Uniswap

Uniswap is a decentralized cryptocurrency exchange protocol built on the Ethereum blockchain. It allows users to trade various Ethereum-based tokens directly from their wallets without the need for a centralized intermediary. Uniswap uses an automated market maker (AMM) model, where liquidity providers deposit equal values of two tokens to create a market. Traders can then swap tokens against these liquidity pools, with prices determined by a constant product formula. The protocol is known for its simplicity, efficiency, and ability to list new tokens without permission.