Uniswap price in euros

According to its own documentation, Uniswap is a protocol for a decentralised exchange, built on Ethereum. Hayden Adams developed it; on 2 November 2018, Uniswap was announced and deployed to the Ethereum mainnet. The protocol and the UNI token are two different things: you use the protocol to swap tokens, while UNI holders vote on how that protocol is governed.

Uniswap works without an order book. It is an automated market maker (AMM): smart contracts with pools of two tokens each, in which you swap against the reserves in the pool. The price follows from a fixed formula (x × y = k): the product of the two reserves stays the same or grows after every swap. You pay a fee on every swap; in v2 it is 0.30%, of which 0.25% goes to those who have put tokens into the pool (the liquidity providers) and 0.05% to the protocol. Once deployed, the core contracts can no longer be changed: no one can pause them or reverse a swap.

Uniswap Labs released UNI on 16 September 2020, as an ERC-20 token on Ethereum, with 1 billion UNI at launch. Of that, 60% went to the community; the team, investors and advisers received their share spread over four years, until September 2025. Governance may create up to 2% more UNI each year, but has not done so to date. Since December 2025, the protocol fee has been switched on and UNI has been burned: third parties collect the accumulated fees by paying UNI for them, and that UNI is destroyed.

You use UNI to vote on the protocol. Governance decides on matters such as setting the protocol fee, spending from the community treasury and creating more UNI. To vote, you first assign your voting rights to an address; this is called delegating. According to the documentation, holders receive no share of the protocol fees: these serve only to burn UNI, and nothing is paid out.