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Uniswap(UNI)

Token Price$2.76

24h Change+1.23%

All Time HighMay 3, 2021$44.92

All Time LowSep 17, 2020$1.03

Key Metrics

Market Cap$1.717b

Fully Diluted Valuation$2.756b

Circ. Supply622.89m UNI

Max Supply1b UNI

Outstanding FDV$2.771b

Volume 24h$170.67m

CEX Volume$87.77m

DEX Volume$92.41m

Token Liquidity$57.99m

Uniswap V3 · Ethereum$48.15m

Uniswap V2 · Ethereum$6.22m

Uniswap V3 · BSC$1.19m

Uniswap V3 · Arbitrum$1.15m

Uniswap V3 · Polygon$611,013

SushiSwap · Ethereum$373,989

Treasury$794.74m

Majors$427.69

Stablecoins$1,136

Own Tokens$794.74m

Others$0

Total RaisedUndisclosed

Feb 11, 2026Undisclosed

Income Statement for Uniswap

	Q2 2026*	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021	Q1 2021	Q4 2020	Q3 2020	Q2 2020	Q1 2020	Q4 2019	Q3 2019	Q2 2019	Q1 2019	Q4 2018
Gross Protocol Revenue	$94.26M	$164.72M	$261.32M	$298.55M	$208.20M	$289.10M	$351.60M	$165.86M	$274.05M	$303.36M	$171.82M	$92.20M	$153.32M	$180.32M	$122.60M	$149.06M	$242.78M	$313.71M	$491.49M	$324.35M	$487.24M	$272.71M	$100.05M	$70.33M	$3.15M	$1.28M	$424.60K	$281.33K	$372.91K	$91.25K	$2.47K
Token Swap Fees	$43.82K
Cost of Revenue	$87.59M	$153.67M	$261.17M	$290.86M	$75.94M	$51.88M	$79.68M	$146.62M	$274.04M	$289.27M	$171.38M	$92.20M	$153.32M	$170.79M	$45.73M	$0	$0	$0	$0	$0	$0	$5.22M	$0	$0	$0	$0	$0	$0	$0	$0	$0
LP fees	$278.71K	$148.15K
Gross Profit	$6.67M	$6.85M	$152.95K	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Protocol fees	$158	$181
Incentives	$8.38	$421.35K	$1.93M	$10M	$20.70M	$58.56K	$829.45K	$2.21M	$577.17K	$16.59	$365	$1.61K	$65.08	$148.65K	$1.92K	$1.95K	$5.43K	$32.05K	$27.24K	$30.53K	$403.92K	$576.39K	$51.18M	$15.53M	$0	$0	$0	$0	$0	$0	$0
V2 LP Staking Rewards	$8.38	$84.07	$845.84	$374.08	$20.81	$178.58	$353.68	$187.57	$87.68	$16.59	$365	$1.61K	$65.08	$148.65K	$1.92K	$1.95K	$5.43K	$32.05K	$27.24K	$30.53K	$403.92K	$576.39K	$51.18M	$15.53M
Merkl Campaigns		$421.27K	$1.93M	$10M	$20.70M	$58.39K	$829.09K	$2.21M	$577.08K
Earnings	$6.67M	$6.43M	-$1.78M	-$10M	-$20.70M	-$58.56K	-$829.45K	-$2.21M	-$577.17K	-$16.59	-$365	-$1.61K	-$65.08	-$148.65K	-$1.92K	-$1.95K	-$5.43K	-$32.05K	-$27.24K	-$30.53K	-$403.92K	-$576.39K	-$51.18M	-$15.53M	$0	$0	$0	$0	$0	$0	$0
Token Holder Net Income	$6.67M	$6.85M	$152.95K	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Tokenholder fees	$158	$181

Risks

How much debt can be issued against UNI as collateral across lending protocols.

Maximum possible exposure to UNI

$3.27m

$516,430 (max additional borrows against UNI) + $2.76m (bad debt if UNI was hacked now)

Compound V3

$685,581 at-risk exposure = $169,166 bad debt if hacked + $516,415 additional borrowable against UNI

Morpho V1

$342.4 at-risk exposure = $327.97 bad debt if hacked + $14.43 additional borrowable against UNI

Aave V3

$1.15m at-risk exposure = $1.15m bad debt if hacked + $0 additional borrowable against UNI

Venus Core Pool

$1.44m at-risk exposure = $1.44m bad debt if hacked + $0 additional borrowable against UNI

Methodology and limitations

Showing collateral exposure for UNI on onchain. Max Borrowable uses the backend's liquidity-bounded borrow-capacity metric (`collateralMaxBorrowUsdLiquidity`) for the maximum additional USD debt that can be issued against the asset right now. Bad Debt at $0 is the minimum known bad debt if the collateral asset price goes to zero; null rows are excluded from this total rather than treated as zero, so totals may remain lower bounds.

These metrics describe lending exposure only and are not a full protocol risk rating.
This view does not include multisigs, timelocks, audits, oracle incidents, listing discussions, curator reports, or protocol backstops.
Chain-specific drilldown is exact only when the token resolves to a concrete chain:address.

Show exposure details

Each row is one protocol-chain exposure for UNI as collateral. Bad debt at $0 totals remain lower bounds when a row is marked partial.

Protocol	Chain
Compound V3	Ethereum	UNI0x1f9840a85d5af5bf1d1762f925bdaddc4201f984	$516,415	$169,166
Morpho V1	Unichain	UNI0x8f187aa05619a017077f5308904739877ce9ea21	$11.13	$327.97
Morpho V1	Ethereum	UNI0x1f9840a85d5af5bf1d1762f925bdaddc4201f984	$3.29	< $0.0001
Aave V3	Ethereum	UNI0x1f9840a85d5af5bf1d1762f925bdaddc4201f984	$0	$1.15m
Venus Core Pool	BSC	UNI0xbf5140a22578168fd562dccf235e5d43a02ce9b1	$0	$1.44m

Risk Timeline

Risk-management actions published about UNI by tracked risk managers and governance contributors, newest first.

41 actions

risk managerGauntletcomp.xyz

1 month ago

↓Supply Cap Reductions Across L2 Comets

UNI utilization is low (0-3%) in Unichain Comets, with near-zero supply in some, so caps are set to 0 for dormant markets or ~30% buffered for active ones to minimize exposure to long-tail exploit risks.

risk managerGauntletcomp.xyz

1 month ago

↓Compound Ethereum Supply Cap Reductions Across Comets

UNI has active but moderate utilization in USDT and USDC Comets; cap resized to 30% buffer above supply. Adjustment counters rising smart-contract exploit risks for this token without deep liquidity.

risk managerGauntletcomp.xyz

1 month ago

↓Compound Treasury Consolidation: Sources, Methodology and Framework

UNI reserves from v2 deprecation above residual balance are pulled to fund programs, leaving dust amounts in place due to limited liquidity.

risk managerGauntletforum.euler.finance

4 months ago

↓Offboard Low Demand Tokens from Euler L2s

UNI supply on Unichain is only $17K, below the $100K demand threshold, signaling insufficient liquidity and usage to justify continued exposure.

risk managerGauntletcomp.xyz

7 months ago

↓Parameter Recommendations for UNI on Unichain USDC Comet

During the October 10, 2025 market downturn, roughly 13,000 UNI were liquidated in a four-minute window on the Unichain USDC Comet, incurring over 10% slippage under current conditions. These adjustments aim to trigger liquidations earlier and incentivize more efficient processing to mitigate slippage and risk in future downturns.

risk managerGauntletcomp.xyz

7 months ago

↓Recommendations for Low Utilization Comets - Part 2

UNI market on Unichain WETH Comet shows low demand, peaking at 0.18% utilization over the last 30 days. The cap reduction decreases overall protocol risk exposure.

risk managerGauntletcomp.xyz

8 months ago

↓Risk Parameter and Supply Cap Recommendations for Mainnet USDC and USDT Comets

UNI market on Mainnet USDT has demonstrated low user demand with maximum supply cap utilization staying below 35% over the past 30 days, leading to a cap reduction to lower protocol risk exposure while preserving existing positions.

contributor@EulerLabsforum.euler.finance

9 months ago

↑Euler launches DeFi token lending market

UNI is being added as a supply-only collateral asset in the new Euler DeFi market, allowing users to deposit it for liquidity without borrowing exposure to mitigate risks from its governance-driven liquidity profile.

contributor@K3Capitalforum.morpho.org

1 year ago

↑K3 Capital USDC Vault on Unichain with WBTC, WETH, wstETH, weETH, UNI Collateral

UNI is Uniswap's governance token for protocol upgrades and potential fee-sharing, included as collateral despite SEC regulatory uncertainty around Uniswap Labs, with conservative parameters to manage volatility.

risk managerLlama Riskllamarisk.com

1 year ago

↑Aave Chainlink SVR v1 Activation Phase 2

UNI's OEV analysis yields a lin_res score of 42, reflecting moderate liquidation sensitivity and volatility that warrants inclusion in expanded SVR coverage.

Markets

Token Rights and Value Accrual

Updated Apr 20, 2026

Overview

Token(s): UNI
Token Type: Governance
Utility: N/A

UNI is a governance token that allows holders to propose and vote on upgrades, parameter changes, and fee structures

Governance Rights

Control

UNI holders vote on protocol upgrades, fee parameters, treasury actions, growth budgets, and product rollouts. Proposal creation requires 1M UNI delegated, 40M UNI quorum to pass. All core contracts (V2, V3, V4) are non-upgradeable, only the governance module itself is upgradeable via Timelock.

Governance Decisions

UNI

UNI holders vote onchain via GovernorBravoDelegator with execution through a Timelock delay. Proposal creation requires 1M UNI.

Treasury Decisions

UNI

The Governance Timelock holds ~264M UNI and is entirely controlled by token holders. Fund transfers require governance proposals with 40M UNI quorum. The UNIfication proposal (Dec 2025) burned 100M UNI directly from treasury via this process.

Revenue Decisions

UNI

UNI holders control fee routing across V2, V3, and V4. The UNIfication proposal activated protocol fees and directed them to the UNI burn mechanism. Fee parameters can be adjusted by governance vote.

Fee Switch

Protocol fees active on V2 (0.05% of all pools) and select V3 pools. Fees accumulate in TokenJar and are burned via the FirePit mechanism. Unichain sequencer fees also feed into the burn.

Resources

Foundation Multisigs / Addresses

0xe571dC7A558bb6D68FfE264c3d7BB98B0C6C73fC

Q3 2025 Financialswww.uniswapfoundation.org

Primary Value Accrual

Deflationary supply reduction

Value accrues through deflationary supply reduction as protocol fees are claimed by burning UNI via the FirePit mechanism.

Equity Statement

After UNIfication proposal passed, Labs turned off interface, wallet, and API fees. Revenue no longer flows to equity holders, labs interface fees are set to zero and protocol fees flow to the UNI burn mechanism controlled by governance.

Economic Rights

Value Capture

Portion of swap fees, 85% of sequencer revenue, Protocol Fee Discount Auctions & Aggregator hooks go to UNI burns as of December 2025

Buybacks

N/A

No buyback mechanism is currently active

Dividends

N/A

No dividend or revenue distribution is currently active for Uniswap

Burns

Active

Protocol fees accumulate in the TokenJar contract. Anyone can burn 4,000 UNI via the FirePit contract to claim accumulated fees. The 4,000 UNI threshold is adjustable by governance. A one-time retroactive burn of 100M UNI from the treasury was executed as part of UNIfication (Dec 2025).

Ownership

Fundraising: Equity
Equity Revenue Capture: No
Associated Entities: DAOFoundationDUNILabs
IP & Brand: Labs
Domain: Labs, DUNI

Token Usage

An is required to view token usage.

Liquidations

An is required to view token liquidations.

Unlocks

An is required to view token unlocks.

Yields

Showing 10 of 51 pools

Pool	Project
open in new tab UNI-WBTC0.3%	Uniswap V3	$1.16m	57.94%	57.94%	36.44%
open in new tab WETH-UNI0.3%	Uniswap V3	$241,186	45.86%	45.86%	25.83%
open in new tab UNI-USDC	🪂GMTrade	$86,769	46.49%	46.49%	26.82%
open in new tab USDC-UNI0.3%	Uniswap V3	$57,280	73.61%	73.61%	44.39%
open in new tab UNI-WETHUniswap	Beefy	$40,666	65.04%		24.32%
open in new tab WPOL-UNI0.3%	Uniswap V3	$31,768	25.70%	25.70%	29.44%
open in new tab WBNB-UNI0.3%	Uniswap V3	$25,221	67.05%	67.05%	51.56%
open in new tab UNI-USDCUniswap	Beefy	$20,914	52.71%		35.35%
open in new tab LINK-UNI0.3%	Uniswap V3	$18,095	29.85%	29.85%	33.94%
open in new tab UNI-WETHUniswap	Beefy	$12,036	65.04%		24.32%

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Borrow

Showing 10 of 234 routes

Pool	Project
open in new tabUNI ➞ WBTC	Dolomite	$291.34m	0.03%	0.03%	0%	75.19%	$1.02m	$61,461
open in new tabUNI ➞ WBTC	Dolomite	$109.65m	0.03%	0.03%	0%	75.19%	$1.02m	$61,461
open in new tabUNI ➞ WETH	Dolomite	$100.45m	0.03%	0.03%	0%	75.19%	$1.02m	$61,461
open in new tabUNI ➞ WETH	Dolomite	$56.86m	0.03%	0.03%	0%	75.19%	$1.02m	$61,461
open in new tabUNI ➞ WSTETH	Dolomite	$54.05m	0.03%	0.03%	0%	75.19%	$1.02m	$61,461
open in new tabUNI ➞ WSTETH	Dolomite	$51.18m	0.03%	0.03%	0%	75.19%	$1.02m	$61,461
open in new tabUNI ➞ WSTETH	Dolomite	$43.52m	0.03%	0.03%	0%	75.19%	$1.02m	$61,461
open in new tabUNI ➞ SFRAX	Dolomite	$37.4m	0.03%	0.03%	0%	75.19%	$1.02m	$61,461
open in new tabUNI ➞ WEETH	Dolomite	$24.08m	0.03%	0.03%	0%	75.19%	$1.02m	$61,461
open in new tabUNI ➞ RSETH	Dolomite	$19.38m	0.03%	0.03%	0%	75.19%	$1.02m	$61,461

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