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Uniswap v4Uniswap Labs—Uniswap v4Uniswap Labs—Uniswap v4Uniswap Labs—

Uniswap v4

by Uniswap LabsUS

ScalingStage 5 of 5

Live on Ethereum and major L2s since January 2025.

Updated 24d agoChecked 25 Sep0 updates this week

Milestones

No announced next step
  1. Uniswap v1 launchedNov 2018Complete.
  2. v3 concentrated liquidityMay 2021Complete.
  3. v4 launched30 Jan 2025Complete.
  4. Protocol fee switch activated via UNIficationDec 2025Complete.

Most important updates

  • 24d ago
  • 23 Jul 2026
  • 25 Dec 2025
  • 30 Jan 2025
  • 13 Jun 2023

Current obstacles

  • Losses to arbitrage tradersWhen prices move, fast traders profit at pool providers' expense. Hooks enable dynamic fees and auctions to reduce it.

Physics limits

  • Stale prices leak valueA pool's price only moves when someone trades. Outside prices move first, so arbitrageurs profit from stale quotes; the loss grows with volatility and time between blocks.
  • Pending trades are publicSwaps are visible or orderable before they land, so block builders can trade ahead of them. Slippage limits cap the damage but can't fully hide intent on a transparent chain.

How it works

4 parts
A Ledger hardware wallet: a Uniswap trade is signed with the trader's own key, then the pool contract on Ethereum settles it
A Ledger hardware wallet: a Uniswap trade is signed with the trader's own key, then the pool contract on Ethereum settles itPhoto: Motokoka · CC BY-SA 4.0 (opens commons.wikimedia.org)
AMM

Prices from a formula

Each pool holds two tokens, and trades must keep a product-based formula balanced, so the price moves automatically as one side gets scarce.

Ranges

Liquidity where it's used

Liquidity providers put money only in the price range they choose, making pools far deeper near the current price.

Singleton

One contract, net settlement

All pools live in one contract, and token moves are netted at the end of a transaction, so multi-hop swaps cost much less gas.

Hooks

Custom code at key moments

Pool creators can attach hooks that run before or after swaps and deposits, for dynamic fees, limit orders or permissioned pools.

Update log

5 updates

Wed 16 Sep

  • Minor: BlogCommercial

Thu 23 Jul

  • Minor: BlogSoftware

Thu 25 Dec 2025

  • Major: PressOther

Thu 30 Jan 2025

  • Major: BlogSoftware

Tue 13 Jun 2023

  • Major: BlogResearch

About Uniswap Labs

The team behind Uniswap v4

Uniswap Labs

Uniswap exchange, v4 hooks, Unichain

New York company behind Uniswap, the largest decentralised exchange, where trades run against pools of tokens priced by a formula. v4 (Jan 2025) added plug-in 'hooks', and Unichain is its own rollup. In Dec 2025 holders voted to switch on protocol fees and burn 100M UNI.

  • v3 (2021) let liquidity providers pick price ranges, so their money works harder.
  • v4 hooks let developers add custom pool logic, like changing fees or on-chain limit orders.
  • UNIfication passed 26 Dec 2025 with 99.9% support, switching on fees and burning 100M UNI.

uniswap.org (opens uniswap.org)Company profile →

Founded
20188 yrs
Headquarters
United States
Status
Private
Valuation
private
Works in
CryptoTrading & DeFi
Coverage
2 programs · 9 updateslatest 24d agochecked 25 Sep
People
Hayden AdamsFounder & CEO
Primer