In the development of decentralized finance (DeFi), the Uniswap protocol occupies a key position in changing the paradigm of asset exchange. Uniswap, which emerged, moved away from the order book method of centralized exchanges and successfully established an automated market maker (AMM) model, which enabled permissionless liquidity provision and asset swaps on the blockchain.1 This report aims to deeply analyze the evolution of the technical architecture from Uniswap V1 to the recent V4, changes in governance and economic models surrounding UNI tokens, and the current market microstructure in 2026. V2 required external users to record checkpoints, but V3 saved oracle...
Uniswap has matured from an AMM DEX into an onchain liquidity operating system spanning concentrated liquidity, v4 hooks, singleton architecture, flash accounting, Unichain, and UniswapX. Its maturity is supported by multi-chain zero-app-fee access and large historical volume, while protocol fee activation, governance execution, and liquidity migration to v4 remain key tests.
Investment View
Review Uniswap through AMM liquidity, v3 concentration, v4 hooks, Unichain, UniswapX, protocol fees, and governance execution.