Uniswap: The Unmissable Giant of Decentralized Finance#uniswap $UNI
If Decentralized Finance (DeFi) had a capital, it would be called Uniswap. Launched in 2018 on the Ethereum blockchain, this protocol has become the central pillar of the sector by enabling cryptocurrency exchanges without intermediaries, without registration, and without order books.
The Concept: The Automated Market Maker (AMM)
Unlike traditional exchanges like Binance or Coinbase that use "order books" (buyers vs sellers), Uniswap uses an automated market maker (AMM) model.
The principle is simple: users deposit their tokens into liquidity pools. When a trader wants to exchange $ETH for $USDC, they interact directly with the pool's reserve. The price is mathematically adjusted by a famous formula.
re:
x . y = k
(Where x and y represent the amounts of the two tokens and k an invariant constant).
Major Evolutions: From V1 to V4
Uniswap continues to innovate to stay ahead in the face of fierce competition:
Uniswap V2: Introduced direct pairs between any ERC-20 tokens.
Uniswap V3 (The revolution of concentrated liquidity): Allows liquidity providers to choose a specific price range for their funds, making the protocol much more capital efficient.
Uniswap V4 (2025/2026): The era of "Hooks". This version allows for infinite customization of pools (dynamic fees, on-chain limit orders, etc.), transforming Uniswap into a platform on which other protocols can build.
The UNI Token: Governance and Power
The UNI token allows the community to govern the protocol. In 2026, Uniswap's governance remains one of the most active in Web3, managing a treasury of several billion dollars. Holders vote on technical updates and on the allocation of funds for ecosystem development.
Why does Uniswap still dominate?
Security: Its smart contracts are among the most audited and tested in the world.
Accessibility: Available on Ethereum but also on major "Layer 2" (Arbitrum, Optimism, Base, Polygon), reducing transaction fees.
Liquidity: This is often where you find the greatest market depth for new tokens.@Uniswap Protocol @Walrus 🦭/acc @Calman卡门