What is Uniswap (UNI)?
Uniswap (UNI) fact sheet with live price · reviewed November 4, 2026
Uniswap is the largest decentralized exchange (DEX): a set of smart contracts, first on Ethereum, that lets anyone swap one token for another straight from their own wallet, with no company holding their funds. Prices are set automatically by pools of tokens supplied by users. UNI is its governance token.
- 24h high
- —
- 24h low
- —
- Market cap
- —
- 24h volume
- —
- Rank
- —
Loading live price…
Key facts
| Launched | November 2018 |
|---|---|
| Created by | Hayden Adams (Uniswap Labs) |
| Type | Decentralized exchange; UNI is an ERC-20 governance token |
| Supply | 1 billion UNI minted in 2020; up to 2% a year can be added since 2024; 100 million burned in December 2025 |
| Runs on | Ethereum, its own layer 2 (Unichain) and many other networks |
| Latest version | Uniswap v4 (January 2025) |
Who runs it
The core contracts can't be changed by anyone, but UNI holders vote on things like protocol fees and treasury spending. Uniswap Labs, the company founded by Hayden Adams, writes the code and runs the main website, wallet and app.
What it's used for
Swapping tokens, especially newer or smaller ones that aren't on big exchanges, and earning fees by depositing tokens into pools (being a "liquidity provider").
How it works
Each pool holds two tokens, for example ETH and USDC. When you buy ETH, you add USDC to the pool and take ETH out, and a formula raises the price of ETH in that pool slightly. Traders pay a fee, usually 0.05%–1%, to the people who supplied the pool. Anyone can create a pool for any token, which is powerful but also means scam tokens appear constantly. Liquidity providers can end up worse off than if they'd just held the tokens, an effect called impermanent loss.
Where things stand (November 2026)
In December 2025 UNI holders passed the "UNIfication" proposal with over 99% support. It switched on a protocol fee that takes part of trading fees to buy and burn UNI, burned 100 million UNI from the treasury, moved the Uniswap Foundation's work into Uniswap Labs, and dropped Labs' own interface fees. The SEC closed an investigation into Uniswap Labs without action in 2025.
Risks to know
- Anyone can list a token, so fake copies of real tokens and outright scams are common; check the contract address.
- Phishing sites copy the Uniswap interface to drain wallets.
- Smart-contract bugs, though Uniswap's core contracts have a long record.
- Liquidity providers can suffer impermanent loss.
- UNI's value depends on governance decisions and fee revenue, and the price is volatile.
Buying and storing it
If you decide to buy, use a regulated exchange you reach directly, check fees with the true cost calculator, and store long-term holdings in a wallet you control, with the seed phrase written down offline. Read how to buy crypto safely. This page isn't a recommendation to buy.
Questions
Do I need UNI to use Uniswap?
No. You pay network gas fees and the pool's trading fee; UNI is only for governance.
Is Uniswap safe?
Its core contracts are well tested, but the tokens listed on it aren't vetted. Many are scams.
What does a liquidity provider earn?
A share of trading fees in the pool, minus any impermanent loss if prices move.
Where to next
Sources
- Uniswap documentation
- Uniswap governance passes UNIfication proposal (The Block, December 2025)
- Uniswap (Wikipedia)
Facts checked against the sources listed, as of November 4, 2026. Live price data by CoinGecko. Educational only; not financial advice. How we write and check pages.