This is our independent Uniswap Review (2026). Is Uniswap still the largest DEX by volume? How do the 0.30% fees compare to competitors like Curve in practice? And is the new v4 hooks system worth understanding — or should you just swap and leave?
Summary of this Uniswap review: Uniswap remains the dominant DEX for general-purpose spot trading — processing over $300 billion in cumulative volume since 2018. With deep liquidity across 10+ chains and the new v4 hooks system (launched January 2025), no competitor matches Uniswap's versatility for volatile token swaps. The protocol has never suffered a core smart contract hack.
But Uniswap isn't for everyone. The 0.30% trading fee is 7x higher than Curve's 0.04% on stablecoins. Gas on Ethereum mainnet runs $5-50 per swap — making small trades uneconomical. The v4 hooks system is powerful but introduces third-party code risks (Bunni, a Uniswap v4 DEX, was exploited in September 2025 via a rounding error — their code, not Uniswap's).
For retail traders swapping $500 ETH to USDC? Uniswap works fine, especially on Layer 2s like Base or Arbitrum where gas drops below $0.50. But for large stablecoin swaps ($10K+), Curve saves you real money — see our Curve Finance Review. For perpetual trading, Uniswap offers nothing — see our Hyperliquid Review instead.
Uniswap Review - Introduction
Uniswap is the protocol that defined decentralized trading. Founded by Hayden Adams — a former mechanical engineer at Siemens — Uniswap launched in November 2018 with a radical idea: replace orderbooks with automated market makers (AMMs).
Before Uniswap, Adams was unemployed and learned Ethereum development after being laid off. His creation, funded initially through an Ethereum Foundation grant, pioneered the xy=k constant product formula that now powers most DEXs in crypto.
Key Facts:
- Launched: November 2018
- Founder: Hayden Adams
- Chains: Ethereum (primary), Arbitrum, Optimism, Base, Polygon, Avalanche, BNB Chain, Celo, Blast, Zora, and more
- Type: Automated Market Maker (AMM)
- TVL: $4-5 billion (source: DeFiLlama, January 2026)
- Cumulative Volume: $300 billion+
- Governance Token: UNI — used for protocol governance and fee distribution since December 2025
Uniswap targets everyone from retail traders swapping memecoins to protocols needing deep liquidity for token launches. The average user doesn't need to understand v4 hooks — just connect wallet, swap, done.
Uniswap Review - How It Works
Uniswap's core innovation is the automated market maker — no orderbook, no counterparty, just a smart contract holding two tokens in a liquidity pool.
The AMM Model
Traditional exchanges (Coinbase, Binance) match buyers and sellers. Uniswap removes the middleman:
- Liquidity providers (LPs) deposit token pairs into pools
- The smart contract uses a formula to determine prices
- Traders swap against the pool, paying fees to LPs
v2 (2020): Simple xy=k formula. Works, but capital inefficient.
v3 (2021): Concentrated liquidity. LPs choose price ranges, earning more fees when active. More complex but 4,000x more capital efficient.
v4 (January 2025): Hooks system. Developers can now add custom logic to pools — dynamic fees, limit orders, MEV protection, and more. Over 2,500 hook-enabled pools exist as of mid-2025.
Singleton Architecture (v4)
V4 consolidates all pools into a single contract. Benefits:
- Cheaper pool creation
- Lower gas for multi-hop swaps
- Flash accounting (tokens transfer only at transaction end)
For users, this means slightly cheaper transactions. For developers, it's a platform to build on.
Uniswap Review - How to Use Uniswap
New to Uniswap? Here's how to make your first swap.
Step 1: Connect Your Wallet
Go to app.uniswap.org and click "Connect" in the top right. Uniswap supports MetaMask, Coinbase Wallet, WalletConnect, and most Web3 wallets. Make sure you're on the correct network.
Step 2: Select Your Network
Ethereum mainnet has the deepest liquidity but highest gas. For cheaper trades:
- Base — Lowest gas (~$0.01-0.10)
- Arbitrum — Good liquidity + low gas (~$0.10-0.50)
- Polygon — Very cheap but lower liquidity
Step 3: Select Tokens
Choose the token you want to sell (e.g., ETH) and the token you want to receive (e.g., USDC). Uniswap automatically routes through the most efficient path.
Step 4: Review and Swap
Enter your amount. Uniswap displays:
- Exchange rate
- Price impact (should be under 1% for liquid pairs)
- Minimum received (after slippage)
- Network fee (gas)
Click "Swap" and confirm in your wallet.
Pro tip: For large swaps ($10K+), check "Advanced" settings. Set a custom slippage tolerance (0.5% default is usually fine). Consider splitting across multiple transactions to reduce price impact.
Uniswap Review - Fees: How Expensive Is Uniswap Really?
Let's get specific with real numbers.
Fee Structure
| Fee Type | Uniswap | Curve | Difference |
|----------|---------|-------|------------|
| Standard Swap | 0.30% | 0.04% | 7.5x more expensive |
| Stablecoin Swap | 0.01-0.05% | 0.04% | Comparable |
| Volatile Pairs | 0.30% | 0.04-0.40% | Similar |
| Gas (Ethereum) | ~$5-50 | ~$5-15 | Similar |
| Gas (Arbitrum) | ~$0.10-0.50 | ~$0.10 | Similar |
Uniswap's 0.01% and 0.05% tiers exist but have limited liquidity
Real Cost Comparison
Scenario: Swap $100,000 ETH → USDC
| Platform | Trading Fee | Slippage | Gas | Total Cost |
|----------|-------------|----------|-----|------------|
| Uniswap (Ethereum) | $300 | ~$50 | ~$15 | ~$365 |
| Uniswap (Arbitrum) | $300 | ~$50 | ~$0.30 | ~$350 |
| Curve (stables only) | $40 | ~$10 | ~$10 | ~$60 |
The verdict: For volatile pairs (ETH, BTC, altcoins), Uniswap is competitive. For stablecoins, Curve is 5-6x cheaper on large swaps.
Where Fees Go
Since December 2025 ("UNIfication"):
- Majority → Liquidity providers
- Portion → Protocol treasury (used for UNI buyback and burn)
This fee switch means UNI holders now benefit from protocol usage.
Uniswap Review - Security
Audit History
| Auditor | Date | Scope |
|---------|------|-------|
| Trail of Bits | 2020 | v2 core contracts |
| Consensys Diligence | 2020 | v2 core contracts |
| Multiple firms | Jan-Apr 2020 | v3 (6-engineer audit) |
| Ongoing | 2024-2025 | v4 contracts |
| ChainSecurity | 2023 | Permit2 |
Security Track Record
- ✅ No major hacks of core Uniswap contracts — ever.
This is remarkable. The protocol has processed $300+ billion in volume since 2018 without a smart contract exploit on the core system. Very few DeFi protocols can claim this.
v4 Hook Risks
Important caveat: Uniswap v4's hooks system allows third-party code to run within pools. This introduces new risks:
- Bunni exploit (September 2025): A Uniswap v4-based DEX was drained via a rounding error. This was Bunni's hook code, not Uniswap's core contracts.
- Rule of thumb: Only use hook-enabled pools from audited, reputable projects. Stick to vanilla Uniswap pools if unsure.
Bug Bounty
Active on Cantina with substantial rewards for critical vulnerabilities.
Our Security Rating: 9/10 — The best track record in DeFi. Deducting one point for third-party hook risks in v4.
Uniswap Review - Multi-Chain Deployment
Uniswap v4 is live on 10+ networks:
| Chain | Status | Gas Cost | Liquidity |
|-------|--------|----------|-----------|
| Ethereum | Primary | High ($5-50) | Deepest |
| Arbitrum | Active | Low ($0.10-0.50) | Very Good |
| Optimism | Active | Low | Good |
| Base | Active | Very Low ($0.01-0.10) | Growing Fast |
| Polygon | Active | Very Low | Good |
| BNB Chain | Active | Low | Good |
| Avalanche | Active | Low | Moderate |
| Celo | Active | Very Low | Limited |
| Blast | Active | Low | Moderate |
| Zora | Active | Low | Limited |
Recommendation: For most users, Base offers the best combination of low fees and growing liquidity. Arbitrum is better for larger trades needing deep liquidity.
L2 Benefits
- Gas drops from $5-50 to under $0.50
- Same Uniswap interface and security
- Bridging required (use official bridges)
- Some tokens only available on specific chains
Uniswap in comparison with the competition: Curve and Hyperliquid?
It's important to understand what each DEX excels at.
Uniswap vs Curve
| Feature | Uniswap | Curve |
|---------|---------|-------|
| Best for | Volatile pairs (ETH, BTC, altcoins) | Stablecoins, pegged assets |
| Trading fee | 0.30% | 0.04% |
| Slippage on $100K stablecoin swap | $50-300 | ~$10 |
| Governance | UNI (no lock required) | veCRV (4-year locks) |
| UX | Clean, modern | Functional but dated |
| Liquidity for ETH/USDC | ⭐⭐⭐⭐⭐ | ⭐⭐⭐ |
| Liquidity for USDC/USDT | ⭐⭐⭐ | ⭐⭐⭐⭐⭐ |
Winner: Uniswap for volatile tokens. Curve for stablecoins. Use both.
Uniswap vs Hyperliquid
Different products entirely:
- Uniswap = Spot swaps (no leverage, AMM-based)
- Hyperliquid = Perpetual futures (up to 50x leverage, orderbook)
If you want perps, Uniswap is irrelevant. See our Hyperliquid Review.
For spot trading, Uniswap remains king.
Uniswap Review - Who Should Use Uniswap?
✅ Uniswap is Best For:
- Traders swapping volatile tokens — ETH, BTC, altcoins, memecoins. Deepest liquidity in DeFi.
- L2 users wanting cheap swaps — On Base/Arbitrum, Uniswap is fast and nearly free.
- Protocols needing liquidity — Launching a token? Uniswap is the default choice.
- DeFi power users — v4 hooks enable advanced strategies.
- Anyone prioritizing security — Best track record in DEX history.
❌ Uniswap is NOT For:
- Large stablecoin swaps ($10K+) — Use Curve. You'll save 5-6x on fees.
- Small Ethereum mainnet trades — Gas eats your profits. Use L2s or a CEX.
- Perpetual/futures traders — Uniswap has no perps. See Hyperliquid.
- Complete beginners — The wallet + gas + bridging learning curve is steep. Consider a CEX first.
- Yield seekers — LP returns are often negative after impermanent loss. Curve or lending protocols may be safer.
Conclusion Uniswap Review 2026
Uniswap remains essential DeFi infrastructure — the protocol that makes token swaps possible without intermediaries. With $300B+ cumulative volume, 10+ chains, and the best security record in the industry, it's the default choice for spot trading.
The bottom line:
If you're swapping volatile tokens (ETH, altcoins, memecoins) and want deep liquidity with battle-tested security — Uniswap is the answer. On Layer 2s like Base and Arbitrum, it's fast and cheap.
If you're moving serious money in stablecoins, Curve saves real money. If you want perpetual trading, look elsewhere.
Our Rating: 8.7/10
- Security: 9/10 — Best track record in DeFi
- Liquidity: 9.5/10 — Deepest for volatile pairs
- Fees: 7/10 — 0.30% is higher than Curve; gas is expensive on L1
- Features: 9/10 — v4 hooks are genuinely innovative
- UX: 8/10 — Clean interface, but bridging adds friction
Best alternative: Curve Finance for stablecoins. Hyperliquid for perpetual trading.
Frequently Asked Questions
Is Uniswap safe?
Uniswap has the best security track record in DeFi — no core contract hacks in 7+ years and $300B+ volume processed. The v4 hooks system introduces third-party code risks, so stick to vanilla pools or audited hook projects. Smart contract risk exists in all DeFi — see Uniswap's security docs.
What are Uniswap fees?
Uniswap charges 0.30% per swap on most pools (0.01-0.05% tiers exist for stablecoins but with limited liquidity). Gas varies: $5-50 on Ethereum mainnet, under $0.50 on Layer 2s like Arbitrum and Base.
How does Uniswap compare to Curve?
Uniswap beats Curve for volatile token swaps (ETH, BTC, altcoins) with deeper liquidity. Curve wins for stablecoins — 0.04% fees vs Uniswap's 0.30% and near-zero slippage on large trades.
What is Uniswap v4?
Uniswap v4 (launched January 2025) introduces "hooks" — custom plugins that let developers add features like dynamic fees, limit orders, and MEV protection. Over 2,500 hook-enabled pools exist. For regular users, v4 means slightly cheaper gas.
Can I use Uniswap on Layer 2?
Yes. Uniswap is live on Arbitrum, Base, Optimism, Polygon, and more. Gas drops from $5-50 on Ethereum to under $0.50. Base is recommended for the cheapest transactions.
What is the UNI token?
UNI is Uniswap's governance token. Since December 2025, protocol fees on Ethereum are used to buy back and burn UNI, giving the token value beyond just voting rights. Track UNI stats on CoinGecko.
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Last updated: February 2026
Disclaimer: This review is for informational purposes only. Not financial advice. DYOR.