Are you looking for an Uniswap Clone?
You may have heard of an Ethereum based exchange named Uniswap. Uniswap is a decentralised exchange in the form of two smart contracts hosted on the Ethereum blockchain, as well as a public, open source front-end client. It’s a 100% on-chain market maker allowing the swapping of ERC20 tokens, as well as ETH to an ERC20, and vice-versa.
Let’s run through some high level features of Uniswap, before exploring the smart contracts and the underlying workings of the exchange.
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Uniswap Exchange at a High Level
- Uniswap is a public, open-source, a non-profit project aimed to benefit the Ethereum ecosystem. The smart contracts of the project have been written in both Vyper and Solidity.
- It’s 100% on-chain. There are no dependencies required outside the Ethereum blockchain for it to operate. As a result, anyone can access Uniswap’s full capabilities using web3 and embed Uniswap functionalities within their apps as they please.
- Uniswap consists of 2 smart contracts — a “Factory” contract and an “Exchange” contract.
The Exchange contract can support any ERC20 token. But how do we set up an exchange for a particular ERC20? With one method call from the Factory.
By calling the createExchange method from the Factory contract, an Exchange contract is then deployed for a particular ERC20 token you specify. Every ERC20 token, therefore, by design, utilises its own Exchange smart contract.
Uniswap is 100% on-chain. The “Factory” smart contract contains an exchange registry, and a method to deploy an “Exchange” contract for a particular ERC20 token. An exchange can be created for any valid ERC20 token.
- Cheap gas prices compared to other decentralised exchanges. Take a look at the gas benchmarks of the whitepaper, and observe that ERC20 swaps, ERC20 to ETH swaps, and ETH to ERC20 swaps are all significantly cheaper than alternative decentralised exchanges.
- As mentioned, the exchange supports ERC20 to ETH, ETH to ERC20, and ERC20 to ERC20 token swaps. Not only this, you can also perform a token swap and then send the resulting tokens to another Ethereum address, all in one smart contract method call. This is handy if you are exchanging tokens for someone else, or if you are diversifying your holdings to multiple ETH addresses.
But in order for the exchange to work and for swaps to take place, there need to be tokens readily available — where do they come from? They are supplied by liquidity providers, and anyone can be one, by depositing tokens into an Exchanges’ liquidity pool.
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