The Uniswap Protocol was created by Uniswap Labs, Inc., an open source decentralized exchange (DEX) which allows users to automatically swap their ERC-20 tokens using liquidity pools (automated market maker), all while being hosted on the Ethereum blockchain. Founded in 2018 by Hayden Adams, Uniswap Labs creates software to enable the removal of centralized middlemen from financial transactions. The Uniswap Protocol is currently one of the most popular DEXs in terms of volume of trades per day.
Hayden Adams was inspired to build an Automated Market Maker (AMM) due to learning how to build atop of Ethereum development technology from Vitalik Buterin.
Publicly launched on November 2, 2018, on the Ethereum Mainnet after receiving a $100K Ethereum Foundation grant.
Version 2 of the Uniswap Protocol was released on May 2020, which allowed for greater trading functionality for tokens that are outside of ETH-ERC20 pairs.
Version 3 of the Uniswap Protocol was released in May 2021, which included additional ways to add concentrated liquidity and functionality.
Received $165M in funding, which was led by Polychain Capital, at a $1.66B valuation.
Multi-chain smart contracts with IPFS-hosted frontend
Based on protocol documentation and known DeFi standards
| Service | Cost | Details | Source |
|---|---|---|---|
| LP Swap Fee | 0.05-1.0% | Pool-dependent fee paid to liquidity providers. V3 offers tiered options: 0.05%, 0.3%, or 1% | Uniswap Documentation |
| Interface Fee | $0 | Previously 0.15%, eliminated as of December 27, 2025. No frontend fee charged by Uniswap Labs | Uniswap Support |
| Gas Fees | Variable | Network-dependent costs paid to Ethereum validators. Minimal on Layer 2 solutions | Uniswap Documentation |
| Protocol Fee (Fee Switch) | Variable by pool | Activated in late 2025 via UNIfication proposal. Routes protocol fees into UNI token burns. Rate set by governance per pool | Talos Research |
| Feature | Uniswap | Raydium | PancakeSwap |
|---|---|---|---|
| Trading Fee (Typical) | 0.3% | 0.25% | 0.1-0.25% |
| Platform Type | Decentralized (Ethereum/Multi-chain) | Decentralized (Solana) | Decentralized (BSC/Multi-chain) |
| Non-Custodial | Yes | Yes | Yes |
| KYC Required | No | No | No |
| Long-tail Token Access | Extensive | Good | Good |
| Fee Switch/Protocol Revenue | Yes (Activated Dec 2025) | Limited | Limited |
| User Base Size | Largest DEX (~$2.5B fees generated) | Second largest (~$2.4B fees) | Third (~$1.3B fees) |
| Governance Token | UNI (value accrual enabled) | RAY (limited value accrual) | CAKE (governance-focused) |
Both exchanges are multi-chain (Uniswap on Ethereum and Raydium on Solana), and each is one of the largest decentralized exchanges, when measured by volume of trades completed ($2.5 billion in fees vs $2.4 billion in total fees). Although both exchanges are among the largest, Uniswap is currently available on more chains than Raydium (i.e., Ethereum, Polygon, Optimism, etc.), and Uniswap has also recently added a mechanism allowing UNI holders to participate in profit-sharing. Raydium has fewer mechanisms for users to earn profits on the protocol.
Choose Uniswap if you wish to trade on the Ethereum Network or if you would like your trading to be linked to the UNI Token. Choose Raydium if you would like to trade quickly on the Solana Network or if you would like lower baseline fees (0.25%).
When it comes to trading fees, PancakeSwap has lower base rates (0.1-0.25%) compared to Uniswap but offers significantly less cryptocurrency options. Although Uniswap offers many more options than PancakeSwap for both its users and UNI holders, the higher fees on Uniswap have been attributed to the additional 0.05% interface fee charged by the exchange that has since been removed. Therefore, PancakeSwap is generally more appealing to low-cost traders while Uniswap is more appealing to traders who value having the opportunity to choose from a large number of digital currencies and to earn rewards (UNI token) as a result of their trading activities.
Choose PancakeSwap if you are looking for low-cost trading; Choose Uniswap if you would like a wide range of digital currency options and would like to be rewarded for your trading activity.
After removing the Uniswap interface fees (Uniswap’s interface fee was 0.05%, the current total fee for trading in most pools on Uniswap is currently 0.3% + gas), Uniswap’s total fees for trading are now similar to those of mid-level fees charged by traditional exchanges (0.1 – 0.5%). The main differences lie in the fact that Uniswap is an execution platform for non-custodial trades, does not require KYC verification, permits traders to access long-tail tokens not accessible through traditional exchanges, and has no credit exposure.
Choose Uniswap if you prefer to conduct self-custody trading with digital currencies or if you would like to trade a wide variety of digital currencies. Choose a traditional exchange if you wish to trade fiat currency or if you wish to leverage institutional-grade features.
Uniswap is a Decentralized Exchange (DEX) Protocol, operating on top of the Ethereum Blockchain, as well as other compatible Networks. When using the Uniswap Protocol, users can Trade Tokens, and also Provide Liquidity for Trades, utilizing Automated Market Makers (AMMs), without Intermediary Entities.
The Uniswap Protocol uses Constant Product Market Maker Formulas to Determine Prices for Each Trade. Liquidity Providers Contribute Token Pairs to AMM Pools and then Earn Fees on Each Trade Based on the Formula x*y=k.
Uniswap Labs Collects a Fee of 0.25% from Certain Token Pairings to Fund Operational Costs. The Trading Fees Collected by Liquidity Providers Vary Between 0.05% and 1%, Depending on the Pool.
All Transactions Conducted Through the Uniswap Protocol are Secured through the Underlying Blockchain. In terms of Confidentiality and Data Protection, Uniswap Labs Adheres to the Same Policies as Most Websites, However, Every Swap is Recorded Publicly on the Blockchain. It is Recommended that Users Store Their Private Keys in a Secure Location (Hardware Wallet) and Verify the Correctness of Smart Contract Addresses Prior to Making Any Swaps.
The Uniswap Web Application Currently Supports the Following Blockchains: Ethereum Mainnet, Several Layer 2 (L2) Implementations (Base, Arbitrum, Optimism, Unichain, Polygon, BNB Smart Chain, Avalanche, Blast), and Testnets.
If you would like to Contact the Uniswap Support Team, Please Reach out to Us at support@uniswap.org. Our Help Center is Located at support.uniswap.org. We Also Receive Reports of Scammers Pretending to be Representatives of the Uniswap Team via Messaging Apps such as WhatsApp and Telegram.
Uniswap is a Completely Decentralized Platform, and Does Not Have Know Your Customer (KYC) Requirements, Custodial Services, or Account Requirements. Users Maintain Full Control Over Their Funds; However, They Must Assume Responsibility for Managing Their Gas Fees and Transaction-Related Risks.
Some tokens may issue warnings because there has been some form of risk displayed. For example, this could include a high price impact, unverified smart contracts, or if the token has been labeled as a known scam token. It is imperative to conduct your own due diligence before purchasing and trading any token.
Uniswap is the leading Decentralized Exchange (DEX) protocol based upon the amount of liquidity it provides, along with the increasing number of iterations (versions) of the protocol (v2, v3, v4). Each version adds to the overall maturity of the protocol. The User Interface provided by Uniswap is user-friendly, but the customer support is very limited, only accessible via email or self-help. The Uniswap DEX carries the same scam risk as other forms of cryptocurrency. Uniswap would best serve the needs of the experienced DeFi trader who is accustomed to self-custody wallet management and willing to accept higher than normal Blockchain transaction costs.
While Uniswap is the best choice for sophisticated DeFi users, it is intended for those with some knowledge about the blockchain and who can take responsibility for their own wallet management.
Support services provided by Uniswap Labs include email support through support@uniswap.org as well as an extensive Help Center providing information on how to use the Uniswap protocol across multiple networks. Additionally, there is a large Official Uniswap Discord server where users can connect with other community members for support. Please be advised that there are currently numerous impersonation scams being perpetrated through unofficial channels such as WhatsApp/Telegram. There are several methods to connect to the Uniswap protocol including mature GraphQL subgraphs and Official SDKs. Like all DeFi protocols, Uniswap Labs utilizes a Tiered Support Model.
Good - official support pages, help center, and Discord verification. No formal satisfaction metrics available. BBB rating reflects crypto industry support challenges.
Supports over ten different networks, which include Ethereum, Base, Arbitrum, Optimism, Unichain, Polygon, BNB Smart Chain, Avalanche and Blast, which gives users the maximum potential access to liquidity.
Over 92,000 people are members of the official Discord channel for the protocol, and it is used as a community to discuss the protocol and for users to get help from the developers and/or traders who also use the protocol.
The platform currently supports three versions of Uniswap: Legacy (V2), Concentrated Liquidity (V3) and Hooks/ Custom logic (V4). Each version of Uniswap is offered on every network that is supported.
Natively offers support for Uniswap's Layer 2 Network called Unichain, which enables faster and cheaper transactions while still utilizing the security of the Ethereum blockchain.
Notifies all users of prominent scams via official warning notices regarding individuals claiming to be Uniswap representatives on social media platforms like WhatsApp and Telegram. Official communication channels include only support@uniswap.org and help.uniswap.org.
Deployed across 36+ chains with 65%+ volume on Layer 2 networks
| Pair | 24h Volume | Liquidity | Fee Tier |
|---|---|---|---|
| SPX/WETH | $6.9M | $50M+ | 0.3% |
| ETH/USDC | $450M | $280M | 0.05% |
| ETH/USDT | $320M | $195M | 0.05% |
| WBTC/ETH | $85M | $120M | 0.30% |
| ETH/DAI | $62M | $98M | 0.05% |
Data aggregated from major versions; SPX/WETH most active on V2 Ethereum
