{{short description|Decentralized cryptocurrency exchange}} {{primary sources|date=April 2026}} {{Infobox software | name = | screenshot = | logo = Uniswap Logo and Wordmark.svg | logo upright = | caption = Uniswap's web application interface | other_names = UNI | author = Hayden Adams | developer = Uniswap Labs | released = November 2018 | latest release version = v4 | latest release date = {{Start date and age|2025|01|31}} | repo = {{URL|https://github.com/Uniswap/v4-core}} | programming language = [[Solidity]] | platform = [[Avalanche (blockchain platform)|Avalanche]] <br/> [[Base (layer 2)|Base]] <br/> [[Ethereum]] <br/> [[Polygon (blockchain)|Polygon]] | genre = [[Decentralized exchange]] | license = [[GNU General Public License#version 3|GNU General Public License v3.0]] | website = {{URL|uniswap.org}} }}
'''Uniswap''' is a [[Decentralization|decentralized]] [[cryptocurrency exchange]] protocol built on the [[Ethereum]] [[blockchain]]. It enables the automated trading of digital assets through [[smart contract]]s, eliminating the need for intermediaries or centralized order books. Uniswap facilitates [[Cryptocurrency|cryptocurrency tokens]] swaps using liquidity pools contributed by users.
The protocol, which runs on [[open-source software]], was launched in 2018. {{As of|2024|December}}, Uniswap is estimated to be the second largest decentralized exchange and the seventh-largest [[cryptocurrency exchange]] overall by daily [[Volume (finance)|trading volume]].<ref name="bloomberg20201016">{{Cite web |date=16 October 2020 |title=DeFi Boom Makes Uniswap Most Sought-After Crypto Exchange |url=https://www.bloomberg.com/news/articles/2020-10-16/defi-boom-makes-uniswap-most-sought-after-crypto-exchange |website=Bloomberg.com |language=en}}</ref><ref>{{Cite web |date=11 September 2020 |title=Crypto Exchange Gets Millions After Copy-Paste of a Rival's Code |url=https://www.bloomberg.com/news/articles/2020-09-11/-come-to-jesus-moment-for-crypto-finance-apps-rocks-valuations |website=Bloomberg.com |language=en}}</ref>
==History== {{advert|section|date=December 2024}}
Uniswap was created on November 2, 2018<ref>{{Cite web |last=Adams |first=Hayden |title=A short history of Uniswap |url=https://uniswap.org/blog/uniswap-history/ |website=Uniswap |date=11 February 2019 |language=en}}</ref> by Hayden Adams,<ref>{{Cite web |title=Hayden Adams |url=https://www.forbes.com/profile/hayden-adams/ |website=[[Forbes]]}}</ref> a former mechanical engineer at [[Siemens]].<ref name=bloomberg20201016 /> Adams is the [[Founder CEO|founder]] and [[Chief executive officer|CEO]] of Uniswap Labs, the company responsible for the development of the '''Uniswap Protocol''', a decentralized [[Cryptocurrency exchange|exchange]] (DEX) built on the [[Ethereum|Ethereum blockchain]].<ref>{{Cite web |title=Who is Hayden Adams? Founder of Uniswap |url=https://metaschool.so/articles/hayden-adams-founder-uniswap-profile-2#:~:text=Hayden%20Adams%20was%20born%20on,Bachelor%20in%20Engineering%20in%202016. |website=Metaschool| date=5 January 2023 }}</ref> Adams launched Uniswap in November 2018, after working as a [[Mechanical engineering|mechanical engineer]]<ref>{{Cite web |title=Hayden Adams |url=https://golden.com/wiki/Hayden_Adams-4NRA5KE |website=Golden}}</ref> and being inspired by a [[blog]] post written by [[Vitalik Buterin]], the co-founder of [[Ethereum]].<ref>{{Cite web |last=Adams |first=Hayden |date=2019-11-05 |title=🦄 Uniswap Birthday Blog — V0 |url=https://medium.com/uniswap/uniswap-birthday-blog-v0-7a91f3f6a1ba |access-date=2025-05-14 |website=Uniswap |language=en}}</ref> His goal was to create a decentralized platform for exchanging [[Cryptocurrency|tokens]] without relying on [[Centralisation|centralized]] exchanges.
Uniswap operates using open-source software on [[blockchain]] networks, and allows users to exchange cryptocurrencies directly from their wallets. Governance of the protocol is managed by holders of its native governance token, UNI, which was introduced in 2020 and distributed retroactively to early users. While UNI is used to vote on protocol upgrades and changes, it is not required to use the platform.<ref>{{Cite web |author=Crypto Confidential |title=Stimulus Checks From A Crypto Exchange; Bitcoin Rebound |url=https://www.forbes.com/sites/cryptoconfidential/2020/09/20/stimulus-checks-from-a-crypto-exchange-bitcoin-rebound/?sh=2f66301178d5 |website=Forbes |language=en}}</ref> Uniswap introduced the Automated [[Market maker|Market Maker]] (AMM) model, which allows users to trade [[Cryptocurrency|cryptocurrencies]] directly from their [[Cryptocurrency wallet|wallets]].<ref name="economist.com">{{Cite news |title=A crypto-exchange founder makes his case for decentralised finance |url=https://www.economist.com/by-invitation/2022/12/06/a-crypto-exchange-founder-makes-his-case-for-decentralised-finance |access-date=2024-12-13 |newspaper=The Economist |issn=0013-0613}}</ref>
===Uniswap Labs===
Uniswap Labs is a software company founded in 2018 by [[Hayden Adams]].<ref name="economist.com"/> The company's early investors included venture capital firms like [[Andreessen Horowitz]], [[Paradigm Operations]],<ref>{{Cite web |last=Gara |first=Antoine |title=From Wall Street's Greatest Trade To The Top Dealmakers And Financial Entrepreneurs: 30 Under 30 In Finance 2021 |url=https://www.forbes.com/sites/antoinegara/2020/12/01/from-wall-streets-greatest-trade-to-the-top-dealmakers-and-financial-entrepreneurs-30-under-30-in-finance-2021/?sh=3962d9013b10 |website=Forbes |language=en}}</ref><ref>{{Cite web |last=del Castillo |first=Michael |title=11 Bitcoin And Blockchain Leaders Made Forbes 30 Under 30 List |url=https://www.forbes.com/sites/michaeldelcastillo/2020/12/01/10-bitcoin-and-blockchain-leaders-who-made-forbes-30-under-30-list/?sh=75e45a942198 |website=Forbes |language=en}}</ref> [[Union Square Ventures]] LLC and ParaFi.<ref name="bloomberg20201016" /><ref name="bloomberg20200929">{{Cite web |date=29 September 2020 |title=Novogratz Plows Ahead In DeFi Amid the 'Gamifying' of Crypto |url=https://www.bloomberg.com/news/articles/2020-09-29/novogratz-plows-ahead-in-defi-amid-the-gamifying-of-crypto |website=Bloomberg.com |language=en}}</ref>
In 2022 Uniswap Labs had raised $165 million, after announcing in 2021 that it was looking to raise between $100 and $200 million and was working with Polychain.<ref>{{Cite web |last=Singh |first=Manish |date=2022-10-13 |title=Uniswap Labs valued at $1.66 billion in $165 million new funding |url=https://techcrunch.com/2022/10/13/uniswap-labs-raises-165-million-in-new-funding/ |access-date=2024-12-13 |website=TechCrunch |language=en-US}}</ref>
Uniswap offers products such as a self-custodial mobile [[Cryptocurrency wallet|wallet]], a trading [[API]] for professional users, and a [[User interface|web interface]]. These tools provide access to liquidity across multiple [[blockchain]]s, including [[Ethereum]], [[Polygon (blockchain)|Polygon]], and [[Optimism (blockchain)|Optimism]].{{Citation needed|date=January 2026}}
=== Uniswap Foundation === The Uniswap Foundation was founded in 2022 by Devin Walsh and Ken Ng, after 95% of Uniswap token holders voted in favor of the proposal.<ref>{{Cite web |title=S2:E8 Uniswap Foundation: Behind the Scenes with Devin Walsh |url=https://www.archetype.fund/media/s2-e8-uniswap-foundation-behind-the-scenes-with-devin-walsh |access-date=2025-05-14 |website=www.archetype.fund |language=en}}</ref> The Foundation facilitates community governance of the Uniswap DAO, development of the Uniswap Protocol, and communication among contributors.<ref>{{Cite web |last=Adejumo |first=Oluwapelumi |date=2025-04-02 |title=Compound looks to emulate Uniswap with new foundation initiative |url=https://cryptoslate.com/compound-looks-to-emulate-uniswap-with-new-foundation-initiative/ |access-date=2025-05-14 |website=CryptoSlate |language=en-US}}</ref> Uniswap Foundation's most recent funding proposal, Uniswap Unleashed, outlined a plan to make the Uniswap Protocol the world’s infrastructure for digital value transfer with significant support for Uniswap v4 and Unichain.<ref>{{Cite web |date=2025-02-14 |title=[Governance Proposal] Uniswap Unleashed: Unichain and Uniswap v4 Liquidity Incentives |url=https://gov.uniswap.org/t/governance-proposal-uniswap-unleashed-unichain-and-uniswap-v4-liquidity-incentives/25250 |access-date=2025-05-14 |website=Uniswap Governance |language=en}}</ref> It passed with overwhelming support.<ref>{{Cite web |last=Hitchcock |first=Decrypt / Logan |date=2025-03-20 |title=Uniswap Foundation Gets $177 Million in Funding as Ethereum DeFi Users Await Fee Sharing |url=https://decrypt.co/310912/uniswap-177-million-funding-fee-sharing |access-date=2025-05-14 |website=Decrypt |language=en-US}}</ref>
[[File:Uniswap Foundation Logo.png|thumb|Uniswap Foundation [[logo]]]]
==Protocol== [[File:Constant product formula.png|left|thumb|[[Constant function market maker|Constant product formula]]<ref>{{Cite web |title=How Uniswap works |url=https://docs.uniswap.org/contracts/v2/concepts/protocol-overview/how-uniswap-works |website=Uniswap Docs}}</ref>|184x184px]] Uniswap acts as an automated [[market maker]] and uses liquidity pools to fulfill orders, instead of relying on a traditional market maker, with an aim to create more efficient markets.<ref>{{Cite journal |last1=Lo |first1=Yuen |last2=Medda |first2=Francesca |date=3 November 2020 |title=Uniswap and the rise of the decentralized exchange |url=https://mpra.ub.uni-muenchen.de/103925/ |journal=Mpra.ub.uni-muenchen.de |language=en}}</ref><ref name="forbesharvard">{{Cite web |last=Konrad |first=Alex |title=These Young Investors Are Still Betting Big On Crypto — And Are Taking Harvard And Stanford Along For The Ride |url=https://www.forbes.com/sites/alexkonrad/2020/10/18/these-young-investors-betting-big-on-crypto-are-taking-harvard-and-stanford-along-for-the-ride/?sh=5e9280d4212d |website=Forbes |language=en}}</ref><ref name="bloomberg20201016" /> Individuals and bots—termed "[[Market maker|liquidity providers]]"—provide liquidity to the exchange by adding a pair of tokens to a smart contract which can be bought and sold by other users according to the [[constant function market maker|constant-product rule]] <math>\phi(x, y) = xy</math>.<ref name="univ3">{{cite journal |last1=Adams |first1=Hayden |last2=Zinsmeister |first2=Noah |title=Uniswap v3 core |journal=Uniswap |date=March 2021 |url=https://uniswap.org/whitepaper-v3.pdf}}</ref> In return, liquidity providers are given a percentage of the trading [[fee]]s earned for that trading pair. For each trade, a certain amount of tokens is removed from the pool for an amount of the other token, thereby changing the price. No fees are required to list tokens.<ref name="bloomberg20201016" />
In December 2025, Uniswap governance approved the “UNIfication” proposal, enabling protocol fees (the “fee switch”) and introducing a deflationary mechanism tied to protocol revenue.<ref name="ForklogUNIfication">{{cite web |date=26 December 2025 |title=Uniswap community approved a major protocol economic reform |url=https://forklog.com/news/soobshhestvo-uniswap-utverdilo-klyuchevuyu-reformu-ekonomiki-protokola |access-date=4 January 2026 |website=ForkLog}}</ref> Under the rollout described by Uniswap, Uniswap v2 pools would shift from a 0.30% liquidity-provider fee to 0.25% for liquidity providers plus a 0.05% protocol fee, while selected Uniswap v3 pools would route a portion of LP fees to the protocol depending on the pool’s fee tier; the proposal also included a one-time burn of 100 million UNI from the treasury after a timelock period and an ongoing burn mechanism funded by protocol fees (including sequencer revenue from Unichain after costs and allocations).<ref name="DLNewsFeeSwitch">{{cite news |date=26 December 2025 |title=Uniswap DAO to activate ‘fee switch,’ burn almost $600m UNI token |url=https://www.dlnews.com/articles/defi/uniswap-dao-to-activate-fee-switch-and-burn-100m-uni-tokens/ |access-date=4 January 2026 |work=DL News}}</ref><ref>{{Cite web |last=Андреева |first=Мирослава |date=2025-12-26 |title=Сообщество Uniswap утвердило ключевую реформу экономики протокола - ForkLog: криптовалюты, ИИ, сингулярность, будущее |url=https://forklog.com/news/soobshhestvo-uniswap-utverdilo-klyuchevuyu-reformu-ekonomiki-protokola |access-date=2026-01-04 |website=ForkLog |language=ru}}</ref>
== UNI token == UNI is the [[governance token]] of the Uniswap protocol, enabling holders to participate in the platform's decentralized [[governance]].
The token allows holders to propose and vote on protocol upgrades, changes to [[fee]] structures, and other governance-related matters. UNI operates on the Ethereum blockchain following the ERC-20 standard, ensuring compatibility with a wide range of [[decentralized application]]s. Its total supply is capped, with a scheduled release over several years to support ongoing development and ecosystem growth.<ref>{{Cite web |title=Introducing UNI |url=https://blog.uniswap.org/uni |website=Uniswap Labs Blog}}</ref> == See also ==
* [[PancakeSwap]] * [[List of bitcoin companies]]
==References== <references />
== External links == * [https://app.uniswap.org/ Uniswap Protocol]
{{Cryptocurrency exchanges}}
[[Category:Decentralized cryptocurrency exchanges]] [[Category:Ethereum-based protocols]] [[Category:Ethereum tokens]] [[Category:Decentralized autonomous organizations]]