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Uniswap is a decentralized exchange (DEX) for cryptocurrencies that was launched in November 2018 by Hayden Adams on Ethereum mainnet. A DEX lets you trade tokens directly via open-source smart contracts, eliminating the need for a centralized exchange (CEX) or intermediary, like a bank. In the case of Uniswap, you can trade (aka swap) tokens that are ERC-20, and therefore compatible with the Ethereum Virtual Machine (EVM).
Uniswap uses an Automated Market Maker (AMM) in lieu of traditional finance (TradFi) order books. Users add tokens to liquidity pools on the platform. In return for being a liquidity provider, you can earn a share of trading fees. When you want to trade tokens, Uniswap smart contracts calculate the exchange rate based on relative amounts tokens in the liquidity pool.
The native cryptocurrency of Uniswap is UNI, a utility token that is largely used for governance purposes. Holders of UNI can vote on decisions about the development and management of Uniswap. You can’t pay transaction fees with UNI. When trading, transaction fees are paid in the tokens being swapped. UNI token holders are typically active DeFi investors and crypto protocol participants. | Today (November 29, 2025) | $6.12 | -2.57% |
|---|---|---|
| 24 hours ago (November 28, 2025) | $6.28 | -2.57% |
| 1 week ago (November 22, 2025) | $6.04 | +1.30% |
| 1 month ago (October 30, 2025) | $5.87 | +4.24% |
| 1 year ago (November 29, 2024) | $12.77 | -52.07% |
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