What Is Uniswap?

Uniswap is a decentralized exchange (DEX) protocol built on Ethereum that allows users to swap ERC-20 tokens without intermediaries, order books, or centralized operators. Created by Hayden Adams and launched in November 2018, Uniswap pioneered the automated market maker (AMM) model that has become the standard for decentralized trading. It is consistently the largest DEX by trading volume.

Overview - Table of Contents
What Is Uniswap?
Getting Started With Uniswap
How To Get A Uniswap Wallet?
Uniswap Resources
How To Buy UNI?
Latest Uniswap News

Traditional exchanges use order books where buyers and sellers post limit orders that are matched by a matching engine. Uniswap replaced this model with liquidity pools. A liquidity pool is a smart contract that holds reserves of two tokens. Anyone can provide liquidity by depositing equal value of both tokens into a pool and earn a share of trading fees in return. Traders swap against these pools using an algorithm that adjusts prices based on the ratio of tokens in the pool.

Uniswap has gone through several major versions:

Uniswap v1 (2018): The original AMM proof of concept, supporting only ETH-to-ERC-20 swaps.
Uniswap v2 (2020): Added ERC-20 to ERC-20 swaps, flash swaps, and improved price oracles.
Uniswap v3 (2021): Introduced concentrated liquidity, allowing liquidity providers to allocate capital within specific price ranges for much higher capital efficiency.
Uniswap v4 (2025): Launched January 31, 2025. Added hooks (customizable plugins for pools), singleton contract architecture for reduced gas costs, and flash accounting.

The UNI token was launched in September 2020 through one of the most notable airdrops in crypto history, distributing 400 UNI (worth approximately $1,200 at the time) to every address that had ever used the protocol. UNI is a governance token that gives holders voting power over protocol parameters, fee structures, and the Uniswap treasury. For years UNI carried no direct claim on protocol revenue, but that changed with the "UNIfication" proposal, which passed in late December 2025 with 99.9% approval. It switched on protocol fees and directs them to buying and burning UNI, and 100 million UNI from the treasury (about $596 million) were burned on December 28, 2025. As part of the same overhaul, the Uniswap Foundation was folded into Uniswap Labs, fees on the Uniswap interface, wallet, and API were removed, and Unichain sequencer fees now also flow to UNI burns.

Uniswap is deployed on Ethereum mainnet as well as multiple layer-2 networks and alternative chains including Arbitrum, Optimism, Polygon, Base, BNB Chain, Avalanche, and Celo. This multi-chain presence allows users to access Uniswap's liquidity across the ecosystem with varying gas costs and speeds.

Uniswap Labs, the company behind the protocol, also develops the Uniswap web interface and mobile app, which serve as the primary frontends for interacting with the protocol.

Getting Started With Uniswap

Using Uniswap to swap tokens is straightforward:

Step 1: Set up an Ethereum-compatible wallet such as MetaMask, Coinbase Wallet, or the Uniswap Wallet.
Step 2: Ensure you have ETH (or the native gas token of the network you are using) to pay for transaction fees.
Step 3: Visit the Uniswap web app or use the Uniswap mobile wallet, connect your wallet, select the tokens to swap, and execute the trade.
Step 4: Optionally, provide liquidity to a pool to earn trading fees.

Gas fees on Ethereum mainnet can be significant during periods of high demand. For lower fees, users can use Uniswap on layer-2 networks like Arbitrum or Optimism.

How to Get a Uniswap Wallet?

UNI is an ERC-20 token that can be stored in any Ethereum-compatible wallet:

Uniswap Wallet

Uniswap Labs offers its own mobile wallet app for iOS and Android with built-in token swapping. It is a self-custody wallet designed specifically for interacting with the Uniswap protocol and broader DeFi ecosystem.

MetaMask

MetaMask is the most popular wallet for interacting with Uniswap. Available as a browser extension and mobile app, it supports Ethereum and all networks where Uniswap is deployed.

Hardware Wallets

Ledger and Trezor hardware wallets support UNI and all ERC-20 tokens. Connect a hardware wallet through MetaMask for secure transaction signing on Uniswap.

Uniswap Resources

How to Buy UNI?

UNI is available on most major exchanges:

Centralized Exchanges

UNI can be purchased on Coinbase, Binance, Kraken, Gemini, and other major exchanges with fiat currency or other cryptocurrencies.

On Uniswap

Naturally, UNI can be purchased on the Uniswap protocol itself by swapping ETH or any other supported token for UNI.

After purchasing, transfer UNI to a personal wallet for self-custody. UNI holders can participate in governance by delegating their voting power or voting directly on proposals.

Latest Uniswap News

The UNIfication overhaul approved in December 2025 has reshaped Uniswap's token economics. After the initial 100 million UNI burn on December 28, 2025, governance voted in early March 2026 to expand the fee switch to eight more chains, projected to add roughly $27 million in annual revenue on top of the roughly $34 million already flowing to burns. UNI's circulating supply stands at about 625 million with a post-burn total supply of roughly 892 million. Uniswap has also benefited from a February 2025 appeals court ruling that affirmed dismissal of federal securities claims in a class action over scam tokens listed through its interface.

Deployment momentum continues alongside the tokenomics changes. Uniswap v4 and its hooks system, launched January 31, 2025, keep expanding across chains, and in July 2026 Uniswap was live on day one of new Arbitrum-secured layer-2 networks including Robinhood Chain. Together with Unichain, Uniswap's own layer-2 network whose sequencer fees now fund UNI burns, the protocol consistently processes billions of dollars in monthly trading volume across all deployed chains.