Uniswap (UNI) is the native token of the Uniswap decentralized exchange, a liquidity provider for the trading of tokens on the wider [Ethereum](https://www.coindesk.com/price/ethereum/) network, also known as ERC-20 tokens. The Uniswap protocol is designed to be fully decentralized, using a trading model known as an automated liquidity protocol. This method gives users incentives to provide liquidity, which guarantees a liquidity pool, ensuring trades can be executed instantly at a known price.

[Uniswap](https://uniswap.org/) minted a total of 1 billion UNI at its launch, which it expected to distribute over the course of four years. Sixty percent of all UNI will be distributed to community members, while the remaining 40% will be for investors, advisers, and Uniswap team members. Once the total of 1 billion UNI is distributed, UNI will be an inflationary token with a perpetual inflation rate of 2%. Uniswap’s protocol token [went live](https://uniswap.org/blog/uni/) in September 2020. In the subsequent months, it captured the bull run of the wider crypto market. The Uniswap price climbed to an [all-time high](https://www.coindesk.com/price/uniswap/) of $45.01 on May 4 before pulling back along with the broader crypto market that month. The price of Uniswap fluctuated in the $15-$30 range during the summer of 2021.

How Does Uniswap Work?

Uniswap runs on two smart contracts – “Exchange” and “Factory” – automated computer programs that perform certain functions when preset conditions are met. The factory smart contract adds new tokens to the platform, while the exchange one facilitates token trades. The protocol offers “time-weighted average price” (TWAP) oracles, a pricing methodology that calculates the average price of an asset over a set period. Oracles are a tool that brings data from an outside source into a blockchain. Uniswap’s consensus mechanism is similar to a [proof-of-stake](https://www.coindesk.com/learn/what-is-proof-of-stake) model, in which users receive rewards in return for locking up their tokens. UNI token holders can participate in on-chain governance for future upgrades to the Uniswap protocol. Further, UNI holders also obtain partial ownership of the Uniswap domain and set the token list for the Uniswap exchange. Beyond governance, UNI holders are entitled to around one-sixth of the trading fees paid on the Uniswap Protocol. However, governance controls require that holders vote to agree on when they receive funds. The community is also encouraged to consult legal and regulatory professionals before implementing proposals. The Uniswap team doesn’t participate directly in the development or the governance of the protocol. However, it reserves the right to delegate votes, without seeking to influence voting decisions.

Key Events and Management

In 2016, the concept for an on-chain AMM was theorized by Ethereum co-founder Vitalik Buterin in a [post on Reddit](https://www.reddit.com/r/ethereum/comments/55m04x/lets_run_onchain_decentralized_exchanges_the_way/). The concept was different from decentralized exchanges in that it doesn’t use a traditional order book. Hayden Adams began working on the concept after he was laid off from his job as a mechanical engineer and was encouraged to learn how to code by Ethereum Foundation member Karl Floersch. Eventually, Adams received multiple grants from the Ethereum Foundation and others to build it into a functional exchange. On Nov. 2, 2018, Hayden publicly [announced](https://uniswap.org/blog/uniswap-history/) Uniswap and launched it on the Ethereum blockchain. Uniswap v2 launched in May 2020. It facilitated over $135 billion in trades and gave Uniswap the title of the largest decentralized spot exchange in the world. A year later, Uniswap v3 launched on the Ethereum blockchain with the aim of making transactions on Uniswap cheaper and faster. Before its upgrade to V3, the protocol raised $11 million in August 2020 in a Series A funding round led by venture capital firm Andreessen Horowitz.

Uniswap Protocol Token (UNI) Markets

#	Instrument	Exchange	Benchmark Score	Price	24h Change	24h Volume	24h Trades	24h Open	24h High
1	UNI-USDT UNIUSDT	binance	AA	6.74USDT	0.51%	3,111,999.15UNI	104,331	6.70USDT	6.90USDT
2	UNI-USDT UNI-USDT	okex	A	6.74USDT	0.48%	1,299,600.21UNI	37,108	6.70USDT	6.90USDT
3	UNI-USDT UNI_USDT	whitebit	BB	6.73USDT	0.41%	1,138,747.80UNI	30,520	6.70USDT	6.89USDT
4	UNI-USDT UNI-USDT	kucoin	BB	6.73USDT	0.49%	880,969.51UNI	21,523	6.70USDT	6.90USDT
5	UNI-USDT UNI_USDT	gateio	A	6.73USDT	0.49%	638,773.64UNI	29,619	6.70USDT	6.90USDT
6	UNI-USD UNI-USD	coinbase	AA	6.73USD	0.47%	435,455.57UNI	13,220	6.69USD	6.89USD
7	UNI-USD UNIUSD	kraken	AA	6.73USD	0.44%	282,680.04UNI	8,534	6.70USD	6.89USD
8	UNI-USDC UNIUSDC	binance	AA	6.73USDC	0.55%	275,888.53UNI	11,293	6.70USDC	6.89USDC
9	UNI-USDT UNIUSDT_SPBL	bitget	BB	6.74USDT	0.55%	179,792.51UNI	8,132	6.70USDT	6.90USDT
10	UNI-USDT UNIUSDT	bybit	A	6.74USDT	0.48%	171,526.70UNI	14,375	6.71USDT	6.90USDT
11	UNI-USD uniusd	bitstamp	AA	6.73USD	0.69%	128,315.39UNI	1,724	6.69USD	6.88USD
12	UNI-TRY UNI_TRY	whitebit	BB	334.90TRY	0.78%	123,974.41UNI	5,767	332.30TRY	342.80TRY
13	UNI-WBT UNI_WBT	whitebit	BB	0.08686WBT	0.95%	83,320.89UNI	9,024	0.08604WBT	0.08849WBT
14	UNI-EUR UNIEUR	kraken	AA	6.01EUR	0.49%	72,328.02UNI	2,115	5.98EUR	6.15EUR
15	UNI-USDC UNI-USDC	okex	A	6.73USDC	0.63%	70,206.10UNI	7,806	6.69USDC	6.89USDC
16	UNI-BTC UNIBTC	binance	AA	0.0₄8400BTC	0.60%	62,427.73UNI	1,361	0.0₄8350BTC	0.0₄8520BTC
17	UNI-BTC UNI_BTC	whitebit	BB	0.0₄8386BTC	0.31%	42,703.08UNI	2,526	0.0₄8360BTC	0.0₄8535BTC
18	UNI-USDC UNI_USDC	whitebit	BB	6.73USDC	0.40%	34,110.46UNI	3,609	6.70USDC	6.88USDC
19	UNI-USD UNIUSD	bitfinex	BB	6.74USD	0.47%	25,346.93UNI	21,589	6.71USD	6.90USD
20	UNI-USD UNIUSD	oslhongkong	A	6.73USD	0.62%	22,201.31UNI	8,286	6.69USD	6.89USD
21	UNI-USD UNI_USD	cryptodotcom	AA	6.74USD	0.61%	18,018.51UNI	9,387	6.70USD	6.89USD
22	UNI-USDC UNI_USDC	gateio	A	6.72USDC	0.45%	14,067.74UNI	486	6.69USDC	6.89USDC
23	UNI-TRY UNITRY	binance	AA	335.00TRY	0.60%	14,013.92UNI	639	333.00TRY	342.00TRY
24	UNI-EUR UNI-EUR	okex	A	6.00EUR	0.47%	10,607.55UNI	1,483	5.97EUR	6.16EUR
25	UNI-USDT UNI_USDT	cryptodotcom	AA	6.74USDT	0.61%	7,462.75UNI	12,189	6.70USDT	6.90USDT
26	UNI-EUR UNI_EUR	whitebit	BB	6.00EUR	0.30%	6,768.94UNI	687	5.99EUR	6.15EUR
27	UNI-EUR unieur	bitstamp	AA	6.03EUR	0.95%	6,404.57UNI	149	5.97EUR	6.11EUR
28	UNI-EUR UNI-EUR	coinbase	AA	6.00EUR	0.28%	5,344.65UNI	453	5.99EUR	6.17EUR
29	UNI-USD uniusd	gemini	A	6.72USD	0.29%	3,707.80UNI	395	6.70USD	6.87USD
30	UNI-USDC UNIUSDC	bybit	A	6.67USDC	-0.82%	3,620.81UNI	112	6.73USDC	6.88USDC
31	UNI-U UNIU	binance	AA	6.73U	0.07%	2,084.50UNI	70	6.72U	6.86U
32	UNI-USD UNIUSD	hashkey	A	6.72USD	0.48%	2,029.54UNI	299	6.69USD	6.88USD
33	UNI-BTC UNIXBT	kraken	AA	0.0₄8367BTC	0.01%	1,855.47UNI	50	0.0₄8366BTC	0.0₄8506BTC
34	UNI-USDT UNIUST	bitfinex	BB	6.73USDT	0.54%	1,457.41UNI	50	6.69USDT	6.87USDT
35	UNI-USD1 UNIUSD1	binance	AA	6.75USD1	0.19%	875.93UNI	75	6.73USD1	6.89USD1
36	UNI-GBP UNI-GBP	coinbase	AA	5.00GBP	-0.57%	838.77UNI	55	5.03GBP	5.14GBP
37	UNI-USDC UNIUSDC_SPBL	bitget	BB	6.74USDC	0.55%	816.33UNI	340	6.70USDC	6.89USDC
38	UNI-BTC UNI-BTC	coinbase	AA	0.0₄8336BTC	0.08%	730.37UNI	37	0.0₄8329BTC	0.0₄8507BTC
39	UNI-USD UNI_USD	lmax	BB	6.53USD	-13.93%	178.00UNI	3	7.59USD	7.59USD
40	UNI-ETH UNIETH	kraken	AA	0.002858ETH	-0.08%	34.63UNI	5	0.002860ETH	0.002922ETH
41	UNI-USDT UNIUSDT	cexio	BB	6.77USDT	-1.17%	34.06UNI	2	6.85USDT	6.85USDT
42	UNI-TRY UNI-TRY	okex	A	335.30TRY	0.00%	7.31UNI	27	335.30TRY	342.46TRY
43	UNI-USD UNIUSD	itbit	BB	4.02USD	0.00%	0UNI	0	4.02USD	4.02USD
44	UNI-USD UNIUSD	cexio	BB	6.68USD	0.84%	3.44UNI	1	6.62USD	6.68USD
45	UNI-EUR UNIEUR	cexio	BB	6.04EUR	-2.19%	3.44UNI	1	6.18EUR	6.18EUR
46	UNI-USDC UNIUSDC	cexio	BB	6.78USDC	-0.84%	2.22UNI	1	6.84USDC	6.84USDC
47	UNI-USDC UNIUSDC	bullish	AA	7.21USDC	0.00%	0UNI	0	7.21USDC	7.21USDC
48	UNI-USDT uni_usdt	xtpub	-	6.74USDT	0.61%	1,241,896.84UNI	13,431	6.70USDT	6.90USDT
49	UNI-USDT UNI_USDT	poloniex	C	6.75USDT	0.67%	985,531.70UNI	112,545	6.70USDT	6.91USDT
50	UNI-USDT uni_usdt	digifinex	D	6.74USDT	0.53%	947,767.14UNI	31,041	6.70USDT	6.90USDT

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