Plain English
Uniswap is the largest DEX on Ethereum and the protocol that popularized the AMM design. UNI is the governance token. Uniswap V3 introduced concentrated liquidity; V4 added “hooks” that let developers customize pool behavior. Hundreds of billions in cumulative volume.
How it actually works
Uniswap V4 (2025) consolidates all pools into a single singleton contract and enables hooks — programmable extensions that can run before/after swaps, on add/remove liquidity, etc. UniswapX provides intent-based execution that routes orders through professional fillers. UNI governance controls protocol fees and treasury.
What it means for you
UNI is the bellwether DeFi governance token. For HNW positioning, the long-debated “fee switch” — turning on protocol-level fees that flow to UNI stakers — would materially change the value accrual story. As of 2026, partial activation has begun on select pools. Watch governance for full activation.
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Educational content only. Not investment, tax, or legal advice.