<s>
Uniswap	B-Protocol
is	O
a	O
decentralized	O
cryptocurrency	O
exchange	O
that	O
uses	O
a	O
set	O
of	O
smart	B-Application
contracts	I-Application
(	O
liquidity	O
pools	O
)	O
to	O
execute	O
trades	O
on	O
its	O
exchange	O
.	O
</s>
<s>
It	O
's	O
an	O
open	O
source	O
project	O
and	O
falls	O
into	O
the	O
category	O
of	O
a	O
DeFi	B-Protocol
product	O
(	O
Decentralized	B-Protocol
finance	I-Protocol
)	O
because	O
it	O
uses	O
smart	B-Application
contracts	I-Application
to	O
facilitate	O
trades	O
.	O
</s>
<s>
The	O
protocol	O
facilitates	O
automated	O
transactions	O
between	O
cryptocurrency	O
tokens	O
on	O
the	O
Ethereum	B-Application
blockchain	B-Application
through	O
the	O
use	O
of	O
smart	B-Application
contracts	I-Application
.	O
</s>
<s>
,	O
Uniswap	B-Protocol
was	O
estimated	O
to	O
be	O
the	O
largest	O
decentralized	O
exchange	O
and	O
the	O
fourth-largest	O
cryptocurrency	O
exchange	O
overall	O
by	O
daily	O
trading	O
volume	O
.	O
</s>
<s>
Uniswap	B-Protocol
was	O
created	O
on	O
November	O
2	O
,	O
2018	O
by	O
Hayden	O
Adams	O
,	O
a	O
former	O
mechanical	O
engineer	O
at	O
Siemens	O
.	O
</s>
<s>
The	O
Uniswap	B-Protocol
company	O
received	O
investments	O
from	O
business	O
angel	O
Ric	O
Burton	O
and	O
venture	O
capital	O
firms	O
,	O
including	O
Andreessen	O
Horowitz	O
,	O
Paradigm	O
Venture	O
Capital	O
,	O
Union	O
Square	O
Ventures	O
LLC	O
and	O
ParaFi	O
.	O
</s>
<s>
Uniswap	B-Protocol
’s	O
average	O
daily	O
trading	O
volume	O
was	O
US$220	O
million	O
in	O
October	O
2020	O
.	O
</s>
<s>
Traders	O
and	O
investors	O
have	O
utilized	O
Uniswap	B-Protocol
because	O
of	O
its	O
usage	O
in	O
decentralized	B-Protocol
finance	I-Protocol
(	O
DeFi	B-Protocol
)	O
.	O
</s>
<s>
Uniswap	B-Protocol
is	O
a	O
decentralized	B-Protocol
finance	I-Protocol
protocol	O
that	O
is	O
used	O
to	O
exchange	O
cryptocurrencies	O
and	O
tokens	O
;	O
it	O
is	O
provided	O
on	O
blockchain	B-Application
networks	O
that	O
run	O
open-source	B-Application
software	I-Application
.	O
</s>
<s>
Each	O
Ethereum	B-Application
address	O
that	O
had	O
interacted	O
with	O
Uniswap	B-Protocol
prior	O
to	O
September	O
1	O
,	O
2020	O
received	O
the	O
ability	O
to	O
claim	O
400	O
UNI	O
tokens	O
(	O
worth	O
approximately	O
$	O
1,400	O
at	O
the	O
time	O
)	O
.	O
</s>
<s>
Uniswap	B-Protocol
uses	O
liquidity	O
pools	O
to	O
fulfill	O
orders	O
instead	O
of	O
relying	O
on	O
a	O
market	O
maker	O
,	O
with	O
an	O
aim	O
to	O
create	O
more	O
efficient	O
markets	O
.	O
</s>
<s>
Individuals	O
and	O
bots	O
—	O
termed	O
"	O
liquidity	O
providers	O
"	O
—	O
provide	O
liquidity	O
to	O
the	O
exchange	O
by	O
adding	O
a	O
pair	O
of	O
tokens	O
to	O
a	O
smart	B-Application
contract	I-Application
which	O
can	O
be	O
bought	O
and	O
sold	O
by	O
other	O
users	O
according	O
to	O
the	O
constant-product	O
rule	O
.	O
</s>
<s>
No	O
fees	O
are	O
required	O
to	O
list	O
tokens	O
which	O
allow	O
a	O
large	O
amount	O
of	O
Ethereum	B-Application
tokens	O
to	O
be	O
accessible	O
and	O
no	O
registration	O
is	O
required	O
for	O
users	O
.	O
</s>
<s>
As	O
open-source	B-Application
software	I-Application
,	O
Uniswap	B-Protocol
's	O
code	O
can	O
also	O
be	O
forked	B-Application
to	O
create	O
new	O
exchanges	O
.	O
</s>
