Is Uniswap Safe?
Since Uniswap is a decentralized exchange, play in relation to the safety two factors in particular play an important role. The programming code on which it is based is a prerequisite for the safe use of a DEX. Smart contracts are considered secure per se, but only if there are no errors in the code.
“Since its inception, the Uniswap Protocol (” Uniswap “) has served as a trustworthy and highly decentralized financial infrastructure.” – Uniswap website
Uniswap is the largest and best-known DEX to date, which has its origins in the United States of America. It was founded in 2018 by Hayden Adams, a former mechanical engineer at Siemens. The platform is based on the Ethereum blockchain and uses the Solidity programming language. In addition, the software is subject to the GNU General Public License, which makes it public and can be used by anyone.
Who invests in Uniswap?
Investors include, for example, Andreessen Horowitz, Union Square Ventures and ParaFi. In February 2021, Uniswap reached a trading volume of $ 100 billion and is therefore one of the largest trading platforms for cryptocurrencies worldwide.
“Today we are pleased to announce that we have received $ 11 million in Series A funding led by Andreessen Horowitz with additional investments from UPS, Paradigm, Version One, Variant, Parafi Capital, SV Angel and A.Capital have raised. ” – Uniswap website
Decentralized exchanges – what do you have to pay attention to when using them?
Another important factor in terms of security when using a DEX is the user himself. Since access is directly via his own wallet, the user also takes full advantage of the wallet responsibility about his own finances. The most common mistakes here include the loss of access data, malware on your own computer and phishing attacks.
Private keys btw. their seed phrase are the most important prerequisites for accessing a wallet. These should always be kept safe and not passed on to third parties. Anyone with access to the private key also has access to the wallet and the assets it contains. In addition, there are no copies of the private keys at Uniswap or other providers, which means that if they are lost, access is irrevocably lost.