Uniswap (UNI), built on the Ethereum network, is a decentralized exchange that allows users to trade cryptocurrencies without needing a central authority. Operating with liquidity pools and a constant product formula, Uniswap ensures liquidity by offering rewards from trading fees and UNI coins to liquidity providers. This decentralized structure reduces manipulation risk, increases transparency, and provides an attractive trading environment for users. In this article, you will find answers to two frequently asked questions: what is Uniswap (UNI) and how to buy Uniswap (UNI) with TRY.
What is Uniswap (UNI)?
Uniswap is an innovative blockchain protocol built on the Ethereum network, offering a decentralized exchange where users can trade cryptocurrencies without relying on a central authority. This protocol is part of the decentralized finance (DeFi) ecosystem and uses multiple cryptocurrencies, including its native UNI coin, to provide services similar to traditional exchanges. However, unlike traditional exchanges, Uniswap operates without a central order book or administrator, instead utilizing a series of liquidity pools.
These liquidity pools are central to Uniswap’s functionality. Providers contribute to these pools by depositing trading pairs into smart contracts. For example, the DAI/ETH liquidity pool requires equal values of DAI and ETH. In return for providing liquidity, contributors earn a portion of the trading fees and newly minted UNI coins. This system incentivizes users to contribute to the pools, ensuring there is always liquidity available for investors to swap coins/tokens.
Uniswap’s decentralized nature allows anyone to list a coin/token as long as there is an existing liquidity pool. This open approach promotes various trading pairs and democratizes access to liquidity. However, since Uniswap is built on Ethereum, it only supports coins/tokens that operate on the Ethereum blockchain.
The core mechanism governing Uniswap’s pricing model is the constant product formula (x * y = k). Here, x and y represent the quantities of each coin/token in the pool, while k is a constant that maintains the overall value of the pool. When liquidity providers create a new pool, they set the initial price by providing equal values of their coins/tokens. As investors swap coins/tokens within the pool, the formula adjusts the quantities to ensure the product of the two amounts remains constant.
Every transaction on Uniswap incurs a fee added to the pool, thus increasing its overall liquidity. This fee structure not only rewards liquidity providers but also introduces a slight price slippage with each transaction. This change makes consecutive transactions in the same direction increasingly expensive, helping maintain balance within the pool.
Uniswap’s decentralized trading approach offers several advantages over traditional exchanges. By eliminating the need for intermediaries, it reduces the potential for manipulation and increases transparency. Additionally, incentivizing liquidity provision through fees and UNI rewards ensures the platform remains robust and attractive to users.
How to Buy Uniswap (UNI) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy Uniswap (UNI). Binance TR allows quick account creation and supports the trading of over 100 cryptocurrencies, including UNI. To purchase Uniswap (UNI) with TRY on Binance TR, follow these steps.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. Visit the trbinance.com website and proceed with the “Create Account” step. In the first step of account creation, you will be asked to enter basic information such as email address, phone number, name, surname, date of birth, nationality, and T.C. identity number.
After entering the requested information completely and accurately, an email/SMS verification will be conducted to confirm the information. Upon completing this process, you will proceed to the second step, identity verification (KYC).
How to Verify an Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that must be completed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can choose to complete the verification process either from your phone or through Binance TR’s official website. Note that you will need your mobile phone for identity verification on the website.
On the Binance TR website, hover over the “Profile” option at the top right, click on “Identity Verification and Limits” from the drop-down menu, and then click on “Verify.” You will then need to scan the QR code that appears with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, click on “Copy URL” to send the identity verification address to your phone via SMS.
When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. From here, first, tap on the “Identity” option to continue.
Then a screen like the one below will open. To continue with the verification process, first, select the document type that suits you.
After selecting the document type, tap on “Upload Front” to continue. After taking a photo of the front side of the document, tap on “Upload Back” and take a photo of the back side of the document. Ensure that the images are clear and that the information in the photos is easily readable.
Then tap on the “Selfie” option to continue. At this point, your phone’s front camera will open, and you will need to scan your face. Ensure that your face fills the camera area as much as possible.
After completing all these steps accurately and completely, your identity verification process will be completed shortly.
How to Deposit TL on Binance TR?
You can easily deposit TL into your Binance TR account from all banks. You can deposit TL 24/7 from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts and perform transactions without interruption. Deposits from other banks can be made 24/7 up to 50,000 TL via FAST. Deposits over 50,000 TL from other banks are processed during EFT hours.
To deposit money into your Binance TR account, first, go to the trbinance.com website, hover over the “Wallet” option at the top left of the homepage, and click on “Deposit” from the drop-down menu.
Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank. If your preferred bank is not yet integrated with Binance TR, you should continue by clicking on the “Other Banks” option.
In this example, we will continue using Vakıfbank, but the process is the same for all banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can make a transfer, EFT, or FAST. All you need to do is use the information displayed on the page of your preferred bank to transfer the amount you want to deposit into your Binance TR account via transfer, EFT, or FAST.
Once your bank completes the transfer, the funds you sent will automatically reflect in your Binance TR account wallet.
How to Buy UNI Coin with TL on Binance TR?
After depositing money, you can proceed to the TL to UNI coin purchase step by clicking on the “Buy-Sell” option in the top left menu on the Binance TR website.
After clicking on this option, the page below will open. In the search box on the right side of this page, type “UNI” and click on the UNI/TRY option from the results to go to the TL to UNI purchase page.
Now the UNI trading page will open. In this page, in the red-marked area, you need to enter the price at which you want to buy UNI in the first box and the number of UNI you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy UNI” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR leverages Binance’s technology, security measures, and liquidity provided through the Binance Cloud infrastructure to offer trading services from fiat to crypto and crypto to crypto. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) through direct bank channels and trade various cryptocurrencies with TRY trading pairs via Binance TR.
Users supported by Binance’s core functions can access market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls through Binance TR.
