Decentralized finance (DeFi) has rapidly emerged as a game-changer in the world of finance, offering users an alternative to traditional banking systems that is more transparent, accessible, and secure. Uniswap, the leading decentralized exchange platform built on the Ethereum blockchain, is one of the projects leading this revolution.
Recently, Uniswap announced the launch of its mobile wallet on the iOS Apple store, which is meant to make it easier for its users to manage their digital assets and trade ERC-20 tokens directly from their smartphones.
What Is Uniswap’s New Mobile Wallet?
The Uniswap mobile wallet is a self-custodial, open-sourced app enabling users to manage their digital assets from their smartphones, including ERC-20 tokens and NFTs. This app lets users track their favorite wallets, see activity feeds for those they follow, and discover top tokens by market cap, price charts, or volume.
According to the announcement, the Uniswap mobile wallet is built with security, ensuring users’ private keys are stored locally on their devices. It also allows users to connect to popular hardware wallets for added security.
Previously, the protocol was set to launch its new mobile wallet to the public, but the launch was delayed due to issues with Apple’s App Store review process. Uniswap submitted its mobile app months ago, and despite meeting all of Apple’s technical specifications and compliance requirements, the mobile wallet was not approved until now.
The Uniswap mobile wallet is designed to seamlessly connect to various Layer 2 (L2) scaling solutions built on top of the Ethereum network. These L2 solutions, including Arbitrum, Polygon, and Optimism, are designed to increase the speed and scalability of transactions on the Ethereum network by processing them off-chain and settling them on the Ethereum mainnet.
By connecting to these L2 solutions, the protocol’s mobile wallet can offer users faster and cheaper transactions than what is currently possible on the Ethereum mainnet. This means that users can trade ERC-20 tokens more efficiently and with lower fees, making it easier for them to participate in the DeFi ecosystem.
Uniswap Continues At The Top Of The Mountain
Uniswap has been one of the largest and most popular decentralized exchange protocols in the DeFi ecosystem, and its TVL has been steadily increasing since its launch in 2018. The protocol has been a driving force behind the explosive growth of decentralized finance (DeFi).
In terms of market capitalization, Uniswap’s native token, UNI, continues to be ranked among the top 20 cryptocurrencies by market cap, trading at $6.20, up by 4.6% in the last 24 hours.
Uniswap’s circulating market capitalization stands at $4.6 billion, a decrease of over 2% in the last 30 days. However, the protocol’s total value locked (TVL) has increased by 7.8% in the same 30-day period and currently stands at $4 billion.
What’s more, Uniswap’s trading volume has been steadily increasing, with a 45% increase in the last month alone, bringing it to a total of $560 billion as of this writing, according to data from Token Terminal, making it the number 1 decentralized exchange.
Featured image from Unsplash, chart from TradingView.com