The DeFi platform, Uniswap, has expanded its reach by unveiling a mobile wallet app for Android this Thursday, succeeding its iOS version released in April.
The company reported in their official statement that post its iOS release, there was a significant surge in app downloads, catapulting it into the top three newly downloaded wallets.
The freshly launched Android app is still in its beta phase and has the capability to allow users to transition between various blockchains. Uniswap has called upon the DeFi community members to participate in testing this beta variant, with a full-scale rollout anticipated before the year closes, as conveyed by Bridgett Frey, a spokesperson from Uniswap Labs, in her conversation with Decrypt.
She mentioned, “In recent months, we’ve worked diligently to refine the Uniswap Android wallet, ensuring it offers a swapping experience that aligns with what countless users already appreciate on Uniswap.”
Highlighting the enthusiasm surrounding this development, a recent post from Uniswap on Twitter stated that a staggering 35,000 users joined the waitlist within just a 5-hour window.
What Makes it “a Great Swap”
Uniswap’s Android app boasts a suite of features designed to optimize the user experience. The company emphasizes its ability to execute swaps in mere fractions of a second, the capability to discover leading tokens, and the seamless transition between primary blockchains, like Ethereum, and secondary layers (L2s).
Highlighting the importance of user-friendly transactions, the wallet elucidated, “The upcoming surge in user engagement will be driven by chains offering quicker and more cost-effective transactions. This is the reason behind our emphasis on simplifying swaps on L2s.”
In the initial phase, users have the option to interchange tokens across platforms such as Polygon, Arbitrum, Optimism, Base, and BNBChain. Uniswap has also indicated plans to incorporate additional chains in the near future.
Uniswap Labs, the brains behind the Uniswap platform, has emphasized their commitment to user security. The wallet will feature “swap protection” to safeguard users from DeFi vulnerabilities, notably the sandwich and frontrunning attacks.
To elucidate, in a sandwich attack, a malicious trader identifies a pending transaction on networks like Ethereum. This attacker then “sandwiches” their own trades around the target transaction to exploit minor price variations for profit. Frontrunning attacks, on the other hand, involve an attacker spotting a pending transaction and strategically placing their own trades ahead of it to gain financial advantage.
Uniswap also aims to instill trust and clarity in its users by guaranteeing transparent fee structures. This entails disclosing all associated costs, including any hidden gas fees, upfront to users.
Citing data from DefiLlama, Uniswap has firmly established itself as the preeminent decentralized exchange in terms of total trading volume. The platform has impressively facilitated trades exceeding $1.7 trillion to date.