# What is Uniswap? AMM Swaps, V3 Ranges and When to Skip It

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**Publisher:** Decentralized Finance Publication (https://decentralized-finance.io)
**Author:** Kaiser Khan
**Reviewed by:** Kaiser Khan, Editor in Chief
**Category:** Top DeFi Protocols
**Updated:** June 2026
**Trust:** Independent, ad-free editorial research. No display advertisements, no paid protocol coverage, no affiliate-driven rankings.

## Summary

Use Uniswap at app.uniswap.org for Ethereum and L2 token swaps from a self-custody wallet. V3 lets LPs concentrate capital in a price range; V4 adds hooks. Skip Uniswap if you wanted a CEX that can reverse a payment, or you are swapping on Solana — that is Jupiter. Educational research, not financial advice.

## Should you use Uniswap?

Yes — as the default AMM for Ethereum-family tokens when you already have a wallet and can verify the contract you are buying. Uniswap does not custody an account. A swap is final. Skip it for Solana (Jupiter) and for large stable-to-stable size where Curve often has tighter peg liquidity.

DeFiLlama snapshot 2026-08-27: about $1.5 billion TVL for this listing. That is lockup, not a safety rating — re-check the live figure before you size anything.

## What is Uniswap and how does the AMM work?

Uniswap is an automated market maker: liquidity providers deposit token pairs into a pool, and traders swap against that pool. V2 spreads liquidity across all prices. V3 lets LPs choose a range — more fees per dollar inside the range, zero fees if price leaves it. Positions are NFTs, not fungible LP tokens.

V4 (live 2025) adds hooks: extra contracts that run at swap or liquidity events. A hook can be useful or unsafe. Treat an unaudited V4 hook as a different product from vanilla V3.

## Uniswap vs Curve vs Jupiter vs PancakeSwap — which should you use?

Use Uniswap for general Ethereum and L2 tokens. Use Curve for large pegged stables and LST pairs. Use Jupiter on Solana. Use PancakeSwap when you are already on BNB Chain. An aggregator wrapping Uniswap does not remove token-contract risk or a fake ticker.

## Which Uniswap risks actually bite?

Fake tokens, impermanent loss in a tight V3 range, and MEV on public mempool swaps bite more often than a core V2/V3 exploit. Interface fees on some Uniswap Labs routes are not protocol LP fees. Bookmark app.uniswap.org; phishing clones are the usual drain.

## Where is the official Uniswap app?

Use app.uniswap.org and verify the token contract, not the ticker. You need a wallet and gas on the chain you pick. Our Uniswap how-to is the click path. This page is whether an AMM is the right venue versus a CEX, Curve, or Jupiter.

## Frequently Asked Questions

- What is Uniswap? A non-custodial AMM DEX on Ethereum and L2s. You swap from a wallet at app.uniswap.org. There is no KYC and no payment reversal. A bad token choice is final.
- Should I LP or just swap? Swap if you need a token. LP only if you accept impermanent loss and, on V3, stretches of zero fees when price leaves your range. Tight ranges are active management.
- Is UNI a claim on fees? UNI votes. A protocol fee switch has been debated for years and is not a reason to treat UNI as a dividend stock. This page does not recommend UNI.
- Does this page recommend UNI? No. Educational research only. We do not recommend swapping, LPing, or buying UNI.

## Sources

- [Uniswap app](https://app.uniswap.org): Official interface
- [Uniswap on DeFiLlama](https://defillama.com/protocol/uniswap-v3): Live TVL

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