UNI UNI

關於 UNI

Uniswap is the first automated market-making transaction protocol built on the Ethereum blockchain. Project vision: Build a trustless and highly decentralized financial infrastructure. Market demand: In the blockchain world, it is necessary to reshape the centralized business model in a decentralized way. Exchanges are only part of it. At the same time, centralized exchanges are facing power supervision, hackers stealing coins, and exchanges themselves. Other risks, especially asset control rights are not in the hands of ordinary users. For the concept of disintermediation and trustless third parties, decentralized exchanges are an indispensable part of a more encrypted world. Before Uniswap launched the AMM automatic market-making model, the DEX (decentralized exchange) field continued the traditional order book market-making and over-the-counter market-making models, and could not support a large number of users in terms of transaction speed and transaction depth. At the same time, There is also a lack of incentive models. solution: Uniswap is an Ethereum-based protocol designed to facilitate automatic exchange transactions between ETH and ERC20 token digital assets (any ERC20 transaction pair is supported after the V2 version is released). Uniswap is fully deployed on the chain, and any individual user can freely deposit tokens for exchange, and can withdraw freely, without the registration, identity verification and withdrawal restrictions of centralized exchanges. Uniswap supports any individual user to issue ERC20 tokens on Uniswap and create a corresponding fund pool. When a certain ERC20 token fund pool (ETH and ERC20 transaction pool or ERC20 and ERC20 transaction pool) is created, the platform encourages all parties to participate Exchange in the same fund pool, and give the first liquidity provider to provide liquidity in this contract the right to set the exchange rate between this ERC20 token and ETH (or ERC20 token) The provider gives all transaction fees (0.3% of the transaction volume). When the exchange rate in the fund pool is inconsistent with the larger market, there is room for arbitrage. At this time, arbitrage traders can smooth out these spreads by moving bricks to keep the exchange rate consistent with the broader market. After that, all liquidity providers will use the exchange rate at the time of recharging as the basis for calculating equivalence. Project Features: There are two types of smart contracts in Uniswap: Trading contract: A trading contract supports one ERC20 token, and each trading contract reserves a certain amount of ETH and the supported ERC20 tokens. The transaction contract can also realize the direct transaction between one ERC20 token and another ERC20 token. Factory contract: It can be used to deploy new trading contracts. Any ERC20 token that does not have a trading contract on Uniswap can use the factory contract to deploy a trading contract, that is, ERC20 tokens can be issued on Uniswap. Uniswap's asset liquidity: Uniswap uses the liquidity of reserves to realize the exchange of digital assets on the agreement. The reserves in the trading contract are provided by many "liquidity providers". These liquidity providers deposit equivalent ETH and ERC20 tokens into this transaction contract. The first liquidity provider to provide liquidity in this contract has the right to set the exchange rate between this ERC20 token and ETH. When there is room for arbitrage in the exchange rate, arbitrageurs move bricks to smooth out the spreads in different markets. Uniswap's liquidity provider will capture transaction fees: After the liquidity provider adds liquidity to the Uniswap pool, the trading contract will mine and send "liquidity tokens" according to its proportion in the fund pool. These tokens are the share of record liquidity providers. If someone adds liquidity to the fund pool, new tokens will be mined. If someone withdraws from the liquidity, the mined tokens will be destroyed, so that the relative proportion of each liquidity provider will remain the same. The income of the liquidity provider comes from transaction fees, which are currently 0.3% of the transaction volume, and these transaction fees will be distributed to the liquidity provider in proportion.