Exchanges
The DEX that invented the model everyone else copied. Uniswap turned market making into a formula. Anyone can create a market for any pair without asking permission, and it still has the deepest onchain liquidity on Ethereum.
What it is
Uniswap turned market making into a formula. Anyone can create a market for any pair without asking permission, and it still has the deepest onchain liquidity on Ethereum.
| Property | Detail |
|---|---|
| Launched | 2018 |
| Model | Automated market maker, v2 constant product and v3 concentrated liquidity |
| Chains | Ethereum, Base, Arbitrum, Optimism, Polygon, BNB Chain, Unichain and more |
| Custody | Self custody. Your funds never leave your wallet until the swap executes |
| Account required | None. You connect a wallet |
The UNI token
Live figures load from CoinGecko when the page opens and refresh when you reload. Prices move constantly and are for orientation only.
A governance token is not the exchange, and holding one is not required to use the other.
Using it safely
Reach it from a bookmark
Type the address or use a saved bookmark. Fake front ends served through search ads are the single most common way wallets get drained.
Check the network
Your wallet and the site must be on the same chain, or your balance will appear to be zero.
Verify the token contract
For anything other than a household name, paste the contract address from an official source rather than picking from a search list.
Set slippage tight
0.1 to 0.5 percent on major pairs. If a token demands far more, that is information about the token.
Approve the exact amount
Avoid unlimited approvals where the interface lets you choose. Review old ones periodically.
Read the transaction on an explorer
Every time, at first. It builds the instinct that catches problems later.
What it costs
Two separate costs apply to every swap, and beginners often only notice one.
- The pool fee, typically 0.01 to 1 percent depending on the pair and the tier. This goes to liquidity providers.
- Network gas, which depends entirely on which chain you are on and has nothing to do with the DEX.
On Ethereum mainnet gas usually dominates. On Base or Solana it effectively disappears, and the pool fee is the whole cost.
Honest risk assessment
- Smart contract risk. Even audited, heavily used contracts have been exploited before.
- You are responsible for every approval you grant, and they persist until revoked.
- There is no support, no reversal and no recovery for a mistake.
- Prices come from pools, so thin liquidity means severe price impact on larger trades.
- Anyone can list any token. A matching name and logo proves nothing.
Common questions
Is Uniswap safe to use?
The contracts are widely used and have been audited. The realistic risks are the ones you carry: fake front ends, wrong token contracts, unlimited approvals and lost recovery phrases. See our security checklist.
Do I need an account for Uniswap?
No. You connect a self custody wallet and trade from your own address. There is no sign up.
What does Uniswap charge?
A pool fee, typically a fraction of a percent, plus whatever the underlying network charges in gas. The network is usually the larger of the two.
Where to go next
First time on Uniswap?
We can walk through it live, on a cheap network, so the first swap you do alone is actually your second.