Uniswap is the original and most influential DEX, launched in 2018 on Ethereum. It pioneered the AMM (automated market maker) model that now powers nearly every decentralized exchange.
As of 2025, Uniswap still leads Ethereum DeFi with billions in daily volume, and its brand is as iconic as Binance in the CEX world. For degens, it’s the most trusted playground for new tokens — but gas fees and MEV bots make it feel like a whale game sometimes.
📜 Background & Reputation
Uniswap was created by Hayden Adams with backing from Ethereum Foundation grants. It launched at Devcon 4 in 2018 and changed DeFi forever. No more centralized order books — just liquidity pools anyone could join.
Uniswap v2 (2020) brought ERC-20 pairs.
Uniswap v3 (2021) introduced concentrated liquidity.
Uniswap v4 (2024, coming into play now) promises custom hooks and even more flexibility.
Reputation: the DEX gold standard. Safe, audited, widely integrated into wallets. But also expensive during peak gas times, pricing out small players.
🚀 Features and Offerings
- Spot Swaps: Huge variety of tokens, often the first place new ERC-20s appear.
- Liquidity Pools: Anyone can add liquidity and earn fees.
- Concentrated Liquidity (v3): LPs can focus capital in tight ranges for better yield.
- Cross-Chain Deployments: Uniswap now lives on Ethereum, Arbitrum, Optimism, Polygon, Base, BNB Chain, and more.
- Governance (UNI token): Used for voting, though CT memes that governance is weak.
- Integrations: Almost every DeFi app routes through Uniswap liquidity.
🛡️ Safety and Trust
Uniswap is battle-tested. Billions in TVL, countless integrations, and no protocol-ending hacks.
Main risks:
- Rug tokens: Anyone can list a scam coin.
- Gas fees: Ethereum mainnet swaps can cost $30–$100 in peak times.
- MEV bots: Sandwich attacks can wreck slippage for degens.
But overall, Uniswap is one of the most trusted protocols in all of DeFi.
🎭 What the Users Say
Positive:
- “Uniswap is DeFi itself. If it’s not here, it doesn’t matter.” — CT
- “Best liquidity, best integration.” — Reddit
- “UNI is my blue-chip bag.” — App Store review
Negative:
- “Gas fees are insane, kills small trades.” — Trustpilot
- “Too complex for new LPs.” — community forums
- “MEV bots eating profits, unfixable issue.” — Twitter trader
The vibe: respected, essential, but not cheap or beginner-friendly.
🌍 Who Actually Uses Uniswap?
- Ethereum whales moving serious size.
- DeFi natives farming and providing liquidity.
- Degens aping into ERC-20s fresh out of Telegram.
- Not as popular with beginners outside the West — too expensive compared to PancakeSwap or Solana DEXs.
📊 Real Examples
- 2020: $UNI token airdrop — one of the most famous in crypto history.
- 2021: v3 concentrated liquidity, LP strategies evolve.
- 2023–2024: Uniswap expands to Base and Arbitrum, onboarding new waves of degens.
- 2025: Uniswap v4 launch in progress, hyped as a new era for custom liquidity pools.
🎰 Should a Degen Use It?
Uniswap is like the main stage at the casino. Bright lights, massive liquidity, but also the most expensive tables. You’ll find the best projects here, but the entry cost isn’t for everyone.
For degens, it’s essential for ERC-20 hunting and serious DeFi plays. Just don’t use it for tiny trades — you’ll get wrecked by gas.
🏁 Final Degen Verdict
Uniswap is the king of DEXs. It created the model, it’s still the most trusted, and it’s not going anywhere.
For degens, it’s the place for serious ERC-20 plays, but gas fees and MEV make it tough for small stacks. Use it for real moves, not casual flips.
WAGMI — if you can afford the table stakes.
