Uniswap is an open source decentralized exchange protocol built on the Ethereum blockchain and operating under the management of smart contracts. Uniswap leaves behind the traditional architecture of the digital exchange, since there is no order book. The protocol works with the design of Constant Product Market Maker, which is a variant of the model called Automated Market Maker (AMM).

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Uniswap's largest ETH-USDC pool is more liquid than most equivalent pairs on centralized exchanges

Uniswap's largest ETH-USDC pool is more liquid than most equivalent pairs on centralized exchanges.