Uniswap
Liquidity · Pools · UNI
Uniswap is the leading automated market maker. V3 introduced concentrated-liquidity ranges; V4 introduced 'hooks' that let pools embed custom logic (TWAMM, dynamic fees, on-chain limit orders) without forking the core contract.
The AMM pioneer and largest spot DEX by volume.
UNI price
$3.76
+6.2% 24h
Latest data · 15 min delay
Risks identified
- Smart Contract
Uniswap v4's hooks let arbitrary third-party contracts execute inside a pool's swap/liquidity lifecycle. A malicious or buggy hook can trap funds, manipulate accounting, or brick a pool, so the risk of any given v4 pool depends on the specific hook attached, not just the audited core.
- Collateral
Concentrated-liquidity LPs (v3/v4) who set narrow price ranges face amplified impermanent loss: when price moves outside their range their position becomes fully one-sided and stops earning fees, so poorly-chosen ranges can produce losses versus simply holding the assets.
- Oracle
Protocols that read Uniswap pool prices as an on-chain oracle can be manipulated. Thin or concentrated liquidity makes spot price cheaper to push, and integrators that use instantaneous pool prices rather than time-weighted averages are exposed to manipulation-driven exploits.
- Governance
UNI voting power is concentrated among large holders and early venture backers, and the 2025 UNIfication vote gave governance direct control over fee activation and treasury burns. Concentrated voting means a small set of holders can steer fee economics and treasury decisions.
- Regulatory
Uniswap Labs received an SEC Wells notice in April 2024 alleging it operated as an unregistered broker/exchange and issued an unregistered security. Although the investigation was closed with no action in Feb 2025, the legal status of front-ends, the UNI token and fee-switch value accrual remains an unsettled regulatory risk.
- Network
The push into Unichain and multi-chain v4 deployments adds L2/bridge dependency: Unichain is an OP-Stack rollup relying on its sequencer and fault-proof system, and cross-chain UniswapX intents introduce bridging and settlement risk beyond a single L1.