Uniswap, the number one decentralized exchange protocol by trade volume is officially live on BNB Chain, the world’s largest smart contract blockchain by daily active users. The expansion to BNB Chain offers several significant advantages like cost-effective trading on BNB Chain.
What is Uniswap?
The Uniswap Protocol is an open-source decentralized protocol for providing liquidity and trading tokens on several blockchains. It eliminates trusted intermediaries and rent extraction, allowing for safe, accessible, and efficient exchange activity. The protocol is non-upgradable and designed to be censorship resistant.
Uniswap has processed over $1.4 trillion in trading volume across 138 million trades making it one of the leading decentralized crypto trading platforms to swap, earn, and build.
Why Integrate BNB Chain?
BNB Chain is the world’s leading L1 blockchain registering 1.3 million average daily active users across more than 1300 dApps in March 2023. Uniswap gains access to a new pool of liquidity, BNB Chain’s large DeFi developer community, and the potential to capture a larger market share in the DeFi sector with the integration with BNB Chain.
Alvin Kan, Director of Growth at BNB Chain welcomed the news of the launch, saying, “With BNB Chain’s thriving and dedicated community, scalability, and accessibility, it is a launchpad for all things Web3, where protocols looking to reach larger audiences can grow. We are delighted to see Uniswap’s continued commitment to delivering value to its users and building for the future of decentralization.”
Features of Uniswap
Web3 users can leverage Uniswap Protocol to swap tokens, provide liquidity and build and integrate dApps. Users can simply and safely access the benefits of the Uniswap Protocol through Uniswap.org. Here they can also buy crypto, swap tokens, provide liquidity to the protocol and trade NFTs all from one WebApp. Recently, Uniswap Labs announced the upcoming release of the new Uniswap iOS mobile wallet.
1. Swap tokens
Simply and safely swap between any two tokens. The Uniswap web app transparently provides estimated network fees users will have to pay to swap tokens and auto-routes trades to ensure that users are receiving the best prices Uniswap has to offer. The auto-router optimizes trades for price and gas efficiency across multiple pools. Advanced users can apply custom slippage limits, and custom transaction deadlines. Now you can use Uniswap to swap and trade BNB.
2. Provide liquidity
Become a liquidity provider and earn LP fees from trades on Uniswap with no central order book, no third-party custody, and no private order matching engine. Each liquidity pool contains two assets with the price determined by the AMM’s price curve. The pools keep track of aggregate liquidity reserves and the pre-defined pricing ranges set by liquidity providers. Reserves and prices are updated automatically every time someone trades.
3. Build and integrate dApps
Developers can build dApps on top of the Uniswap Protocol that leverages the liquidity on Uniswap. Protocols like Arrakis have been built on top of Uniswap to leverage Uniswap’s liquidity.
4. Buy crypto
Buy crypto using MoonPay directly on the Uniswap dApp. MoonPay enables Uniswap users to buy crypto using a debit card or directly from a bank account on Ethereum mainnet, Polygon, Arbitrum, and Optimism. Paying via MoonPay requires verification including your name, residence address, proof of identity, or source of funds. Uniswap does not have access to this information and BNB Chain is not currently supported. Learn more
5. Trade NFTs
Buy, sell, and trade NFTs across different marketplaces. Uniswap.org users can find more Ethereum NFT listings at a better price with access to NFT activity, sales, transfers, floor price, total volume, unique owners, percentage of the collection listed, traits, market price, and other NFT information. Users can buy NFTs with any ERC20 token. Uniswap’s Universal Router contract suggests the most efficient route to swap your token to ETH and then use that ETH to buy an NFT. However, BNB Chain users will have to wait for the launch of this feature.
6. Governance
UNI holders can vote on important proposals that affect the future and direction of Uniswap. For example, a majority, or 66% of UNI holders voted to support the deployment of Uniswap protocol v3 on BNB Chain in January 2023. The Uniswap Protocol will use LayerZero to bridge messages across the network and interact with smart contracts on BNB Chain.
7. Uniswap Mobile Wallet [Coming Soon!]
The Uniswap mobile wallet is a completely self-custodial, open-sourced mobile dApp. Gain access to price history, holdings on every network, token information, wallet balance, find new tokens and swap easily from a single screen.
Catch the official announcement by BNB Chain announcing the integration of BNB Chain on Uniswap.
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