UNI Description
Overview
Uniswap (UNI) is the governance token of the Uniswap Protocol, a decentralized exchange on Ethereum where users trade ERC-20 tokens through automated market maker liquidity pools.
The protocol launched on Ethereum mainnet in November 2018, founded by Hayden Adams after he encountered an automated-market-maker concept described by Vitalik Buterin. The UNI token itself launched separately in September 2020 as a governance asset distributed to early protocol users. As of 2026-08-31, UNI trades at approximately $5.13.
Value Proposition
Uniswap is the largest decentralized exchange by trading volume, and since August 2026 its protocol fee switch has linked that usage directly to UNI scarcity through token buybacks and burns.
- $53.4 billion in trading volume in July 2026
- $63.7 million in protocol fees over the trailing 30 days, with $6.76 million retained as protocol revenue
- Total value locked of roughly $5.96 billion as of 2026-08-30
Token Basics
UNI is a governance-only token: each token equals one vote in the Uniswap DAO, used to set protocol parameters and direct the community treasury.
- Holders must delegate voting power (to themselves or another address) before it becomes active on-chain
- An address needs at least 2.5 million delegated UNI to submit a formal governance proposal
- UNI carries no built-in staking or fee-sharing; since 2026, protocol fees instead fund UNI buybacks and burns via the fee switch
Tokenomics
UNI has a maximum supply of 1,000,000,000 tokens fixed at launch, with roughly 623.2 million UNI circulating as of 2026-08-31.
- 15% (150 million UNI) was immediately claimable at launch; the remainder vested to team, investors and the community treasury
- Governance gained access to vested treasury UNI from October 18, 2020, after a 30-day cliff
- Roughly 100 million UNI (about 16% of then-outstanding supply) was burned in August 2026 via the protocol fee switch, making net supply currently disinflationary
Launch & Funding
UNI launched via a retroactive airdrop on September 16, 2020, nearly two years after the Uniswap protocol itself went live on Ethereum mainnet in November 2018.
- Any address that had interacted with the protocol before a September 1, 2020 snapshot could claim 400 UNI, including addresses with only failed transactions and holders of Uniswap's earlier SOCKS token
- Liquidity providers received additional allocations; 15% of total supply was made immediately claimable
- Uniswap Labs, the company, raised a 2019 Paradigm seed round, an $11 million a16z-led Series A (2020), and a $165 million Polychain-led Series B (2022) valuing it at $1.66 billion
Blockchain & Consensus
UNI's canonical deployment is on Ethereum, which uses proof-of-stake consensus.
Bridged or wrapped versions of UNI also circulate on BNB Chain, Base, Polygon, Avalanche, Arbitrum, Optimism, Gnosis Chain, Unichain, Harmony and Energi, plus a synthetic UNI perpetual market on Hyperliquid; none of these are the primary asset.
Team
Hayden Adams founded Uniswap and serves as CEO of Uniswap Labs.
A mechanical engineer by training (Stony Brook University, 2016) who previously worked at Siemens, Adams taught himself Solidity and built the original protocol after reading a Vitalik Buterin blog post on automated market makers. He remains publicly active in 2026, commenting on tokenization and U.S. crypto policy.
Issuing Organization
Uniswap Labs, the software company Hayden Adams founded in 2018, develops the Uniswap protocol and interface, while the nonprofit Uniswap Foundation funds ecosystem growth.
- Uniswap Labs builds the protocol, Universal Router, Permit2, UniswapX and the Unichain layer-2 network
- Uniswap Foundation, established August 2022, has raised $59 million, with 62% earmarked for grants and incentive programs
- Under the December 2025 "UNIfication" proposal, Uniswap Labs is absorbing the Foundation's ecosystem teams
Governance
Uniswap is governed on-chain by the Uniswap DAO, where each UNI grants one vote once delegated to an address.
- Formal proposals require 2.5 million UNI delegated to the proposer, a 7-day forum discussion, 4% quorum and majority approval, then execution via a Timelock contract
- The DAO adopted formal "DAO Principles" in 2025 covering decentralization and conflict-of-interest disclosure
- The December 2025 "UNIfication" proposal passed with 99.9% support (over 125 million UNI for versus 742 against), activating the fee switch and a 20 million UNI annual growth budget from January 2026
Roadmap
Uniswap's protocol fee switch went live in mid-August 2026, following the December 2025 "UNIfication" DAO vote, and triggered a burn of roughly 100 million UNI.
- An annual 20 million UNI growth budget began quarterly distribution on January 1, 2026
- Uniswap recorded a new all-time weekly high of 28.9 million swaps around August 22, 2026
- The Uniswap Foundation continues funding multi-year builder programs for Unichain and Uniswap v4 adoption
Security
Uniswap's core smart contracts have undergone multiple independent audits, and the UNI contract carries a security score of 84/100 with no spam flags.
- Uniswap v3 core was audited by Trail of Bits and ABDK Consulting in early 2021
- Uniswap v4 underwent nine independent audits (including OpenZeppelin, Spearbit, Certora, Trail of Bits, ABDK and Pashov) backed by a $15.5 million bug bounty
- Holder concentration is notable: the top 10 addresses control 52% of circulating supply and the top 50 control 73%, as of 2026-08-31
Frequently Asked Questions
What is Uniswap (UNI)?
Uniswap (UNI) is the governance token of the Uniswap Protocol, a decentralized exchange on Ethereum that lets users swap ERC-20 tokens through automated market maker liquidity pools instead of a traditional order book. The underlying protocol launched in November 2018; the UNI token followed in September 2020 as a separate governance asset.
Is UNI a governance token or a utility token?
UNI is primarily a governance token: each token equals one vote in the Uniswap DAO once delegated, letting holders influence protocol parameters and treasury spending. At launch it carried no staking or fee-sharing rights; since Uniswap's August 2026 fee-switch activation, protocol fees are instead used to buy back and burn UNI.
What is UNI's maximum supply?
UNI's maximum supply is 1,000,000,000 tokens, fixed at launch in September 2020. Circulating supply is approximately 623.2 million UNI as of 2026-08-31. In August 2026, roughly 100 million UNI was burned through Uniswap's newly activated protocol fee switch, making current net supply disinflationary rather than fixed.
When and how did the UNI token launch?
UNI launched via a retroactive airdrop on September 16, 2020. Any Ethereum address that had interacted with the Uniswap protocol before a September 1, 2020 snapshot could claim 400 UNI, including addresses with only failed transactions; liquidity providers received additional allocations. Fifteen percent of total supply was made immediately claimable at launch.
Who founded Uniswap?
Hayden Adams founded Uniswap and serves as CEO of Uniswap Labs. A self-taught Solidity developer with a mechanical engineering background, he built the original protocol after reading a Vitalik Buterin blog post on automated market makers, launching it on Ethereum mainnet in November 2018.
What is the Uniswap fee switch and UNI token burn?
The fee switch is a mechanism approved by the December 2025 "UNIfication" DAO vote that redirects a share of Uniswap's trading fees toward buying back and burning UNI. It went live in August 2026, triggering a burn of roughly 100 million UNI, representing fees estimated to have accrued had the switch existed since launch.
How is Uniswap governed?
Uniswap is governed by the Uniswap DAO, where each UNI grants one vote once delegated on-chain. Formal proposals need 2.5 million UNI delegated to the proposer, a 7-day forum discussion period, 4% quorum, and majority approval before executing through a Timelock contract.
What blockchain is UNI on?
UNI's native, canonical deployment is on Ethereum. Bridged or wrapped versions also exist on chains including BNB Chain, Base, Polygon, Avalanche, Arbitrum, Optimism, Gnosis Chain, Unichain, Harmony and Energi, plus a synthetic perpetual market on Hyperliquid, but none of these are the primary asset.
