What does the UNI token do?

UNI is a governance token. Holders can vote on protocol decisions such as treasury usage and future upgrades.

Does holding UNI give me a share of Uniswap trading fees?

Not automatically. Fee-related decisions are made through governance votes, so any fee distribution would depend on what token holders approve.

What happens to UNI supply after four years?

After the four-year community treasury vesting schedule, a perpetual inflation rate of 2% per year begins, increasing the total supply over time.

Uniswap

UNIRank #25

$7.27-0.81% 24h

Market cap: $4.54B
24h volume: $284.74M
7d change: -2.89%
30d change: -17.6%
24h high / low: $7.34 / $7.01
Circulating supply: 624.77M
Max supply: 1B
All-time high: $44.92 (May 2, 2021)

Uniswap is a governance token for an automated market maker DEX on Ethereum, with a multi-chain presence and a community-dominated token allocation.

By the PickACrypto Team · Updated Sep 24, 2026

Our read on Uniswap

Establishedliquidgovernance-centric

Uniswap has liquidity across multiple chains and a clear governance structure, but UNI's value depends heavily on protocol usage and future fee or treasury decisions rather than direct cash flows to token holders.

DEX, AMM, DeFi, governance
Category: #23
Market-cap rank: 620,660,423 UNI
Circulating supply: 887,908,419 UNI
Total supply: 1,000,000,000 UNI
Max supply: $11M across 2 rounds
Total disclosed raised

The bull case

Ethereum holds $2.56B of TVL, giving Uniswap significant liquidity in the largest DeFi ecosystem.
The community allocation of 60% gives token holders meaningful control over treasury and upgrade decisions.
A four-year community treasury vesting schedule front-loads 40% in year one, giving the governance treasury substantial resources early.
Backing from a16z and Paradigm in the 2020 Series A signals early support from well-known crypto venture investors.

The bear case

A perpetual 2% annual inflation after year four means UNI supply will grow indefinitely, diluting holders unless offset by demand or burns.
UNI is a governance token, so its value is tied to voting power and protocol decisions rather than a direct claim on trading fees.
The team and investors together control roughly 39% of the token allocation, which could concentrate influence over governance outcomes.
TVL is spread across multiple chains, but Ethereum still dominates, leaving the protocol exposed to Ethereum network conditions and fee spikes.

What Uniswap is

Uniswap is an automated market maker DEX on Ethereum, and UNI is its governance token. Holders can vote on key protocol decisions such as treasury usage and future upgrades.

The project sits across several DeFi categories: decentralized exchange, exchange-based tokens, yield farming, AMM and governance. Its market-cap rank is #23, making it one of the most visible DeFi assets.

How it works

Uniswap uses an automated market maker model rather than an order book. Liquidity providers deposit assets into pools, and trades execute against those pools using a pricing curve.

UNI token holders participate in governance votes. The token itself does not automatically entitle holders to a share of trading fees; decisions about fees or treasury deployment are made through governance.

Traction and revenue

Uniswap holds $3.90B in total value locked. Ethereum accounts for $2.56B of that, with Base at $474.65M, Tempo at $11.08M and Celo at $3.65M.

The concentration on Ethereum shows where most liquidity and trading activity sits, while the smaller deployments on Base, Tempo and Celo indicate a multi-chain footprint without yet matching Ethereum's depth.

As of Sep 2026

Total value locked: $3.90B
TVL on Ethereum: $2.56B
TVL on Base: $474.65M

Tokenomics

UNI has a circulating supply of 620,660,423 tokens, a total supply of 887,908,419 and a max supply of 1,000,000,000.

The allocation is heavily community-weighted: 60% to Uniswap community members, 21.266% to team members and future employees, 18.044% to investors and 0.69% to advisors.

Approximate allocation

60%Uniswap community members
21.266%team members and future employees
18.044%investors
0.69%advisors

Token unlocks and emissions

The community treasury vests over four years. Year one releases 172,000,000 UNI, or 40% of the community treasury, to the governance treasury. Year two releases 129,000,000 UNI, year three 86,000,000 UNI and year four 43,000,000 UNI.

After four years, a perpetual inflation rate of 2% per year begins. This means UNI supply will continue to grow indefinitely unless governance changes the schedule.

Supply schedule

Year 1
172,000,000 UNI (40% of community treasury) vests to the governance treasury.
Year 2
129,000,000 UNI (30% of community treasury) vests to the governance treasury.
Year 3
86,000,000 UNI (20% of community treasury) vests to the governance treasury.
Year 4
43,000,000 UNI (10% of community treasury) vests to the governance treasury.
After 4 years
A perpetual inflation rate of 2% per year will start.

Team and backers

Uniswap raised $11M across two disclosed rounds. The 2020 Series A raised $11M from A.Capital Ventures, a16z, Paradigm, ParaFi Capital and SV Angel.

A 2026 round lists BlackRock as an investor. The project's backers include both crypto-native venture firms and a large traditional asset manager.

Competitive edge

Uniswap's edge comes from its position as a widely used AMM on Ethereum, with $2.56B in TVL on that chain. Its governance structure gives a large community allocation, which can support long-term alignment.

The Ethereum TVL and a 60% community allocation give Uniswap a structural advantage many DEX tokens cannot easily replicate.

Competitors exist across other chains and newer AMM designs, but Uniswap's multi-chain TVL and early venture backing have kept it at the centre of DeFi trading.

FAQ

Frequently asked questions

What does the UNI token do?: UNI is a governance token. Holders can vote on protocol decisions such as treasury usage and future upgrades.
Does holding UNI give me a share of Uniswap trading fees?: Not automatically. Fee-related decisions are made through governance votes, so any fee distribution would depend on what token holders approve.
What happens to UNI supply after four years?: After the four-year community treasury vesting schedule, a perpetual inflation rate of 2% per year begins, increasing the total supply over time.

Sources

The durable facts on this page are drawn from the sources below; live market figures update from our own database. See our methodology.

Technical indicators

Computed daily by our pipeline from accumulated price history.

RSI (14d): 54.14
50-day SMA: $4.79
200-day SMA: —
Volatility (30d, annualised): 182.4%
90d support: $2.40
90d resistance: $10.40
Correlation vs BTC: 0.58
Correlation vs ETH: 0.6

Uniswap price prediction

Our deterministic model publishes forecast ranges for Uniswap across five horizons, each recorded immutably and scored on the Accuracy Ledger when it matures.

View the UNI forecast →

This is research and analysis, not financial advice. Crypto is volatile and you can lose what you put in. Figures are sourced above or drawn live from our own database. Always do your own research.

Market data synced from CoinGecko into our own database. This page's figures were captured Sun, 18 Oct 2026 10:00:00 GMT. Every figure is injected from that record; see the methodology. Nothing on this page is financial advice. Read the disclaimer.