Plain English
Uniswap is the largest decentralized exchange on Ethereum and EVM chains. The platform (app.uniswap.org) is the UI to the underlying smart contracts. Versions V2 (constant product), V3 (concentrated liquidity), V4 (hooks). Hundreds of billions in cumulative volume.
How it actually works
The Uniswap interface routes orders through V2/V3/V4 pools, UniswapX (intent-based fillers), and across multiple L2s. Front-end charges 0.25% protocol fee on top of LP fees (around 0.05–1% depending on pool). Open-source — any third party can build alternative UIs to the same contracts.
What it means for you
Uniswap UI is the default entry into DeFi for swapping any ERC-20 token. For larger swaps, route through aggregators (1inch, Matcha, CowSwap, Odos) which often find better prices across multiple DEXes. Uniswap itself is reliable, audited, and the most-used DEX on Earth.
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Educational content only. Not investment, tax, or legal advice.