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...
Investment View
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. 7: Dynamic Fees: A fee model that adjusts in real time according to market volatility. UNI is sent to the 0xdead address and permanently burned.23 This system has the effect of naturally...
Previous Versions
The analysis target is https://app.uniswap.org/, and the project name is identified as Uniswap. Uniswap started as an on-chain AMM-based DEX, but is evolving from a “trading app” to an “on-chain liquidity operating system” through v3’s concentrated liquidity, v4’s hooks·singleton·flash accounting, Unichain, UniswapX, and protocol fee conversion. The Uniswap official app explains that it provides trading with “zero app fees” on more than 13 networks, including Ethereum, Unichain, Base, etc.
Investment View
However, if the price is out of range, fee accrual is stopped, so the importance of LP strategy management and automation hooks increases. The price range in the table below is not an investment recommendation or price prediction, but rather a sensitivity range that changes in protocol maturity can have on market valuation. Uniswap's overall maturity is evaluated at 81.1%.