; it could be $UNI/USDT, $UNI/USD, $UNI/PHP, or others.
  3. Buy $UNI by typing the desired amount. 
  4. Check the crypto wallet of the exchange, select the transfer or send option, and type in the wallet address of the receiver. Make sure that the wallet is compatible with $UNI.
  5. Check if the transaction is complete. Usually, the amount has already been loaded to the wallet. 

Uniswap Guide on Staking

  1. Connect a wallet to the Uniswap App.
  2. Select the staking feature and choose from available liquidity pools.
  3. Deposit $UNI tokens into the chosen pool.
  4. Receive Liquidity Pool tokens representing your pool share.
  5. Stake these LP tokens in the Uniswap Governance Portal.
Photo for the Article - Uniswap Guide, Usecases, and Where to Buy in the Philippines

Uniswap Guide – Using the Web App

  1. Visit Uniswap Web App.
  2. Connect an Ethereum wallet (supported wallets include Uniswap Wallet, MetaMask, WalletConnect, Coinbase Wallet).
  3. Select a network (Ethereum, Polygon, Optimism, etc.).
  4. Choose trading tokens and enter the trade amount.
  5. Review and confirm the transaction, including gas fees.
  6. Await transaction processing, usually completed within seconds.

This article is published in BitPinas: Uniswap Guide, Usecases, and Where to Buy in the Philippines

Disclaimer:

  • Before investing in any cryptocurrency, it is essential that you carry out your own due diligence and seek appropriate professional advice about your specific position before making any financial decisions.
  • BitPinas provides content for informational purposes only and does not constitute investment advice. Your actions are solely your own responsibility. This website is not responsible for any losses you may incur, nor will it claim attribution for your gains.

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