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## Notes on the Uniswap protocol
<br>
**Peer-to-peer system designed for exchanging ERC-20 tokens on the Ethereum blockchain.**
<br>
* The protocol is implemented as a set of persistent, non-upgradable smart contracts; designed to prioritize censorship, resistance, security, self-custody.
<br>
* An AMM replaces the buy and sell orders in an order book market with a liquidity pool of two assets, both valued relative to each other. As one asset is trader for the other, the relative prices of the two assets shift, and the new market rate for both is determined.