[{"data":1,"prerenderedAt":347},["ShallowReactive",2],{"api/learn-center-post-en-what-is-uniswap-uni":3,"footer-en":57,"learn/cryptocurrency-guide/what-is-uniswap-uni-en-seo":255,"navigation-en-learn-center":260,"api/learn-categories-en":308},{"seo":4,"locale":28,"breadcrumbs":29,"excerpt":37,"featuredImage":38,"components":39,"title":5,"formattedPublishedAt":50,"geofencings":51,"category":52,"pagination":54,"campaignExternalId":8},{"title":5,"metaTitle":6,"metaDescription":7,"keywords":8,"metaRobots":8,"structuredData":9,"metaImage":10,"metaSocial":18,"canonicalURL":8,"localizations":19},"What is Uniswap? (UNI)","What is Uniswap? (UNI) - Bitstamp Learn Center","What is Uniswap? How does UNI work? Read our guide on the Uniswap decentralized exchange and start trading UNI on Bitstamp by Robinhood – the original crypto exchange.",null,{},{"url":11,"mime":12,"ext":13,"width":14,"height":15,"name":16,"alt":17},"bitstampImageUrl/What_is_Uniswappng_f4bf206850_2d75627bad.png","image/png",".png",1920,1080,"What_is_Uniswappng_f4bf206850.png","",[],[20,23,26],{"pathname":21,"locale":22},"/en-gb/learn/cryptocurrency-guide/what-is-uniswap-uni/","en-GB",{"pathname":24,"locale":25},"/es/learn/cryptocurrency-guide/what-is-uniswap-uni/","es",{"pathname":27,"locale":28},"/learn/cryptocurrency-guide/what-is-uniswap-uni/","en",[30,34],{"id":31,"text":32,"url":31,"asUrl":33},"/learn/cryptocurrency-guide/","Cryptocurrency guide",true,{"id":35,"text":5,"url":27,"asUrl":36},"what-is-uniswap-uni",false,"\u003Cp>Uniswap is a decentralized exchange that runs on Ethereum where cryptocurrencies can be bought, sold, and traded.\u003C/p>\n",{"url":11,"mime":12,"ext":13,"width":14,"height":15,"name":16,"alt":17},[40],{"component":41,"props":42,"content":43,"secondaryContent":47,"ctas":48,"secondaryCtas":49,"ctasNoMarginTop":36},"section.full-text",{"centered":36,"withoutSectionContainer":36},{"text":44,"width":45,"align":46},"\u003Cp>Uniswap aims to provide a similar service to traditional exchanges without the need to rely on a central operator to maintain an order book for buyers and sellers to place orders. Instead, Uniswap relies on a collection of liquidity pools to provide a similar service.\u003C/p>\n\u003Cp>Uniswap was the first \u003Ca href=\"/learn/web3/what-is-a-decentralized-exchange-dex/\">decentralized exchange (DEX)\u003C/a> to successfully use an automated market maker (AMM) model to enable trustless trading of digital assets. Users can “provide liquidity” by depositing their crypto into Uniswap’s pools of paired digital assets. These \u003Cstrong>liquidity pools\u003C/strong> then serve as resources for other users to trade against, making it possible to swap one token for another with minimal fees, fast performance, and trustless execution.\u003C/p>\n\u003Cp>Although many DEXes have been developed since, Uniswap has enjoyed a first-mover advantage. At the cryptocurrency market’s 2021 peak, Uniswap had over $10 billion in total value locked (TVL) in its protocol. It has been deployed on Ethereum and its various layer 2 solutions (L2s) like Arbitrum, Optimism, and \u003Ca href=\"/learn/cryptocurrency-guide/what-is-polygon-matic/\">Polygon\u003C/a>.\u003C/p>\n\u003Cp>UNI is an Ethereum-based \u003Ca href=\"/learn/crypto-101/what-is-erc20/\">ERC-20\u003C/a> token that is used by Uniswap’s community to vote on governance proposals and make changes to the protocol.\u003C/p>\n\u003Ch2>How was Uniswap developed?\u003C/h2>\n\u003Cp>Uniswap was created by Hayden Adams, who first began coding Ethereum \u003Ca href=\"/learn/crypto-101/what-are-smart-contracts/\">smart contracts\u003C/a> after being laid off from his role as a mechanical engineer at Siemens in 2017. He started working on an early AMM protocol based on descriptions by \u003Ca href=\"/learn/cryptocurrency-guide/what-is-ethereum-eth/\">Ethereum\u003C/a> creator \u003Ca href=\"/learn/people-profiles/who-is-vitalik-buterin/\">Vitalik Buterin\u003C/a>. (In fact, the project was originally named “Unipeg,” and Buterin himself was the one to suggest “Uniswap” as an alternative.)\u003C/p>\n\u003Cp>There have been two major updates to the Uniswap protocol since its initial release. Uniswap v2 was released in May 2020 and introduced several features including a new way to track crypto prices and a new front-end interface. Uniswap v3 launched one year later, further improving some of the features introduced in v2 and adding the functionality of concentrated liquidity (details below).\u003C/p>\n\u003Cp>Uniswap is continuously being maintained by Uniswap Labs, led by Hayden Adams as its CEO. Some of the original funding for the project came from an Ethereum Foundation grant, but in the ensuing years it has relied primarily on funding from private venture capital firms. In October 2022, Adams announced a $165 million funding round with participants such as Polychain Capital, Andreessen Horowitz, and Paradigm.\u003C/p>\n\u003Ch2>How does Uniswap work?\u003C/h2>\n\u003Ch3>Automated market maker (AMM)\u003C/h3>\n\u003Cp>Traditional market makers use \u003Cstrong>order books\u003C/strong>, which are lists of “buy” and “sell” orders compiled according to price. When a buyer and a seller agree on a price, the market maker facilitates the trade between them.\u003C/p>\n\u003Cp>As an alternative to an order book, Uniswap uses a series of smart contracts to generate an \u003Cstrong>automated market maker (AMM)\u003C/strong>. Instead of making swaps with other traders’ orders, users of an AMM trade against liquidity pools (LPs) that contain paired crypto assets. There are two basic users of an AMM:\u003C/p>\n\u003Cul>\n\u003Cli>\u003Cstrong>Liquidity providers –\u003C/strong> These users deposit crypto into liquidity pools and provide the \u003Cem>liquidity\u003C/em> that enables traders to swap between different assets. For instance, a liquidity provider must deposit equivalent amounts of ETH and \u003Ca href=\"/learn/cryptocurrency-guide/what-is-the-dai-stablecoin/\">DAI\u003C/a> into a pool. In return, they receive \u003Cem>LP tokens\u003C/em> that represent their stake in the ETH/DAI pool. For as long as their funds are deposited and they hold LP tokens, they earn the right to collect fees each time the pool is used for swaps.\u003C/li>\n\u003Cli>\u003Cstrong>Traders –\u003C/strong> These are users who swap tokens in the liquidity pools. They specify which asset they want to trade for another, and how much. Using the same example, if a trader wants to swap 1 ETH for an equivalent amount of DAI, they submit the trade on Uniswap’s front-end interface and the platform’s smart contracts initiate an interaction with the ETH/DAI pool. They pay a pool-specific fee for each swap they perform, which is split among the pool’s liquidity providers.\u003C/li>\n\u003C/ul>\n\u003Cp>In order for this process to function properly, the prices of each pool’s tokens must adjust with every swap, such that there is a constant value of both tokens in any pool. This is achieved using the \u003Cstrong>Constant Product Formula\u003C/strong>, which states that the balance of “token x” multiplied by the balance of “token y” is a constant “k” (\u003Cem>x\u003C/em> * \u003Cem>y\u003C/em> = \u003Cem>k).\u003C/em>\u003C/p>\n\u003Cp>For instance, if a swap results in DAI being deposited into a pool and ETH being withdrawn, then the price of DAI adjusts down while the price of ETH increases. \u003Cem>Arbitrage traders\u003C/em> take advantage of small differences in asset prices across markets to keep these relatively stable and accurate.\u003C/p>\n\u003Ch3>Concentrated liquidity\u003C/h3>\n\u003Cp>Previous versions of Uniswap required users to provide liquidity across theoretically infinite prices of a crypto pair. For instance, the majority of trades for a stablecoin happen in a tight range between $0.99 and $1.01, meaning liquidity providers would “waste” their capital by providing liquidity outside of this range.\u003C/p>\n\u003Cp>Therefore, Uniswap v3 introduced the concept of \u003Cstrong>concentrated liquidity\u003C/strong>. This allows users to define a range of prices (e.g. $0.99 to $1.01 in the above example) to which they provide liquidity. They collect more fees when swaps happen within that range—which is most of the time—and increase their \u003Cem>capital efficiency\u003C/em>, or relative rewards generated by their holdings.\u003C/p>\n\u003Ch3>Other features: oracles and NFT trading\u003C/h3>\n\u003Cp>Uniswap maintains stable pricing of digital assets using \u003Cstrong>oracles,\u003C/strong> a software that lets smart contracts communicate with the world outside the blockchain. Uniswap v3 introduced time weighted average price (TWAP) oracles, which stored historical price data of crypto pairs in order to maintain accurate pricing. Uniswap v3 improved this system by making the TWAP oracle data easier and cheaper to access.\u003C/p>\n\u003Cp>In June 2022, Uniswap acquired Genie, an \u003Ca href=\"/learn/web3/what-are-nfts-non-fungible-tokens/\">NFT\u003C/a> marketplace aggregator, which allows users to trade NFTs on the Uniswap platform in November 2022.\u003C/p>\n\u003Ch2>How is the UNI token used?\u003C/h2>\n\u003Cp>The UNI token is used to govern the protocol through voting on proposals, setting fee structures for liquidity pools, deciding to launch the protocol on alternate networks such as L2s, and determining how to spend funds in Uniswap’s community treasury (which amounted to just over $2 billion in December 2022). UNI can also be delegated by users to other parties to vote on their behalf.\u003C/p>\n\u003Ch3>Token distribution\u003C/h3>\n\u003Cp>In September 2020, Uniswap announced its launch of UNI, with a total supply of 1 billion UNI tokens. Of these, 60% were allocated to the community, including a 400 UNI “\u003Ca href=\"/learn/crypto-101/what-are-airdrops-in-crypto/\">airdrop\u003C/a>” that could be claimed by anyone who had ever used Uniswap v1 or v2, worth approximately $1400 at the time.\u003C/p>\n\u003Cp>Another 21.3% of the supply was allocated to the project and its founders, 0.7% to advisors, and 18% to investors. All tokens distributed to these latter groups were set to undergo a 4-year vesting schedule through 2024.\u003C/p>\n\u003Cp>After all tokens are released into the circulation in 2024, there will be a perpetual inflation rate of 2% per year, increasing the total supply by 2% annually.\u003C/p>\n\u003Ch2>Uniswap essentials\u003C/h2>\n\u003Cul>\n\u003Cli>Uniswap is a decentralized exchange that pioneered the use of an automated market maker (AMM)\u003C/li>\n\u003Cli>Uniswap’s AMM involves two types of users—liquidity providers and traders—and uses liquidity pools as an intermediary to allow for trustless swaps of digital assets\u003C/li>\n\u003Cli>The UNI token is used for governance of the protocol, letting the community vote on proposals that guide fee structures and other core aspects of Uniswap\u003C/li>\n\u003C/ul>\n","full","left",{"text":17},[],[],"January 16th, 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3TW",{},{},{"noFollow":36,"isExternal":36,"name":206,"value":17,"isEmail":36,"isPhoneNumber":36,"isText":33,"showOnDesktop":33,"showOnMobile":33,"attachment":207,"geofencings":208},"United Kingdom",{},{},{"title":210,"content":17,"items":211},"Contact",[212,217,221,225,229,233,238,243,248],{"noFollow":36,"isExternal":36,"name":213,"value":214,"isEmail":36,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":215,"geofencings":216},"Customer support","/customer-support/",{},{},{"noFollow":36,"isExternal":36,"name":218,"value":218,"isEmail":33,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":219,"geofencings":220},"info@bitstamp.net",{},{},{"noFollow":36,"isExternal":36,"name":222,"value":222,"isEmail":33,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":223,"geofencings":224},"press@bitstamp.net",{},{},{"noFollow":36,"isExternal":36,"name":226,"value":226,"isEmail":33,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":227,"geofencings":228},"support@bitstamp.net",{},{},{"noFollow":36,"isExternal":36,"name":230,"value":230,"isEmail":33,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":231,"geofencings":232},"complaints@bitstamp.net",{},{},{"noFollow":36,"isExternal":36,"name":234,"value":235,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":236,"geofencings":237},"+44 20 3868 9628","+442038689628",{},{},{"noFollow":36,"isExternal":36,"name":239,"value":240,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":241,"geofencings":242},"+1 800 712 5702","+18007125702",{},{},{"noFollow":36,"isExternal":36,"name":244,"value":245,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":246,"geofencings":247},"+352 20 88 10 96","+35220881096",{},{},{"noFollow":36,"isExternal":36,"name":249,"value":250,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":251,"geofencings":252},"+65 3105 1676","+6531051676",{},{},"\u003Cp>Please read the general \u003Ca href=\"/legal/risk-warning/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Risk Warning\u003C/a>, and \u003Ca href=\"/legal/uk-investment-risk-warning/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Risk Summary\u003C/a> for UK residents before investing in crypto-assets. \u003C/p>\n\u003Cp>Crypto-assets services are provided by the following Bitstamp legal entities depending on client residency: (1) Bitstamp Europe S.A., which is authorized by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg as a payment institution (licence number Z00000012) and crypto-asset service provider (licence number N00000003); Registered address: 40, avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg; Registration number: B196856; (2) Bitstamp UK Ltd., which is registered with the Financial Conduct Authority (FCA) in the UK for the provision of certain cryptoassets activities under the Money Laundering Regulations (Firm Reference Number 978690); Registered address: 5 New Street Square, EC4A 3TW London, United Kingdom; Registration number: 14174243; (3) Bitstamp Ltd.with its registered address at 5 New Street Square, EC4A 3TW London, United Kingdom and registration number: 8157033; (4) Bitstamp Global Ltd., which is registered as a Virtual Asset Service Provider in the British Virgin Islands and is supervised by the British Virgin Islands Financial Services Commission (FSC); Registered address: Floor 4, Banco Popular Building, Road Town, Tortola VG1110, British Virgin Islands; Registered number: 2086429; and (5) Bitstamp Asia Pte Ltd, which is authorized by the Monetary Authority of Singapore (MAS) as a major payment institution (licence number PS20200667); Registered address: 63 Chulia Street, OCBC Centre East, #15-01, Singapore 049514; Registered number: 202016687K;\u003C/p>\n\u003Cp>Virtual currency services to US residents are provided by Bitstamp USA, Inc., which is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Licensed as a Money Transmitter by the New York State Department of Financial Services. Review a \u003Ca href=\"/legal/usa-inc/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">list of its licenses and other registrations\u003C/a> (NMLS number \u003Ca href=\"https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1905429\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">1905429\u003C/a>) for more information; Registered address: 85 Willow Road, Menlo Park, CA 94025, United States of America; Registered number: 5481543.\u003C/p>\n\u003Cp>Investment services with regards to trading in crypto derivatives are provided by Bitstamp Financial Services Ltd., which is authorized and supervised by the Slovenian Securities Market Agency (ATVP) as a MiFiD investment firm. Trading crypto derivatives carries significant risks and may result in substantial losses. Please trade responsibly and ensure you understand the associated risks. You can find more about the risks \u003Ca href=\"/legal/financial-services/general-terms-and-conditions/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">here\u003C/a>. To help you understand the risks involved we have put together a series of \u003Ca href=\"/derivatives/key-information-documents/\" target=\"_blank\" rel=\"noopener noreferrer\">Key Information Documents (KIDs)\u003C/a> highlighting the risks and rewards related to each derivatives contract. Crypto derivatives trading is not available to customers in the US, Canada, Japan and some other countries. Bitstamp Financial Services Ltd. does not provide crypto-asset services.\u003C/p>\n\u003Cp>To find out more about which Bitstamp entity you receive services from, please check the Profile/My information in your Bitstamp account. You can read more about our legal terms, policies and disclosures \u003Ca href=\"/legal/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">here\u003C/a>.\u003C/p>\n","\u003Cp>All rights reserved © 2026 Bitstamp by Robinhood. \u003Ca href=\"https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1905429\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">NMLS #1905429\u003C/a>\u003C/p>\n",{"description":7,"ogDescription":7,"ogImage":256,"twitterImage":256,"twitterSite":257,"twitterCreator":257,"twitterCard":258,"twitterTitle":6,"twitterDescription":7,"titleTemplate":259},"https://assets.bitstamp.net/msc/_ipx/enlarge_true&f_png&fit_cover&q_85&s_1200x630/bitstampImageUrl/What_is_Uniswappng_f4bf206850_2d75627bad.png","@Bitstamp","summary_large_image","%s",{"items":261,"ready":33,"platformButtonText":304,"backButtonText":305,"logInButtonText":306,"signUpButtonText":307},[262,266,270,273,276,279,282,287,290,295,300],{"headerName":263,"sidemenuName":134,"url":135,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":264,"submenu":265,"tag":17},"Institutions",{},[],{"headerName":126,"sidemenuName":126,"url":127,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":267,"submenu":268,"tag":269},{},[],"NEW",{"headerName":149,"sidemenuName":149,"url":150,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":271,"submenu":272,"tag":17},{},[],{"headerName":106,"sidemenuName":106,"url":107,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":274,"submenu":275,"tag":17},{},[],{"headerName":116,"sidemenuName":116,"url":117,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":277,"submenu":278,"tag":17},{},[],{"headerName":121,"sidemenuName":121,"url":122,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":280,"submenu":281,"tag":17},{"geofencing-uk":33},[],{"headerName":283,"sidemenuName":283,"url":284,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":285,"submenu":286,"tag":17},"Markets","/markets/",{},[],{"headerName":111,"sidemenuName":111,"url":112,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":288,"submenu":289,"tag":17},{},[],{"headerName":291,"sidemenuName":291,"url":292,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":293,"submenu":294,"tag":17},"Blog","https://blog.bitstamp.net/",{},[],{"headerName":296,"sidemenuName":296,"url":297,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":298,"submenu":299,"tag":17},"Learn","/learn/",{},[],{"headerName":301,"sidemenuName":301,"url":107,"noFollow":36,"showInHeader":36,"showInSidemenu":33,"geofencings":302,"submenu":303,"tag":17},"Get Bitstamp by Robinhood app",{},[],"Go to platform","Back","Log in","Get started",[309,313,317,321,325,329,331,335,339,343],{"title":310,"url":311,"geofencings":312},"Blockchain technology","/learn/blockchain/",{},{"title":314,"url":315,"geofencings":316},"Company profiles","/learn/company-profiles/",{},{"title":318,"url":319,"geofencings":320},"Crypto 101","/learn/crypto-101/",{},{"title":322,"url":323,"geofencings":324},"Crypto definitions","/learn/crypto-definitions/",{},{"title":326,"url":327,"geofencings":328},"Crypto trading","/learn/crypto-trading/",{},{"title":32,"url":31,"geofencings":330},{"geofencing-uk":33},{"title":332,"url":333,"geofencings":334},"People profiles","/learn/people-profiles/",{},{"title":336,"url":337,"geofencings":338},"Security","/learn/security/",{},{"title":340,"url":341,"geofencings":342},"Tutorials","/learn/bitstamp-tutorials/",{},{"title":344,"url":345,"geofencings":346},"Web3","/learn/web3/",{},1775055410924]