What is Uniswap?

Uniswap is the leading decentralized exchange (DEX) on Ethereum, allowing users to swap ERC-20 tokens without intermediaries. Built on automated market maker (AMM) technology, Uniswap removes the need for traditional order books by using liquidity pools where anyone can provide liquidity and earn fees.As one of the earliest and most influential DeFi protocols, Uniswap pioneered decentralized token trading and remains central to Ethereum’s financial infrastructure.

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History

2018: Uniswap is launched by Hayden Adams, inspired by a post from Vitalik Buterin and funded by an Ethereum Foundation grant.

2020: Uniswap v2 launches with ERC-20 to ERC-20 swaps and flash swaps. Later that year, the UNI governance token is airdropped to early users.

2021: Uniswap v3 launches, introducing concentrated liquidity, multiple fee tiers, and improved capital efficiency.

2022–2024: Uniswap expands to Layer 2s (Arbitrum, Optimism, Polygon, Base), introduces the Uniswap Wallet, and builds governance tooling like the Uniswap Foundation.

Technology

Automated Market Makers (AMMs): Instead of buyers and sellers, Uniswap uses smart contracts and liquidity pools that automatically determine prices.

Liquidity Pools: Users deposit token pairs to pools (e.g., ETH/USDC) and earn trading fees in return.

Concentrated Liquidity (v3): Liquidity providers can choose custom price ranges, maximizing capital efficiency.

Permissionless Access: Anyone can trade, list, or build on top of Uniswap — no sign-up or approval required.

Cross-Chain Deployments: Uniswap runs on Ethereum, Optimism, Arbitrum, Polygon, Base, BNB Chain, and more.

‍Smart Contracts: All core functionality is open-source and auditable. Uniswap is one of the most forked protocols in DeFi.

UniswapX (2023): A new protocol for off-chain routing and MEV protection with gasless swaps.

Governance & Community

Open-Source & Community-Driven: Dogecoin has no central authority. Anyone can contribute to development or run a node.

Dogecoin Foundation: Reformed in 2021, it supports core development and coordinates long-term initiatives. Advisors include Vitalik Buterin and Elon Musk’s representative.

Cultural Movement: Dogecoin is powered by humor, positivity, and generosity. It’s a favorite for tipping, memes, charities, and merch.
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Real-World Adoption: DOGE is accepted by hundreds of merchants globally, including Tesla (for merch), Newegg, and AMC Theaters.
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Grassroots Energy: From NASCAR and SpaceX to TikTok and Reddit, Dogecoin thrives where culture and community intersect.

Tokenomics

Metric	Description
Token	UNI
Max Supply	1 billion UNI (fixed cap)
Circulating Supply	~600 million UNI (as of 2025)
Distribution	60% to community, 21.5% to team, 17.8% to investors, 0.7% to advisors
Governance	UNI holders vote on protocol changes, grants, fee switches, and upgrades
Utility	Used for voting in Uniswap DAO proposals — no protocol usage required
Protocol Fee Switch	A portion of swap fees (0.05%) can be activated by governance — currently off

Frequently Asked Questions

Question	Answer
What is Uniswap?	Uniswap is a decentralized exchange that lets users trade tokens directly from their wallet — no middlemen, no sign-ups.
How does Uniswap work?	Uniswap uses smart contracts and liquidity pools instead of order books. Anyone can provide liquidity and earn fees.
What is UNI?	UNI is the governance token for Uniswap — it allows holders to vote on proposals and participate in the future of the protocol.
Do I need UNI to use Uniswap?	No. You can trade on Uniswap without holding UNI. The token is only for governance and proposal voting.
What is Uniswap v3?	Uniswap v3 introduced concentrated liquidity, custom price ranges, and multiple fee tiers — improving efficiency for LPs.
What networks does Uniswap support?	Uniswap is deployed on Ethereum, Arbitrum, Optimism, Polygon, Base, BNB Chain, and more.
Where can I learn more?	Visit uniswap.org or use the DEX at app.uniswap.org.