On November 14, the Uniswap decentralised exchange (DEX) unveiled its Android wallet app. The closed beta has been running since mid-October, but now is available for all users. As the developers stated, it is "built for swapping". However, there are also other features. For iOS, the wallet was launched back in April of this year. Uniswap's UNI token have risen 26% due to this and other recent developments.
In October, Uniswap was in the centre of attention: first because of an introduction of a swap fee of 0,15% for certain tokens, and then because of rumours of possible mandatory verification on the next version of the protocol Uniswap v4. The DEX is actively developing the threshold of its new fourth version launch in 2024.
What is Uniswap
Uniswap is one of the oldest and largest DEXs, which was created in 2018. Like any DEX, it runs on smart contracts and provides the ability to trade (or swap) tokens directly from your crypto wallet. Through CEXs, users can only store their funds.
Currently, Uniswap runs on 8 blockchains, including Ethereum, Polygon, Arbitrum, Optimism, Base, BNB Chain, Avalanche, and Celo. In addition to swapping tokens, it allows users to trade NFTs.
The main features of Android Uniswap wallet: lightning-fast swaps and protection from MEV
The new Uniswap app is basically a regular mobile hot wallet that lets users manage their tokens and NFTs. It also has the ability to import and export seed phrase, allowing you to use the same address in other apps and devices.
However, the wallet does not have a built-in browser to access dApps, unlike many popular similar ones like Trust Wallet or MetaMask.
Since Uniswap is one of the largest DEXs, its main focus is on the convenience and security of swaps. For example, it has MEV protection, which allows users to swap tokens at the current rate and not lose money.
MEV, Miner Extractable Value or Maximal Extractable Value, is a concept related to the ability of miners or validators to make additional profits by changing the order of transactions in a blockchain.
Learn more about MEV in our article: Ethereum Foundation loses $9K in sandwich attack during 1,700 ETH swap.
With the Android app, you can swap coins on 6 out of 8 DEX’s blockchains: Ethereum, Polygon, Arbitrum, Optimism, Base, and BNB Chain.
Here are a some of the new Android wallet features:
💸 Swap tokens in a few clicks and in a fraction of a second via Uniswap pools;
🖼️ View and manage NFTs;
🔎 Track the activity of other addresses;
📊 View top tokens by various parameters;
💳 In some regions, there is an option to buy crypto with a bank card.
By the way, Binance recently released its new Web3 Wallet, which caused a buzz in the media and among users because of its security and terms of use; learn about its main features and drawbacks.
Uniswap TVL and UNI token rise due to developments
Uniswap is quite a big DEX. According to DeFi Llama, its TVL stands at $3.58 billion. By this parameter, Uniswap ranks first among all DEXs.
Total Value Locked (TVL) reflects the value of all assets locked on smart-contracts of dApp.
Since November 1, the Uniswap token, UNI, has grown by 26% and is now worth approximately $5.3. As per CoinMarketCap, UNI's capitalization accounts for $3.1 billion, making it the 27th largest token.
UNI has risen both amid the whole market’s growth and the recent Uniswap development. Since October 17, together with the new wallet app, Uniswap has been charging a 0.15% commission for swapping certain tokens through its interfaces. Keep in mind that they apply to this app as well.
According to The Block, this innovation has cost the project more than $1.2 million to date. As reported by founder Hayden Adams, these funds are needed for the maintenance and development of Uniswap.
As a reminder, with the next Ethereum upgrade, which has been recently pushed back to 2024, the new fourth version of Uniswap will be launched. It is introducing hooks and a new “flash accounting” system.
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