At Uniswap Labs, we're focused on ensuring [v4](https://blog.uniswap.org/uniswap-v4) is the most audited set of contracts ever deployed onchain. That’s why we're teaming up with the Uniswap Foundation and Cantina to host a security competition for v4 core contracts, periphery contracts, and the Universal Router. With a prize pool of $2.35M, the competition is slated to be the largest in DeFi history.

# About the Competition
The competition starts September 4th, 2024 and will run until September 30th, 2024. Anyone can submit vulnerabilities in the v4 codebase. Rewards will be allocated based on the severity of the bug disclosed and quality of the documentation in submissions.
## Scope
The competition will focus on reviewing contracts and identifying vulnerabilities in the following GitHub repositories:
- [v4 Core Repository](https://github.com/Uniswap/v4-core)
- [v4 Periphery Repository](https://github.com/Uniswap/v4-periphery)
- [Universal Router](https://github.com/Uniswap/universal-router)

Bugs found in other smart contracts that pose a risk to user funds should be [submitted to our bug bounty program](https://cantina.xyz/bounties/f9df94db-c7b1-434b-bb06-d1360abdd1be).

# Participate in the Competition
If you are interested in participating, visit the [Cantina Competition Page](https://cantina.xyz/competitions), where the v4 Competition will be posted when it goes live in September. Details on the scope, final commit, and prize pool tiers will be available on the v4 Competition Page.

# Additional Information
Competition prize pool is funded by Uniswap Labs, the Uniswap Foundation, and Certora (“Sponsors”). By submitting your report, you grant the Sponsors any and all rights, including intellectual property rights, needed to validate, mitigate, and disclose the vulnerability. All reward decisions, including eligibility for and amounts of the rewards and the manner in which such rewards will be paid, are made at the discretion of Uniswap Labs, the Uniswap Foundation, and Cantina. The full terms and conditions of the competition will be forthcoming and may be altered at any time.


We're teaming up with the Uniswap Foundation and Cantina to host a security competition for v4. With a prize pool of $2.35M, the competition is slated to be the largest in DeFi history.

$2.35M Prize Pool for v4 Security Competition

Uniswap is collaborating with Brooklyn-based designer [KidSuper](https://kidsuper.com/). It’s a collection full of unicorns, math doodles, and of course – a physical wallet. The limited-edition merch is live now at [shop.uniswap.org](http://shop.uniswap.org). Get a 50% discount on the Uniswap X KidSuper collection at [shop.uniswap.org](http://shop.uniswap.org) when you sign in with your [Uniswap Wallet](https://wallet.uniswap.org/).

Each piece in the collection plays off of the products Uniswap builds, celebrating all things pink and exploring what’s possible when communities are empowered to express themselves and challenge norms.

<iframe width="560" height="315" src="https://www.youtube.com/embed/MlVqHTg6Ays?si=FI9ZAsnIeYsVYcBo" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
 

# Why we’re collaborating
Uniswap Labs has always believed in trying new things – from pioneering the AMM to creating the world’s first dynamically priced sock. KidSuper shares that vision, constantly challenging the status quo in [fashion](https://www.vogue.com/fashion-shows/fall-2024-menswear/kidsuper), [art](https://www.youtube.com/watch?v=IRckHSuIJlk), and [entertainment](https://www.netflixisajokefest.com/shows/kidsuper-presents-funny-business-fashion-is-a-joke). The collab brings these worlds together, celebrating crypto, culture, and community with digital and physical drops throughout the summer and fall of 2024.

# About the collection
We’ve [always had a thing for bringing fashion onchain](https://socks.uniswap.org/) at Uniswap Labs. The KidSuper X Uniswap merch is an extension of that – with shirts that celebrate the lore of the Unicorn and x * y=k, a very pink hat, and a physical wallet inspired our very own [Uniswap Wallet](https://wallet.uniswap.org/). There’s also an onchain collectible, [available to mint now on Zora](https://zora.co/collect/zora:0xfc26562a079a147423477fd2571f8dd476c6b308/2) for a limited time.

# What’s coming
In the coming months, we’ll launch more activations that bring the KidSuper and Uniswap communities together – bringing crypto into the fold of culture and fashion. 

To follow along the journey with us and stay updated on future activations, make sure you’re following @Uniswap on [Twitter](https://x.com/uniswap) and [Instagram](https://www.instagram.com/uniswap/). Countdown to the collection going live with us at [shop.uniswap.org](http://shop.uniswap.org).

*Note that merch is also available on kidsuper.com. KidSuper is the merchant of record for all Uniswap X KidSuper collection items and duties are built-in to final prices, so all-in cost for orders may vary by region. For returns or other issues with your order, please see [KidSuper policies](https://kidsuper.com/pages/legal) or contact KidSuper at [support@kidsuper.com](support@kidsuper.com). Buyers are limited to one of each item from the Uniswap X KidSuper collection.*

Uniswap is collaborating with Brooklyn-based designer KidSuper. It’s a collection full of unicorns, math doodles, and of course – a physical wallet.

Introducing: Uniswap Labs X KidSuper

A new paper from a team of researchers at Uniswap Labs, [Circle Internet Financial](https://www.circle.com/en/), and the Copenhagen Business School provides insight into how traditional financial factors — like U.S. monetary policy — impact crypto price movements, underscoring that digital assets behave similarly to traditional asset classes in the global financial markets.

At Uniswap Labs, we build products to help bring value onchain. As part of that mission, we’re constantly looking to understand market dynamics, what drives them, and why crypto prices move in the way they do.

The broader crypto market has grown to a [market cap of over $2.48T](https://www.coingecko.com/en/global-charts#:~:text=The%20global%20cryptocurrency%20market%20cap,a%20Bitcoin%20dominance%20of%2052.35%25.). Despite its growth, crypto markets are generally seen as difficult to understand, predict, and make sense of. 

The paper decomposes asset prices into monetary policy, broad market risk premium, and crypto-specific demand since early 2019. Finding, for example, that contractionary monetary policy accounted for more than two-thirds of Bitcoin’s sharp decline in 2022. It also examines event studies like the FTX bankruptcy, the Bitcoin ETF announcements, and COVID-19 financial turmoil. 

__Bitcoin return by shock since 2019__

![Bitcoin return by shock since 2019](//images.ctfassets.net/oc3ca6rftwdu/4lzACRHM02bhads4FeWoRY/fa43f22b4d0d0a17a886104d955e2950/bitcoin-prices.png)

The research concludes that crypto prices may be more logical than they’ve historically been perceived to be. Read the [full paper here.](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4910537)


A new paper from a team of researchers at Uniswap Labs, Circle, and the Copenhagen Business School provides insight into how traditional financial factors impact crypto price movements.

New Research on Drivers of Crypto Asset Prices

At Uniswap Labs, security is our top priority. The Uniswap Protocol has, to date, processed over $2T in all-time volume with zero hacks. We take security seriously, and so does our community. That’s why we’re excited to announce that we’re teaming up with Cantina to help scale our bug bounty program.

Bugs and vulnerabilities should now be submitted through the [Uniswap Labs Cantina Bug Bounty Page](https://cantina.xyz/bounties/f9df94db-c7b1-434b-bb06-d1360abdd1be). Rewards are allocated based on the severity of the bug disclosed and assets at risk (up to $2.25M).
# Scope
The bug bounty program includes vulnerabilities and bugs in any contract deployed by Uniswap Labs as well as Uniswap interfaces. This includes production-deployed code from the following GitHub repositories:

- [Universal Router Contract Code](https://github.com/Uniswap/universal-router)
- [Permit2 Contract Code](https://github.com/Uniswap/permit2)
- [V3 Contract Code](https://github.com/Uniswap/v3-core)
- [UniswapX Contract Code](https://github.com/Uniswap/UniswapX)
- [V2 Contract Code](https://github.com/Uniswap/v2-core)
- [The Uniswap web interface](https://github.com/Uniswap/interface/tree/main/apps/web)
- [The Uniswap mobile applications](https://github.com/Uniswap/interface/tree/main/apps/mobile)
- [The Uniswap Chrome extension](https://github.com/Uniswap/interface/tree/main/apps/extension)

If you find a bug in a smart contract outside of these repositories where user funds are at risk, the team will consider the issue to be in-scope for our bounty on a case by case basis.

The following are not within the scope of the Program:

- Third party contracts that were not deployed by Uniswap Labs
- Issues already listed in the audits for the contracts above
- Bugs in third party contracts or applications that use contracts deployed by Uniswap Labs
- Issues already known internally

# Disclosure
Any vulnerability or bug discovered must be reported to the [Uniswap Labs Cantina Bug Bounty Page](https://cantina.xyz/bounties/f9df94db-c7b1-434b-bb06-d1360abdd1be).

The vulnerability must not be disclosed publicly or to any other person, entity, or email address before Cantina has been notified, has fixed the issue, and has granted permission for public disclosure. In addition, disclosure must be made within 24 hours following discovery of the vulnerability.

A detailed report of a vulnerability increases the likelihood of a reward and may increase the reward amount. Please provide as much information about the vulnerability as possible, including:

- The conditions on which reproducing the bug is contingent
- The steps needed to reproduce the bug or, preferably, a proof of concept
- The potential implications of the vulnerability being abused

Anyone who reports a unique, previously-unreported vulnerability that results in a change to the code or a configuration change and who keeps such vulnerability confidential until it has been resolved by our engineers will be recognized publicly for their contribution if they so choose.
# Additional Information
By submitting your report, you grant Uniswap Labs any and all rights, including intellectual property rights, needed to validate, mitigate, and disclose the vulnerability. All reward decisions, including eligibility for and amounts of the rewards and the manner in which such rewards will be paid, are made at our sole discretion.

For full eligibility requirements, please visit the [Uniswap Labs Cantina Bug Bounty Page](https://cantina.xyz/bounties/f9df94db-c7b1-434b-bb06-d1360abdd1be).

Bugs and vulnerabilities should now be submitted through Cantina. Rewards are allocated based on the severity of the bug disclosed and assets at risk (up to $2.25M).

Uniswap Labs Bug Bounty Update

Over 700k users joined the waitlist, and today we’re excited to announce that the Uniswap Extension is now *__available for everyone__* to [download on Chrome](https://uniswapwallet.onelink.me/8q3y/nc8iyafr).

At Uniswap Labs, we're on a mission to unlock value by bringing it onchain. We know that for many, the biggest challenge in using crypto is self-custody. That's why we created the Uniswap mobile app, which quickly became one of the fastest-growing self-custody wallets after its launch last April. Now, we're bringing that same beautiful experience to your desktop with Uniswap Extension – the first wallet to live in your browser's sidebar.

<Video source="//videos.ctfassets.net/oc3ca6rftwdu/DYRa9lVYyifE6mQupCAF0/699e51daf23047c4574e561e7e1fbc6a/Final-extension-video.mp4" description="Uniswap-Extension-Launch-Video" />

# Everything you need, right in your sidebar
It's time for an upgrade from the 1990s pop-up design used by most crypto wallets. Uniswap Extension lives in your browser’s sidebar, staying with you no matter where you are on the web. No more pop-ups or easy-to-lose transaction windows. Swap, sign transactions, and send or receive crypto right from the sidebar.

Designed with simplicity, security, and ease of use in mind, the extension makes interacting with onchain apps delightful. Never sign blind again, with easy-to-understand signature requests. Don’t worry about losing track of transactions, with a streamlined transaction request queue. Plus, access the extension anytime with keyboard shortcuts – just press cmd/ctrl + shift + U.

![Uniswap Extension Sidebar](//downloads.ctfassets.net/oc3ca6rftwdu/6fzY9zvp2097S8n2VlxfPE/b9a3b13344576fa741eef221ef6baaf9/sidebar-showcaes.gif)

# Beautiful, simple swapping
We build products for faster, safer, simpler swapping. Uniswap Extension is the next piece of that puzzle – with built-in swapping, users have direct access to Uniswap’s trade execution in just a few clicks (with routing across the Uniswap Protocol and UniswapX). And with automatic [swap protection](https://support.uniswap.org/hc/en-us/articles/18814993155853-What-is-Swap-Protection), your funds are safeguarded against sandwich attacks and front-running.

The extension is built to work seamlessly with other Uniswap products, which is why we’ve integrated shortcuts to Uniswap web app’s ‘Buy Crypto’ feature and 1-click access to price charts and token data directly from the extension through [Uniswap Explore](https://app.uniswap.org/explore).

Whether you prefer swapping in the sidebar or through the Uniswap web app, we’ve built the best swapping experience across all Uniswap products.

![Swap in Sidebar](//images.ctfassets.net/oc3ca6rftwdu/1LZm6e3VS6A1lyw1OOEZmC/3cb01539d021c9c3c9c06bcb906e03ed/swap-in-sidebar.gif)

# Built for a multichain world
Out of the box, the extension supports Ethereum, Base, Arbitrum, Optimism, Polygon, Blast, ZKsync, Zora Network, BNB Chain, Avalanche, and Celo – and shows all of your tokens across networks in one place, so you never need to switch chains to see your assets.

In fact, you don’t need to manually switch chains at all. We’re excited to launch with Auto Network functionality – the extension automatically switches chains based on the application you’re using. Never manually approve network changes again.

![Network Switch Demo](//images.ctfassets.net/oc3ca6rftwdu/6LlcGPTOpal4k5Ilp2IHuu/cc071198f4b09087ca2be7bd54f1ba35/NETWORK-SWITH-2.gif)

We’ll continue to add features to support simple, secure access to any chain on the extension, with custom RPC capabilities and in-app bridging coming soon.

# Secure self-custody
Uniswap Extension is a self-custody wallet. While you are responsible for your assets, we've taken steps to make the extension as secure as possible, including [audits by Trail of Bits](https://github.com/trailofbits/publications/blob/master/reviews/2024-02-uniswap-wallet-browserextension-securityreview.pdf). We’ve also made the [wallet source code](https://github.com/Uniswap/interface/tree/main) available for anyone to review.

While audits and source-available code contribute to the Uniswap Wallet's security, please practice caution when managing your assets and signing transactions. More on [how to stay safe using a self-custody wallet here](https://support.uniswap.org/hc/en-us/sections/17522916665613-Crypto-Security-and-Scams).
# How to start using the Uniswap Extension
Uniswap Extension is available now on Chrome. To add Uniswap Extension to your browser, visit the [Chrome Web Store](https://chromewebstore.google.com/detail/uniswap-extension/nnpmfplkfogfpmcngplhnbdnnilmcdcg) and select “Add to Chrome”.

Once you’ve added the extension, you’ll be ready to set up your account. If you have the Uniswap mobile app already installed on your phone, you can scan the QR code to import your account – no need to type in a seed phrase or private key. New users can [import an existing seed phrase](https://support.uniswap.org/hc/en-us/articles/11380692567949-How-to-import-a-recovery-phrase-into-the-Uniswap-Wallet) from another wallet or create a new account.

![Onboarding via QR](//images.ctfassets.net/oc3ca6rftwdu/3NtMU486HdbmS3fAgaqapk/3542957e8a8abba9e03a8aa5dab737d8/ONBOARDING_VIA_QR_COD.gif)

*__Uniswap Extension is now available for everyone. [Download the extension today.](https://chromewebstore.google.com/detail/uniswap-extension/nnpmfplkfogfpmcngplhnbdnnilmcdcg)__*

Today we’re excited to announce that the Uniswap Extension is now available for everyone to download on Chrome.

Uniswap Extension is Now Available for Everyone

Uniswap users can now swap and provide liquidity on Zora Network with the [Uniswap interface](https://app.uniswap.org/swap?chain=zora/?utm_medium=blog&utm_source=zora-blog&utm_campaign=zora-launch&utm_creative=uniswap-interface) and in the latest version of the [Uniswap mobile app](https://wallet.uniswap.org/?utm_medium=blog&utm_source=zora-blog&utm_campaign=blast&utm_creative=uniswap-mobile-app).

<Video source="//videos.ctfassets.net/oc3ca6rftwdu/3ZOqv3HuSvEmyFTrPmIRp6/c765a85bf7faa3ac02a47f659f789576/Uniswap-on-zora.mp4" description="zora" />

# Uniswap on Zora Network
Zora Network is an L2 built on the open-source OP Stack, and is part of the Superchain. [Designed to help bring media onchain](https://zora.energy/faq), Zora Network provides swappers and LPs with [lower gas costs and faster swaps](https://blog.uniswap.org/layer-2-be-or-layer-not-2-be/?utm_medium=blog&utm_source=zora-blog&utm_campaign=blast&utm_creative=like-other-L2s) compared to Ethereum mainnet.

# Swapping and LPing on Zora Network
To use Uniswap on Zora Network, navigate to [app.uniswap.org](http://app.uniswap.org), select the network button, and choose Zora Network. Zora Network support is also live on the [Uniswap mobile app](https://wallet.uniswap.org/?utm_medium=blog&utm_source=zora-blog&utm_campaign=blast&utm_creative=uniswap-mobile-app) for swapping on-the-go.

![Swap on Zora](//images.ctfassets.net/oc3ca6rftwdu/16PWB1fh0N5yeYhNCODHBY/5596901d635ad7c5bed4ef2835fc05ef/swap-on-zora.gif)

# Providing Liquidity on Zora Network
Users can now also provide liquidity on Zora Network with the Uniswap interface on Uniswap v2 and Uniswap v3. Visit [app.uniswap.org/pool](http://app.uniswap.org/pool) and select New Position; from there, you can choose the token pair you’d like to LP.

![LP on Zora](//images.ctfassets.net/oc3ca6rftwdu/2WMQwiLKKbYnmtGJEfSaQt/a4554c7addf81f672dd09eab28396a16/lp-on-zora.gif)

# NFT Support in the Uniswap Wallet
Along with Zora Network support in the Uniswap interface and mobile wallet, we’ve also rolled out support for Zora Network NFTs in the Uniswap mobile app. So you can easily view your NFTs across networks in the wallet – including Zora Network, Base, Optimism, and more.

# Zora Network is live now
We’re partnering with Layer3 on a [Quest for swappers and LPs on Zora Network](https://app.layer3.xyz/quests/uniswap-on-zora). Users can earn CUBEs and XP while swapping and LPing on Zora Network using the Uniswap interface. [Learn more about the Quest.](https://app.layer3.xyz/quests/uniswap-on-zora)

*__To celebrate the launch, Uniswap Labs is doing a commemorative mint on Zora Network. [Mint here.](https://zora.co/collect/zora:0x7e8f28a51471a9a434505ac58ded39c422e73028/2)__*

Uniswap users can now swap and provide liquidity on Zora Network with the Uniswap interface and in the latest version of the Uniswap mobile app.

Zora is Now Live on Uniswap

[You asked](https://x.com/frogmonkee/status/1796903625685447077), and we answered: ZKsync is now available on the Uniswap interface. Users can swap and LP on ZKsync at [app.uniswap.org](https://app.uniswap.org/swap?chain=zksync).

<Video source="//videos.ctfassets.net/oc3ca6rftwdu/2X0fFABtIVbtgdL9xwEumf/8c90215d62b744ba3232dd71c2b24a1f/zkSync-final_v3__1_.mp4" description="zkSync-final-video" />

# Uniswap on ZKsync
[ZKsync](https://zksync.io/) is an L2 that uses zero-knowledge proofs to scale onchain throughput. [Like other L2s](https://blog.uniswap.org/layer-2-be-or-layer-not-2-be/?utm_medium=blog&utm_source=zk-blog&utm_campaign=zk-launch&utm_creative=read-more), ZKsync provides swappers and LPs with lower gas costs and faster swaps (compared to Ethereum mainnet).

# Swapping on ZKsync
To start swapping on ZKsync, go to [app.uniswap.org](http://app.uniswap.org), select the network button, and choose ZKsync.

![swap-on-zk](//images.ctfassets.net/oc3ca6rftwdu/1YQDd17kYlMxo5v2MTxzTy/3235ff078fa6dbfb45ea7f66f7810a82/swap-on-zk.gif)

# Providing Liquidity on ZKsync
Users can also provide liquidity on ZKsync with the Uniswap interface. Visit [app.uniswap.org/pool](http://app.uniswap.org/pool), make sure you have the ZKsync network selected, and click New Position. From there, you can choose the token pair you’d like to LP.

![lp-on-zksync](//images.ctfassets.net/oc3ca6rftwdu/65orHMgEpaUm77V4vCL8w9/9bbe7169e92f8671decc90c277a68e14/lp-on-zksync.gif)

# ZKsync on Uniswap Interface
To celebrate the launch, we’re partnering with Layer3 on a [Quest](https://app.layer3.xyz/quests/uniswap-on-zksync) for swappers and LPs on ZKsync. Users can earn CUBEs and XP while swapping and LPing on ZKsync using the Uniswap interface. [Learn more about the Quest.](https://app.layer3.xyz/quests/uniswap-on-zksync)

Start swapping and LPing on ZKsync with the [Uniswap interface](https://app.uniswap.org/swap?chain=zksync/?utm_medium=blog&utm_source=zk-blog&utm_campaign=zk-launch&utm_creative=uniswap-interface) today.

ZKsync is now available on the Uniswap interface. Users can swap and LP on ZKsync.

ZKsync is Now Live on Uniswap

We’re excited to announce that Uniswap Labs has acquired [Crypto: The Game (CTG)](https://twitter.com/cryptothegame_) — the interactive, onchain survival game. As part of this acquisition, the CTG team will join Uniswap Labs to continue their work on the highly anticipated Season 3. The team will also experiment with onchain activations for the Uniswap community.

# Leveling Up Onchain Experiences
It’s been a busy year for Uniswap Labs. We shipped UniswapX, submitted v4 for security audits, launched the Uniswap Wallet, added support for more chains, and we still have more in store. Our goal is simple: to build products that offer the best onchain experiences for our users. That's why we're so delighted to welcome CTG to Uniswap Labs.

Launched as an interactive onchain game, the first two seasons of CTG lit up Crypto Twitter. Each season, contestants bought in with 0.1 ETH, joined tribes, participated in daily challenges, and voted each other out over ten-day seasons until one person won the entire pot. The game was full of surprises – and we’re excited for the team to explore new consumer crypto experiences as part of Uniswap.

# Season 3 is Coming
Don’t worry CTG fans, the game isn’t going anywhere. New themes, twists and onchain features lie ahead. We can’t say too much on what’s in store, but we feel confident it’ll be the best season yet.

# Where to Follow Along
The best place to stay up-to-date on all things CTG is still the CTG [Twitter](https://x.com/cryptothegame_) and [Farcaster](https://warpcast.com/~/channel/crypto-the-game). And make sure to follow [@Uniswap](https://x.com/Uniswap) on Twitter for product updates and news.

Uniswap Labs has acquired Crypto: The Game (CTG) — the interactive, onchain survival game.

Uniswap Labs is Acquiring Crypto: The Game

Today, we are sharing our response to the Wells notice Uniswap Labs received from the SEC last month. 

We believe the SEC should embrace open source technology that improves on outdated commercial and financial systems, instead of attempting to litigate it out of existence. The Uniswap protocol is secure, low cost, transparent infrastructure that “protects investors and maintains fair, orderly, and efficient markets.” Ironically, that’s the SEC’s mission. 

The SEC’s aggressive theories are an effort to expand its jurisdiction beyond exchanges to communications technology – and beyond securities to all markets. Their legal arguments are weak and have been refuted by courts. And tomorrow, we expect the House to pass a bill that would give the CFTC robust authority to cover digital asset trading.

# The Uniswap Protocol is a major innovation in markets and benefits consumers

The Uniswap Protocol is autonomous software that enables users to transact directly with one another, securely, without paying fees to centralized intermediaries or relying on them to keep their assets safe. The Protocol can be integrated by anyone with an internet connection and does not rely on any team, or Uniswap Labs, for maintenance. It just works. It has supported $2 trillion in trading volume without a single hack and has been integrated by thousands of teams and copied thousands of times more. 

Many traditional markets are not efficient or transparent, operate during limited days and hours, with multi-day delays, and require several middlemen who take fees and increase costs for all participants. In contrast, users of the Uniswap Protocol can access markets directly and custody their own assets. Transactions are transparent and can be verified by anyone. Settlement is instant, not in two days. Service is available globally 24/7, not weekdays from 9 to 5. 

These properties give individuals unprecedented agency to control what they own and to create value on the internet in new ways.

# The SEC’s legal theories are weak, and wrong

The SEC asserts that the Uniswap Protocol is an unregistered securities exchange controlled by Uniswap Labs, that the Uniswap interface is an unregistered securities broker-dealer, and that the UNI token is an investment contract. 

These assertions assume that value represented in a specific digital file format is a security – and that the SEC can unilaterally extend the definitions of exchanges, brokers and contracts to the point of meaninglessness. A token is a file format, like a PDF. The Protocol is a general purpose computer program that anyone can use and integrate, like TCP/IP. And the hundreds of thousands of users who received UNI tokens for their participation in the protocol’s early days received the token for free, with no contract, and without expectations of profit solely from the efforts of Uniswap Labs.

# We are ready to fight, and we’ll keep building

We’re confident that our work is on the right side of history.The SEC should not devote its taxpayer-funded resources to bringing a case against us.

But we’re prepared to fight. Our lawyers are 2-0 in high-profile SEC cases. Andrew Ceresney, a former head of enforcement at the SEC, represented Ripple in their victory over the SEC. Don Verrilli, a former U.S. solicitor general, has argued more than 50 cases before the U.S. Supreme Court and represented Grayscale in its successful case against the SEC.

We’ll defend the right to use and distribute general purpose code that challenges incumbents to upgrade, adapt, and compete. So, while our legal team takes on this fight for American innovation and financial freedom, we'll continue to do what we do best: build.

See our [Wells response](https://blog.uniswap.org/wells-notice-response.pdf) for the full legal analysis and arguments.

Today, we are sharing our response to the Wells notice Uniswap Labs received from the SEC last month.

The Fight for DeFi continues

Uniswap Labs is making it simple to transfer crypto from centralized exchanges to the Uniswap self-custody wallet. With the new ‘Transfer from centralized exchange’ functionality, you can transfer money from Coinbase and Robinhood to your [Uniswap mobile app](https://wallet.uniswap.org//?utm_medium=blog&utm_source=transfer-from-CEX&utm_campaign=blog&utm_creative=download) in a few clicks. No more copy-pasting or sending funds to the wrong address.

![Receive Crypto from CEX](//images.ctfassets.net/oc3ca6rftwdu/2tvGVbv5btqNQJFG00U7ow/48c3b05d49b441fe2e7af8c7fcd6de4c/Screenshot_2024-05-16_at_9.59.23_AM.png)

# Go direct to DeFi
Research shows that about [65% of Uniswap interface users have used a CEX prior to their first swap on Uniswap](https://x.com/Uniswap/status/1758889878329131213). But transferring funds from a CEX to a crypto wallet (like the Uniswap mobile app) can be confusing. Between copy-pasting 0x addresses and making sure you’re on the right network, funds can easily be sent to the wrong place.

That’s why we’re excited to add ‘Transfer from CEX’ functionality into the Uniswap mobile app. Making it easy for users to simply and safely transfer crypto from their centralized exchange accounts to the Uniswap mobile app.

# How to transfer crypto from a CEX to the Uniswap mobile app

![Transfer from CEX](//images.ctfassets.net/oc3ca6rftwdu/5jgjNuXbYCTw5WeutRH9PD/06a01f2f6f22622c740e4a245b72340b/cexwidescreen.gif)

Transferring crypto from a centralized exchange to the Uniswap mobile app is simple:

1. Select the ‘Receive Crypto’ icon in the Uniswap mobile app (make sure you’re on the latest version)
2. Choose your provider (currently available for Coinbase Pay and Robinhood Connect)
3. Select the asset you want to transfer to the Uniswap mobile app
4. Confirm the transfer

And that’s it!

# The future of fiat onramping
We believe users should be able to choose their fiat onramp provider. That’s why we’re constantly adding new providers to the Uniswap mobile app. Whether that’s Coinbase, Moonpay, Robinhood Connect, Transak, or other onramp providers (varies by region).

To get started, [download the Uniswap mobile app](https://wallet.uniswap.org//?utm_medium=blog&utm_source=transfer-from-CEX&utm_campaign=blog&utm_creative=download) today.


Uniswap Labs is making it simple to transfer crypto from centralized exchanges to the Uniswap self-custody wallet.

More Options to Go Direct to DeFi: Transfer from CEX

Research from Uniswap Labs proposes a new methodology for measuring price improvements across Order Flow Auctions (OFAs). [Read the full paper here.
](https://blog.uniswap.org/UniswapX_PI.pdf)
# The Rise of Order Flow Auctions
Uniswap has been a pioneer of automated market makers (AMMs) – which have gained significant traction over the past few years. The Uniswap Protocol alone has processed over [$2 trillion in all-time volume](https://dune.com/queries/3384192), with over [465 million swaps](https://dune.com/queries/3417507/5738011).

Order Flow Auctions (OFAs) have been proposed as a complement to the AMM. Systems like UniswapX, 1inch Fusion, CoWSwap, and Flashbots Protect introduce methods like batching and auctioning to optimize trading outcomes for all participants. These OFAs aim to redistribute surplus from specialized actors to swappers. 

# Measuring Price Improvements from OFAs
While OFAs offer a promising solution to complement the AMM, there is no clear framework for evaluating the impact of introducing these systems into DEX interfaces. Quotes offer a simple way to compare prices across interfaces in a given moment, but swaps on some interfaces often settle at prices that are different from original quotes.

[New research from Uniswap Labs](https://blog.uniswap.org/UniswapX_PI.pdf) introduces a novel, open source methodology to evaluate and compare OFAs, focusing on Price Improvements (PI). The methodology outlined in this research can be applied across any set of trades, focusing on three key factors that impact price improvement: liquidity access, gas optimization, and priority fee settings.

One of the most distinct elements of the methodology outlined in the paper is that it does not look at price improvements of OFAs in isolation — that’s not how users interact with these systems. Instead, the methodology focuses on interfaces as a whole, assessing price execution that incorporate trades that leverage both AMMs and OFAs on a given interface.

We then apply this methodology to Uniswap and 1inch (the top two OFAs by volume and trade count) using data from the WETH/USDC pair on Ethereum mainnet (the top pair by volume).

# Research Results
Our early application of this methodology using the WETH/USDC pair uncovers four key findings. Note that when using the term “interface” we are referring to systems that send user trades through either the AMM or the OFA (often depending on which gives the best price).

__1. On average, swappers get better prices on the Uniswap interface than on 1inch.__

By comparing to a common baseline, the research finds that swappers using the Uniswap interface see better prices than swappers using 1inch on average.

![PI on Uniswap vs. 1inch](//images.ctfassets.net/oc3ca6rftwdu/4fcUQyxg1GRQBuXFFFRsQP/40359a72d87eac4eca3df9779670929c/compare.png)

*Average price improvement on the Uniswap interface shown on the left, average price improvement on the 1inch interface shown on the right. Includes both swaps sent through OFAs (UniswapX and 1inch Fusion) and AMMs (Uniswap AMM and 1inch Aggregator).*

__2. The Uniswap AMM still outperforms 1inch Aggregator on average.__

Even when we exclude OFAs and look only at AMM data, we find that the Uniswap AMM (shown as Uniswap Classic) outperforms 1inch Aggregator on average. This may seem counterintuitive, since 1inch can theoretically send trades through any onchain liquidity source. That additional step, however, means users incur additional costs – like added gas costs to interact with multiple protocols that often results in worse price execution for swappers.

![Price Improvement Factors](//images.ctfassets.net/oc3ca6rftwdu/13pjUa2W2EUlQls7dkIudh/654b40fb1aa474133ec1a12c467f8128/keep1.png)

*Total price improvement across UniswapX, 1inch Fusion, Uniswap Classic, and 1inch Aggregator highlighted in yellow. Note that the baseline shown above, while similar to Uniswap Classic, is slightly different in practice. The Uniswap Classic sample contains actual settled trades (which could happen anywhere in a block), whereas the baseline is simulated at the end of the block. This baseline is generated from a static environment, while the Uniswap Classic sample could be dynamically impacted by other onchain players (such as just-in-time liquidity providers). For these reasons, it is reasonable for the Uniswap Classic sample to have PI that is slightly different from zero. In the case above, this difference is less than 1 basis point in total.*

__3. For trades 50k or larger, the Uniswap interface provides statistically significant price improvements over 1inch.__

While the Uniswap interface on average provides better prices for swappers than the 1inch interface, the data shows that price improvements are particularly pronounced for trades in the 50k to 200k bucket.

![PI by Median Trade Size](//images.ctfassets.net/oc3ca6rftwdu/6HI6SDJilXDOqrhGIMc1Ni/5216c896f23766d54a6e3daf28cac44d/pi_by_company__1_.png)

*Price improvement on the Uniswap interface shown in pink, price improvement on the 1inch interface shown in blue. Includes both swaps sent through OFAs (UniswapX and 1inch Fusion) and AMMs (Uniswap AMM and 1inch Aggregator).*

__4. UniswapX makes the Uniswap interface better.__

The data shows that UniswapX introduced almost 5.3 bps in price improvement when added to the Uniswap interface, representing a 4.7 bps price improvement on average for users of the Uniswap interface.

# Further Research
AMMs and OFAs complement one another — the AMM provides vital infrastructure for onchain liquidity, while OFAs act as an optimization offering MEV protection and the ability to tap into offchain liquidity. These systems work together in theory, but a methodology for understanding price differences across interfaces with OFAs in practice is vital. While swappers can use quotes to understand price differences across interfaces, those quotes only provide prices at a snapshot in time and some interfaces quote overly-optimistically (meaning actual execution can be worse than quoted price).

The methodology and research outlined in this paper helps to establish a source of truth as OFAs evolve and more players innovate in onchain market structures. This research is ongoing, and we're excited to keep advancing our understanding of how the Uniswap interface can bring together more market structures to continue giving swappers better prices.

[Read the full paper here.](https://blog.uniswap.org/UniswapX_PI.pdf)

Research from Uniswap Labs proposes a new methodology for measuring price improvements across Order Flow Auctions (OFAs).

Measuring Price Improvement with Order Flow Auctions

Users of the [Uniswap mobile app](https://wallet.uniswap.org//?utm_medium=blog&utm_source=robinhood-blog&utm_campaign=robinhood&utm_creative=mobile-app) can now buy crypto with a debit card, via bank transfer, or directly from their Robinhood balance using Robinhood Connect (available only for users in the United States). To celebrate this launch, Robinhood is giving $10 of USDC to people who buy at least $10 of crypto using Robinhood Connect in the Uniswap mobile app. The campaign only applies for first time Robinhood Connect customers.

![Robinhood on Uniswap](//images.ctfassets.net/oc3ca6rftwdu/5NtHWQlAxYgCBknE3DJtdt/4afb68011b5332b9601dc6a9e3c5df01/onboarding-robinhood_copy.png)

# Simple self-custody
The Uniswap mobile app is one of the fastest growing self-custody wallets, built by the most trusted team in DeFi. The wallet provides users with a safe and secure way to swap and store crypto. Robinhood Connect is the latest addition to the Uniswap mobile app’s selection of fiat onramp providers – a list which already includes Coinbase Pay, Moonpay, and others.

# How to buy crypto on the Uniswap mobile app with Robinhood Connect
To purchase crypto with Robinhood Connect on the Uniswap mobile app, follow these steps:

1. Select the buy icon on the app.
2. Choose the crypto you want to purchase.
3. Enter the amount you want to buy.
4. Select “Continue” to proceed.
5. You’ll be presented with options for which provider you’d like to use to complete your purchase. Note: available providers may vary by region. Robinhood Connect is available only in the United States.
6. Select the provider you’d like to use (in this case, Robinhood Connect).

Users who purchase $10 of crypto using Robinhood Connect in the Uniswap mobile app will receive $10 of USDC in their Robinhood account.

![Robinhood Onboarding](//images.ctfassets.net/oc3ca6rftwdu/19RhogV7sd3I9y2FQr5EqL/f62e91cf7f334277c18fcd439b011c4a/onboarding-robinhood.gif)

# Download the Uniswap mobile app
Users can purchase crypto with Robinhood Connect today in the Uniswap mobile app today – available on iOS and Android. [Download the Uniswap mobile app to get started.](https://wallet.uniswap.org//?utm_medium=blog&utm_source=robinhood-blog&utm_campaign=robinhood&utm_creative=mobile-app)

Users of the Uniswap mobile app can now buy crypto with a debit card, via bank transfer, or directly from their Robinhood balance using Robinhood Connect.

Buy Crypto Using Robinhood Connect on the Uniswap Mobile App

We are excited to begin rolling out the [Uniswap Extension](https://blog.uniswap.org/all-new-uniswap-extension-and-more-tools-for-users-to-swap-smarter) to [users on the waitlist](https://x.com/Uniswap/status/1764305491172159596?s=20). Users will be granted access to the Uniswap Extension on a first-come, first-served basis.

# How to know if you have access
Mobile push notifications have gone out to the first wave of users who have early access to the Extension!

![Extension Notification](//images.ctfassets.net/oc3ca6rftwdu/mHcGDJ4PllF0VvKBl81Rb/d600d52cc4c3854bf0eaacbca88fbe56/notification.gif)

If you received a push notification, please use [this link](http://uniswap.org/ext) to download the Extension. Once you have it installed, you will be prompted to enter your uni.eth username. If the uni.eth username associated with your mobile device has been granted access – you will be able to import your wallet(s) and use the Uniswap Extension.

![Extension Onboarding](//images.ctfassets.net/oc3ca6rftwdu/7u1shYr0p5706DSjFnacLD/8165c24b7b3221b70a58027cbc38fe1f/extension-username-check.gif)

If you have not received a push notification about early access to the Extension, but have joined the waitlist by claiming your uni.eth username, we haven’t forgotten about you! We are giving access to more users from the waitlist every day, so make sure your push notifications are turned on for the Uniswap mobile app.

# Extension still in beta
Note that the Uniswap Extension is still in beta, so please consider the software still in development. Help us make the Extension better by [giving us feedback.](https://docs.google.com/forms/d/e/1FAIpQLSeL1l34nsuTfymPn5LVpovY7W57oc0oj53GNnpt0QG1qRAzqw/viewform)

# Joining the waitlist
If you are not on the waitlist yet, you can [join by claiming your free uni.eth username](https://wallet.uniswap.org/?utm_medium=blog&utm_source=blog&utm_campaign=extension-beta&utm_creative=join-waitlist#waitlist) in the Uniswap mobile app. When you claim your uni.eth username, you are automatically added to the waitlist.

We are excited to begin rolling out the Uniswap Extension to users on the waitlist.

Access the Uniswap Extension Beta

*Tldr; Uniswap Labs and Across team up to propose a new standard for cross-chain intents – establishing a unified framework for intents-based systems to specify cross-chain actions.*

# Key takeaways:
- Uniswap Labs and Across have joined forces to propose a standard for cross-chain intents, allowing intents-based systems to interoperate through a universal filler network. 
- Developed by two pioneers in intents-based interoperability, the new standard benefits applications, fillers, and end users while making the cross-chain ecosystem more connected and decentralized.
- With a unified standard fillers benefit from a lower entry barrier and lower costs, applications can plug into a wider filler network, and users get a better UX.
- Uniswap Labs and Across have submitted this standard to the ERC review process, and have included open questions that we hope to get community feedback on within the [Ethereum Magicians forum](https://ethereum-magicians.org/t/erc-cross-chain-intents-standard/19619).

Uniswap Labs and Across both leverage intents-based systems to improve efficiency and UX in DeFi. Across blazed the trail for intents-powered interoperability when it launched the Across Bridge, and Uniswap with UniswapX – an intents-based system for aggregating onchain and offchain liquidity. This standard proposes a unified framework for intents-based systems to become more interoperable.

The new standard offers cross-chain systems a unified specification for cross-chain intents. This means any application that facilitates intents can route their users’ requested actions to a shared filler network, bringing increased efficiency to the entire ecosystem.

With the proposal for the new standard, Uniswap Labs and Across have jointly [published an Ethereum Request for Comment to the Ethereum Magicians forum](https://ethereum-magicians.org/t/erc-cross-chain-intents-standard/19619). The two projects will also propose the standard to the [CAKE Working Group](https://frontier.tech/the-cake-framework) for their discussion and review. This commences the process for the creation of an ERC around this standard. UniswapX will be the new ERC’s first adopters – as UniswapX builds support for cross-chain functionality. The proposal is open for feedback now. 

# The importance of intents-based systems
Cross-chain protocols take different approaches to connect activity between chains. In the past, messaging-based designs have proven popular, but are flawed due to slow transfer finalization and high costs. Other designs make significant security trade-offs. 

Intents-based approaches offer an alternative solution. If a user wants to swap USDC on Ethereum to WETH on an L2, they don’t need to take multiple steps or worry about how it happens. Intents-based systems simply allow users to specify the end-state of the chain – and a network of fillers compete to fulfill the user’s outcome as fast and cheaply as possible.

# The first standard for cross-chain intents
Intents have proven to be the winning solution to the cross-chain interoperability problem. But until now, every intents-based system has fulfilled their users’ intents through their own networks. This presents problems such as delays and centralization risks due to each system’s reliance on a small number of fillers.

The standard for cross-chain intents establishes rules for independent intents-based systems to follow at Ethereum’s application layer. The proposal seeks to establish an ERC standard to allow different intents-based systems to seamlessly interoperate.

![The new standard under the hood](//images.ctfassets.net/oc3ca6rftwdu/2zJK9btDIYTABrAC89kub/6915e4d8fd8753b9f30347a6381cf79b/carbon__1_.png)

UniswapX and Across both use comparable architectures to support capital-efficient cross-chain execution. In both systems, the user expresses their desired intent, independent fillers compete to answer the request, and the winning filler executes the action. User funds are escrowed in a settlement protocol, and are only released to the filler once the protocol has verified that the user intent was fulfilled. Many other systems take similar approaches to serve their users’ cross-chain needs. 

# How the standard works
Central to the standard are the ‘CrossChainOrder’ and ‘CrossChainSettler’ components. The ‘CrossChainOrder’ struct defines key parameters of the user’s order, including the deadline by which the order must be filled, the settlement contract that escrows user funds, and flexible, implementation-specific data. A ‘CrossChainSettler’ interface then defines functions that settlement contracts must implement in order to resolve implementation-specific orders and initiate them onchain.

![How the standard works](//images.ctfassets.net/oc3ca6rftwdu/4N3MgKtff9bwS7AE6Tz5pE/2e77d3b32e599a5063cad098b7f423d8/image__6_.png)

With this ERC, users sign a cross-chain order that follows one standard. Whether they interact with UniswapX, Across, or another system, their intent conforms to the same standard. This allows cross-chain applications to share filler sets through a universal network. No more siloed networks or centralized filler risks – with a unified standard, we can build a wider, more robust filler network for many cross-chain systems to plug into.

Establishing a unified standard for intents-based systems improves the UX for applications, fillers, and end users at once. Fillers have a lower entry barrier, lower costs, and they can capture more order flow instead of specializing for a single application. Applications can route their users’ intents through a wider, more competitive network. And users get faster fills and lower costs because the fillers operate with greater capital efficiency. Creating a unified standard also makes individual applications more interoperable and promotes decentralization because it reduces reliance on a small number of fillers.

# Accelerating cross-chain interoperability
While UniswapX and Across will be the first adopters of the new standard (as UniswapX introduces cross-chain functionality), any intents-based system that enables cross-chain transfers can plug into it now – giving applications the ability to leverage independent parties to fill orders at a high speed and low cost.

To learn more about how your project can use the standard for cross-chain intents to power the interoperable future, check the proposal via the [Ethereum Magicians forum](https://ethereum-magicians.org/t/erc-cross-chain-intents-standard/19619).

Uniswap Labs and Across team up to propose a unified framework for intents-based systems to specify cross-chain actions.

Uniswap Labs and Across Propose Standard for Cross-chain Intents

Today Uniswap Labs received a Wells notice from the Enforcement Division of the U.S. Securities and Exchange Commission (SEC), notifying us that they are planning to recommend a legal action against us. In the meantime, our entire suite of current products will continue to be available, and we will continue to ship new products. Taking into account the SEC's ongoing lawsuits against Coinbase and others as well as their complete unwillingness to provide clarity or a path to registration to those operating lawfully within the U.S., we can only conclude that this is the latest political effort to target even the best actors building technology on blockchains.

Despite SEC rhetoric that "most" tokens are securities, the reality is that tokens are a digital file format, like a pdf or spreadsheet, and can store many kinds of value. They are not intrinsically securities, just as every sheet of paper is not a stock certificate. The overwhelming volume of traded tokens are definitively not securities – they are stablecoins, community and utility tokens, and commodities like Ethereum and Bitcoin. And tokens traded on secondary markets like Uniswap are not investment contracts. In the circumstance where a token may represent a security, the SEC has refused to create a path for businesses to register.  

We are confident that the products we offer are not just legal – they are transformative. They empower people across the world by enabling transparent, verifiable markets with fewer gatekeepers, which allows for cheap, accessible, global economic participation.

# Who we are
Uniswap Labs is a U.S.-based software company headquartered in New York City. Our founder and CEO, Hayden Adams, invented the Uniswap Protocol as an experiment to build software that embodied the benefits of the decentralized Ethereum blockchain. Those benefits include core features that cannot be altered, access that cannot be restricted, and no single or centralized points of control. 

The Uniswap Protocol unlocked unprecedented innovation in market structure. Transparent execution. Shared infrastructure based on open source code instead of walled gardens. Holding your assets yourself, instead of entrusting them to an institution that might mismanage them. Direct, fully automated transactions without (generally monopolistic) middlemen. And, through the Uniswap Protocol's automated market maker, the ability for anyone to create a market for assets with otherwise limited liquidity that could not exist within legacy structures or traditional intermediaries.

Six years ago, a functional automated market maker had been theorized but did not exist. Now, the Uniswap Protocol has widespread adoption in the crypto space and serves as essential infrastructure for blockchain markets. It is the largest use case of Ethereum, using 25% of Ethereum's blockspace. It has processed $2 trillion in transactions without a hack. It is integrated into thousands of applications built by teams around the world and is the most copied open-source smart contract protocol, replicated over 2,000 times. 

Uniswap Labs has created popular consumer platforms for transactions that are entirely on blockchains. Our mobile app lets users custody their own assets, like a personal safety deposit box on a blockchain that only the owner can access. Our website lets users safely buy and sell tokens. 

We do this work because we believe blockchains can offer consumers more choice and control over what they own, in the United States and around the world. We think that this is worth fighting for. 

If the SEC protects opaque systems and attacks new, transparent technology that can open up opportunity and reduce costs for Americans, the U.S. will fall behind on innovation that can power consumer choice and freedom. We’re disappointed that we may have to fight a U.S. government agency to protect innovation and economic freedom.

# The Law is Clear
Regardless of what the SEC decides to do, the law is clear on these points: 

- __No authority from Congress:__ The Securities and Exchange Commission only has jurisdiction over *securities*, such as assets legally classified as "investment contracts." The court decision in *[SEC v. Ripple](https://www.nysd.uscourts.gov/sites/default/files/2023-07/SEC%20vs%20Ripple%207-13-23.pdf)* makes clear that secondary market transactions in digital assets generally do not constitute investment contracts. These are exactly the assets overwhelmingly traded on the Uniswap Protocol. The SEC Chair even acknowledged in *Congressional testimony* that new regulation of tokens would require Congress to pass a new law – that the SEC lacked the authority. Our own decisive legal victory in *[Risley v. Uniswap Labs](https://www.docdroid.net/APrJolt/risley-v-uniswap-pdf#page=15)*, underscored the need for Congress, not the SEC, to set crypto regulation – finding that the private plaintiffs' securities law "concerns are better addressed to Congress." And, the SEC's recent decision to settle with [Shapeshift](https://www.sec.gov/files/litigation/admin/2024/34-99676.pdf) only on their dealer issue – while fully ignoring the fact that they are also a DEX – clearly shows a pattern of arbitrary enforcement that is only possible when an agency's actions are untethered from the bounds of specific laws.

- __No securities exchange or broker claim:__ Even if the *Ripple* decision and the Supreme Court’s Howey test did not foreclose the SEC’s arguments, the Uniswap Protocol, web app, and wallet would still not meet the legal definitions of securities exchange or broker. This was made obvious in the recent *[SEC vs Coinbase, Inc.](https://storage.courtlistener.com/recap/gov.uscourts.nysd.599908/gov.uscourts.nysd.599908.105.0.pdf)* ruling, where the court, at the earliest stage of the case, already threw out the SEC’s claim that crypto wallets were brokers, even if they take fees. Even the SEC seems to know their existing legal definitions do not capture self-custodial on-chain decisions, which is why the agency proposed new exchange rules last year to try to capture this activity. Those rules are not yet in place, and [we have explained](https://www.sec.gov/comments/s7-02-22/s70222-204699-411503.pdf) why those rules would be struck down even if adopted. 

- __No securities offering:__ The UNI token is not a security because it does not meet the legal definition of any type of security, including not meeting the definition of an "investment contract." Under U.S. law and the established Howey test, an investment contract is an investment of money, in a common enterprise, with the expectation of profits, dependent solely on the efforts of others. There is no contract or promise between Uniswap Labs and the token's 300,000+ holders. There is no common enterprise and the value of the token is not dependent solely on Uniswap Labs' efforts.  Despite the SEC's most recent power grab to investigate the Ethereum Foundation, the Commodity Futures Trading Commission has been very clear that both Bitcoin and Ethereum are not securities. And the Uniswap technology ecosystem is sufficiently decentralized, much like Bitcoin and Ethereum. 

We are confident that our products are on the right side of the law, and that our work is on the right side of history. While our legal team takes on this fight, we'll continue to do what we do best: build.

Today Uniswap Labs received a Wells notice from the Enforcement Division of the U.S. Securities and Exchange Commission (SEC).

Fighting for DeFi

Uniswap users can now swap and provide liquidity on Blast with the [Uniswap interface](https://app.uniswap.org/swap?chain=blast/?utm_medium=blog&utm_source=blast-blog&utm_campaign=blast&utm_creative=uniswap-app) and in the [Uniswap mobile app](https://wallet.uniswap.org//?utm_medium=blog&utm_source=blast-blog&utm_campaign=blast&utm_creative=uniswap-mobile-app). This launch marks the first time Uniswap users can earn native yield on LP positions, due to Blast’s rebasing functionality.

<Video source="//videos.ctfassets.net/oc3ca6rftwdu/3AzzYgWKOdwDrVwRsvDDC0/58cae49fd80c5714cd329b912b884700/blast_v3.mp4" description="Blast Launch Video" />

# Uniswap on Blast
Blast is an L2 that provides native yield for ETH and the USDB stablecoin. [Like other L2s](https://blog.uniswap.org/layer-2-be-or-layer-not-2-be/?utm_medium=blog&utm_source=blast-blog&utm_campaign=blast&utm_creative=like-other-L2s), Blast provides swappers and LPs with lower gas costs and faster swaps (compared to Ethereum mainnet).

# Swapping on Blast

![Swap-on-Blast](//images.ctfassets.net/oc3ca6rftwdu/5q2BFGvf6v9wWefr6FHluG/321240270de7ee5142b6b8b82b642797/Swap-on-Blast.gif)

To use Uniswap on Blast network, users just need to navigate to [app.uniswap.org](https://app.uniswap.org/swap?chain=blast/?utm_medium=blog&utm_source=blast-blog&utm_campaign=blast&utm_creative=uniswap-app), select the network button, and choose Blast as their network. Blast support is also live on the [Uniswap mobile app](https://wallet.uniswap.org//?utm_medium=blog&utm_source=blast-blog&utm_campaign=blast&utm_creative=uniswap-mobile-app) for swapping on-the-go.

# LPing on Blast

![LP-on-Blast](//images.ctfassets.net/oc3ca6rftwdu/6gMEU3q9eRfgrkJGite6Uv/32d29da37437173f8fca0dae337bc6e1/lp-on-blast.gif)

To provide liquidity on Blast, visit [app.uniswap.org](https://app.uniswap.org/swap?chain=blast/?utm_medium=blog&utm_source=blast-blog&utm_campaign=blast&utm_creative=uniswap-app). Users providing liquidity have the option between using Uniswap v2 and Uniswap v3. LPs for pools where one of the tokens is USDB or WETH are able to continue to earn native yield (as they would if they were holding these tokens in a wallet on Blast). Native yield is only available for v2 pools. Uniswap v3 pools on Blast do not earn native yield due to the technical implementation details of concentrated liquidity in v3.

*Note: Blast’s native rebasing introduces new risk considerations for liquidity providers in Uniswap v3 on Blast, especially in the case of negative rebasing. Like similar concentrated liquidity AMMs, v3 is not designed to handle negative rebasing tokens natively. Liquidity providers in rebasing tokens on Blast should consider Uniswap v2 instead.*

*__Blast is live on the [Uniswap interface](https://app.uniswap.org/swap?chain=blast/?utm_medium=blog&utm_source=blast-blog&utm_campaign=blast&utm_creative=uniswap-app) and on the [Uniswap mobile app](https://wallet.uniswap.org//?utm_medium=blog&utm_source=blast-blog&utm_campaign=blast&utm_creative=uniswap-mobile-app). To celebrate the launch, Uniswap is doing a commemorative mint on Zora. [Mint here](https://zora.co/collect/zora:0x562ee73114e81d678cc3137c75345df885602120/1).__*

Uniswap users can now swap and provide liquidity on Blast with the Uniswap interface.

Blast is Now Live on Uniswap

*__By [Austin Adams](https://twitter.com/AustinAdams10)__*

Doing research at Uniswap Labs means I meet a lot of people about their crypto journey. One of the things I hear most often is that Uniswap is the first time in DeFi where it really clicked for them. 

![Tweet](//images.ctfassets.net/oc3ca6rftwdu/4jmaReTXQTL8TlDIJougme/1bbed8883e08f4695d9799a8bbab4f91/austin-blog-1.png)

*[Source: Twitter](https://twitter.com/josephdelong/status/1746942355867914374)*

*Note: Spoken by notable and long-time Uniswap enjoyer, joseph.eth*

Unsurprisingly, I wanted to dig into the numbers. Was everyone talking about Uniswap because they were chatting with me, or did the data back up? Of all new wallet transactions on the interface, around 55% of these users are doing their first swap ever. An additional 25% did their first swap on Uniswap within a day of their first Ethereum transaction.

![onchain-blog-2](//images.ctfassets.net/oc3ca6rftwdu/7KQPEKX6KAouz5oGHz99Fd/d3f5a6e44bb297ebda1ace3457779f50/austin-blog-2.png)

*[Source: Dune](https://dune.com/queries/3263635/5462968)*

__The amount of new daily wallets on the interface is also significant, with around 35,000 new wallets per day swapping on the Interface (spiking with volatility and token launches).__ While that doesn’t necessarily translate to 35,000 new users every day, there are still a large subset who are net new.

![onchain-blog-3](//images.ctfassets.net/oc3ca6rftwdu/6wuvviQCFd0KMKU4YgjEn1/9fe4b7764a97d7a3190468aa3f4d9ca2/austin-blog-3.png)

*[Source: Dune](https://dune.com/queries/3263635/5637762)*

For early crypto adopters, it’s easy to understand why Uniswap was so memorable. In the early days, even on a platform like Coinbase, you had to pick from a drop down menu of limited token pairs and you had no idea what the cost was going to be – to say it wasn’t user friendly would be putting it mildly.

Uniswap was the first to pioneer the token swap model, where you could plug in the token you wanted to put in and the token you wanted to get out and get an [accurate](https://arxiv.org/abs/2309.13648) price and tokens that you actually end up in your wallet. A few clicks later, you had the token you needed in your self custody wallet and you were off to the races. 

Today, the best swap experience can be a hard thing to define. It’s a million small choices over time – on both the front end and the back end – that help users swap, whether it's for the first time or the 100,000th time. But the numbers don’t lie, and Uniswap is leading the charge to bring more people into DeFi. 

Thank you for reading the blog about some fun numbers. If you love numbers and market structure (and are in a PhD program 👀), and want to work with me, please [apply here](https://boards.greenhouse.io/uniswaplabs/jobs/4356155005).

Most users swap on Uniswap as one of their first actions onchain.

New Onchain? 80% of Wallets Make Their Way to Uniswap on Day One

Uniswap is the largest application on Ethereum by both gas and blockspace used, which makes it a great proxy for understanding the impact of scaling solutions on users. The recent Dencun hardfork and EIP-4844 have made L2s cheaper and onchain markets more accessible.

Our [new research paper](https://arxiv.org/abs/2403.09494) finds that even before Dencun, users leveraging Uniswap on L2s saw significant improvements compared to swapping or LPing on Ethereum:

- 97.5% of swappers – those with trades under $125,000 – did better on other chains when looking at USDC/ETH pools
- Because of gas costs, L2s have at least 75% more concentration than Ethereum, making it more capital efficient
- LPing is significantly cheaper on L2s, and we see that Arbitrum has almost three times more liquidity positions created this year than Ethereum – a similar trend in Polygon as well
- LPing is profitable on faster chains, with full-range LPs on L2s making an average of 20% more returns from arbitrage compared Ethereum mainnet

This research was conducted before the recent Dencun hardfork and the associated [EIP-4844](https://eips.ethereum.org/EIPS/eip-4844), which created a new temporary storage type called a blob. In the opening hours of 4844 going into effect, gas costs on Optimism, for example, went from $1.50 to half a cent – or a decrease of 300%. However, we expect that these costs will fluctuate as L2s factor in the cost of blob usage. We plan to release additional research in the coming weeks as the effects of this update are fully felt, but we expect there to be a minimal impact on the results provided today.

# Activity on Uniswap on L2s Today
In our new research paper, we focus on chains where Uniswap v3 has the most activity, giving us the best comparison to Ethereum mainnet. 

![Activity on L2s](//images.ctfassets.net/oc3ca6rftwdu/Vbu5hJsyQGGQ71pnUUk4j/07ad94965fb44edd0521ac53268e0f00/IMAGE-1-L2-BLOG.png)

In fact, although volume may be higher on mainnet, the majority of transactions actually occur on other chains. Ethereum generally only has about 25% share of transaction count, but around 60% of volume.

![Share of Transactions Across Chains](//images.ctfassets.net/oc3ca6rftwdu/4pG3Chtc0FL2guUceMloGn/9a91239725dd0941d762bb528071d03f/IMAGE-2-L2-BLOG.png)

# Swapping on L2s
When looking at behavior on other chains, it’s clear that swappers benefit from lower gas cost, more concentrated liquidity, and prices that update more frequently. This is particularly true for retail swappers. One of our key findings is that for swaps under $125,000, retail swappers do better on L2s like Arbitrium over the sample period.

In the chart below, we examine the trade size in dollars of an USDC to ETH swap that is needed to breakeven – that is a swap of USDC to ETH where we would get an equal output of ETH on Arbitrum and Ethereum (including gas). We can see that while the differences in gas cost from Ethereum to Arbitrum are a major driver of the breakeven gas cost, we can see other fluctuations partly due to differences in price impact. For context, only 2.5% of USDC/ETH swaps are greater than $125k on the Uniswap Interface. 

![Breakeven on L2s vs L1s](//images.ctfassets.net/oc3ca6rftwdu/3j5LdIebyzJ4KUrefrIG1R/ef7bd88a8e9332d75080a5484a3430aa/IMAGE-3-L2-BLOG-1.png)

# Liquidity Provision on L2s
Our findings are even more noteworthy when looking at liquidity providers (LPs) on other chains. LPs benefit from cheaper position update costs in concentrated liquidity, more arbitrage flows resulting in higher profit, and lower cost of pool deployment on other chains.

One of the key innovations of Uniswap v3 was allowing the concentration of liquidity around desired price intervals. The trade off is that a more concentrated position is more likely to require rebalancing as the price of the pool moves, which incurs a gas cost. The data, as demonstrated in the chart below, shows that, because of gas costs, L2s have at least 75% more concentration than Ethereum. 

![Liquidity Concentration Across Chains](//images.ctfassets.net/oc3ca6rftwdu/5scTYICWJiTL0sXpPwsYyj/3158b2aaaeabdbe6135be7b2b8fb5310/IMAGE-4-L2-BLOG.png)

There are also significantly more liquidity positions opened on L2s, showing that users are rebalancing their positions more frequently. Not only that, we see that there are more unique liquidity providers on L2s. In the table below, we see significantly more positions created on Layer 2s. Arbitrum has almost three times more positions created this year than Ethereum – a similar trend in Polygon as well. We see that users (likely sophisticated) are rebalancing more frequently. 

![LP Positions Across Chains](//images.ctfassets.net/oc3ca6rftwdu/sncdMU3vACVhPsB4ABGCR/088f4a0fb5beb192cc601c73621a755d/IMAGE-5-L2-BLOG.png)

A second important aspect of L2s are shorter block times. Shorter block times means there is less time for the market price of the assets to move, and therefore a higher likelihood that arbitrage will not be profitable – meaning that prices are more accurate, which is better for LPs. Calculations show that full-range LPs on L2s make an average of 20% more returns from arbitrage compared to Ethereum mainnet, as demonstrated in figure below.

![Profitability from Arbitrage](//images.ctfassets.net/oc3ca6rftwdu/ItHyu4MbCyWFkcHNFV2hC/827463d73f23400f6f4f941acda28c73/IMAGE-6-L2-BLOG.png)

# Conclusion
There is no question that other chains have drawbacks. There is a need for further decentralization, and fraud proofs are necessary infrastructure that must further develop. Distinct ecosystems of L2s also create liquidity fragmentation, but this can be addressed with this like Cross-chain UniswapX. But as L2 costs continue to plummet for all users, the benefits are clear. For decentralized markets to fulfill their full potential, aggregate trading costs must continue to decline and user experience must continue to improve.

We expect that users will continue their migration to L2s as perceived and realized security of rollups continue to increase. This is in the best interest of both Ethereum and L2s, as this will dramatically decrease the cost and increase throughput of the entire Ethereum network.

*[Read the full paper here.](https://arxiv.org/abs/2403.09494)*

New Research Shows Uniswap v3 scales with L2s.

Layer 2 Be or Layer Not 2 Be

__Today we’re excited to announce three new releases to help users swap smarter: the Uniswap Extension, Limit Orders, and Data & Insights.__

Since the beginning, we’ve focused on building products to help users swap anytime, anywhere on the web. A lot has changed since we first launched – the Uniswap Protocol has powered almost $2 trillion in swap volume, helping millions of users swap onchain through both our web and mobile app – and now, we’re expanding our product suite even further.

<Video source="//videos.ctfassets.net/oc3ca6rftwdu/3YKbsOKPueOqauo4ERuhS1/1759e5bac4aaf52b04dc952d27e13ee4/Swap-Smarter.mp4" description="Swap Smarter with Uniswap" />

With enhancements to the Uniswap platform, we aren’t just helping people swap – we’re helping them swap *smarter* with a unified platform that enables faster, safer, more informed swapping.

# Introducing the Uniswap Extension
Between pop-ups and easy-to-lose transaction windows, extensions just aren’t easy to use. That’s why we’re excited to expand Uniswap’s wallet offering with the Uniswap Extension.

![Uniswap Extension](//images.ctfassets.net/oc3ca6rftwdu/1zSKb6DnUuWzk5xbrP3eBP/05925d31afeb3acf5692acea1f294fba/extension-gif.gif)

The Uniswap Extension is the first wallet extension to live in your browser’s sidebar, persisting no matter where you are on the web. So you can swap, sign transactions, and send or receive crypto without obstructing your window or losing your place.

[Join the waitlist to get early access to the Uniswap Extension →](https://wallet.uniswap.org/?utm_medium=blog&utm_source=blog&utm_campaign=swap-smarter&utm_creative=join-waitlist#waitlist)
# Choose your price with Limit Orders
Buy and sell tokens at your price, on your terms, without having to watch the market – with Limit Orders, now live on the Uniswap web app.

![Place Limit Order](//images.ctfassets.net/oc3ca6rftwdu/1QKa9KWKNrZpdzIzbTIX3g/a3492e19fb1eb2a4ef7b4ee97751f3fd/Area.gif)

Users can place a Limit Order for any token on the Uniswap interface, with any predefined price and duration, up to a year, on Ethereum. If the market for that token reaches the specified price, the swap executes. If it does not reach the specified price within the set timeframe, the swap expires and is never executed. This feature provides users with the ability to execute trades automatically at their desired price, without needing to constantly watch the market.

Limit Orders are powered by UniswapX, so they cost zero gas to place and execute.

[Learn more about Limit Orders →](https://blog.uniswap.org/limit-orders/?utm_medium=blog&utm_source=blog&utm_campaign=swap-smarter&utm_creative=learn-more)
# Charts charts charts
For those who thrive on information, speed, and precision – we’ve added updated Token Detail Pages and all new Pool Detail Pages directly into the web app.

![Swap in Page](//images.ctfassets.net/oc3ca6rftwdu/3TCsdW1XeKkfgSK9WboRQi/83f1a422b52fb35635889ccc36f10262/pepe.gif)

Now integrated fully into the interface, these real-time charts, transaction logs, pool data, and project information bring data and insights into your swapping flow. These pages aren’t just built for research. Users can also swap, buy, send, and place a limit order directly from these pages – making the entire process, from research to execution, seamless.

[Learn more about Token Detail Pages and Pool Detail Pages →](https://blog.uniswap.org/data-and-insights/?utm_medium=blog&utm_source=blog&utm_campaign=swap-smarter&utm_creative=learn-more)
# Start swapping smarter
The new Uniswap Extension, Limit Orders, and fully integrated Token Detail Pages and Pool Detail Pages expand the Uniswap product suite to create a seamlessly integrated platform for all the ways you swap.

[Start swapping smarter with Uniswap today →](http://smarter.uniswap.org/?utm_medium=blog&utm_source=blog&utm_campaign=swap-smarter&utm_creative=start-swapping-smarter)

Today we’re excited to announce three new releases to help users swap smarter: the Uniswap Extension, Limit Orders, and Data & Insights.

All New Uniswap Extension and More Tools for Users to Swap Smarter

Today we are excited to roll out the most expansive Limit Order offering in DeFi. Users can now place Limit Orders for any ERC-20 token on Ethereum on the [Uniswap web app](http://app.uniswap.org). Powered by UniswapX, Limit Orders leverage onchain and offchain liquidity, have no gas cost, and can be placed for any swap size – with no minimum requirements. 

<Video source="//videos.ctfassets.net/oc3ca6rftwdu/1MnFd3fNOpLfvDgZDO3rot/67813d890806a1798fdf5212dead28a4/LIMIT-ORDERS-FULL-VIDEO-FOR-BLOG.mp4" description="Limit Orders are now live" />

# Choose your tokens, choose your price
Limit Orders give users the ability to execute trades automatically at their desired price, without needing to constantly watch the market. When placing a Limit Order, users can set the price at which they wish to buy or sell a token within a specific timeframe.

If the market hits your designated price and a UniswapX filler picks up your swap, your order will execute automatically with zero gas cost. And if the order is not filled in the timeframe you set, the order expires and there are never any costs for expired orders. Users do need to pay gas to cancel a Limit Order.
# How to place a Limit Order
To place a Limit Order on Uniswap, follow these steps:

__1. Access the Limit feature:__ In the Uniswap interface, navigate to the swap page and select the "Limits" tab.

__2. Select tokens:__ Choose the input and output tokens for your swap.

__3. Set exchange rate and duration:__ Specify your desired price and how long the order should remain active.

__4. Place your trade:__ Press “Submit”; this costs zero gas, just like placing a standard UniswapX order.

![Place Limit Order](//images.ctfassets.net/oc3ca6rftwdu/1QKa9KWKNrZpdzIzbTIX3g/a3492e19fb1eb2a4ef7b4ee97751f3fd/Area.gif)

*Note that any time you approve a new token with Permit2, there is a gas cost associated. Once a token has been approved, there is no gas cost required for placing Limit Orders for that token.*

# Live now on the Uniswap interface
Start swapping smarter with Limit Orders – available for any token supported on the Uniswap interface, at any price, with zero gas cost. Limit Orders are now live on the [Uniswap web app](http://app.uniswap.org).

We are excited to roll out the most expansive Limit Order offering in DeFi. Users can now place Limit Orders for any token on Ethereum on the Uniswap web app.

Set and Forget Swaps: Introducing Limit Orders on Uniswap

The [Uniswap web app](http://app.uniswap.org) has a brand new Explore tab – with updated Token Detail Pages and all new Pool Detail Pages. These pages provide in-depth price charts, detailed transaction logs, liquidity data and more for tokens and pools on Ethereum, Arbitrum, Polygon, Optimism, Base, Avalanche, and Binance Smart Chain.

<Video source="//videos.ctfassets.net/oc3ca6rftwdu/67i0wtcIUxyN37fvD4ILXr/986c14626e8e6066bce178e82c577665/C_Data_Insights_16x9_r6.mp4" description="Data & Insights are now live" />

# Insights aggregated in one place
Gone are the days of tab-switching between the Uniswap interface and scattered websites for token price and pool data. Users now have access to advanced Uniswap Protocol analytics directly through the Uniswap web app, including:

__Upgraded Token Detail Pages__ with real-time price and TVL plots, line and candlestick charts, token stats, project information, and transaction logs of recent swaps for any token supported on the Uniswap interface.

__All New Pool Detail Pages__ provide extensive information on pool volume, fees generated by pools, recent transactions, and other data like pool age for every pool supported on the Uniswap interface.
# Never leave the page with embedded swaps
Token Detail Pages and Pool Detail Pages aren’t just built for research. Users can also swap, buy, send, and place a limit order directly from these pages – making the entire process, from research to execution, seamless.

![Swap in Page](//images.ctfassets.net/oc3ca6rftwdu/3TCsdW1XeKkfgSK9WboRQi/83f1a422b52fb35635889ccc36f10262/pepe.gif)

# Live now on the Uniswap web app
The new Explore tab is rolling out today on the [Uniswap web app](http://app.uniswap.org). With real-time price charts, detailed liquidity data, and transaction logs, these pages help users swap smarter – enabling discovery, research, and swapping all in one place.

The Uniswap web app has a brand new Explore tab – with updated Token Detail Pages and all new Pool Detail Pages.

Discover, Research, Swap: Uniswap’s All New Explore Tab

Today we’re excited to launch uni.eth — your unique web3 username. Turn your 0x address into a readable username that's supported across web3. Users can now claim their uni.eth username for free in the [Uniswap mobile app](https://wallet.uniswap.org/).

<Video source="//videos.ctfassets.net/oc3ca6rftwdu/2wdxtQ9X9IXA2eTXDCEKVE/6dad8e31d4bbac52f6101b75153e9163/Launch_Video.mp4" description="Introducing usernames" />

# Transform your 0x address into a readable username
0x addresses are clunky and hard to read, making for a less-than-ideal user experience. Usernames change that, giving users a human-readable onchain address that’s easy to remember and use across web3. Users can claim their uni.eth usernames for free in the Uniswap mobile app – making getting started onchain that much easier.

![Feature callout: uni.eth in mobile app](//images.ctfassets.net/oc3ca6rftwdu/327k8JoJ8SEuI42MTGairy/dc0b949ee2870e137ac58cfcd6736db1/300.png)

# Supported everywhere in web3
uni.eth usernames are built on ENS infrastructure, using ENS subdomains – so they’re supported across the thousands of apps that support ENS names, even outside of Uniswap products.

# Customizable profile
Beyond just a username – when you claim your uni.eth username in the Uniswap mobile app, you can also customize your public profile. Add personality to your wallet by choosing an avatar, adding your bio, and linking socials. So when anyone looks up your uni.eth username, they’ll see more than just a 0x address. Customizability is completely optional.

<Video source="//videos.ctfassets.net/oc3ca6rftwdu/4xrpW7w1OOymgKmb5l1W5s/2d944fa566a5e7d04fbaa860f3ca3ce4/BLOG-FLOW-FINAL-FINAL.mp4" description="Demo: How to claim your username in the app" />

# How to claim your uni.eth
Claiming your uni.eth username is free and easy. Note that your uni.eth can only be claimed in the Uniswap mobile app ([download the mobile app here](https://wallet.uniswap.org/)). Existing users will be prompted to claim their uni.eth with the latest app update. Alternatively, users can navigate to Settings within the Uniswap mobile app, select the address they’d like their uni.eth to be associated with, select Nickname, and select Claim a Username.

[Claim your uni.eth username today →](https://uniswaplabs.onelink.me/YOC1/i83qmhls)

Today we’re excited to launch uni.eth – your unique web3 username. Users can now claim their uni.eth username for free in the Uniswap mobile app.

Introducing uni.eth – Your Unique Web3 Username

You all love v2 so much, we’re bringing it to you everywhere. Uniswap v2 is live on Arbitrum, Polygon, Optimism, Base, Binance Smart Chain, and Avalanche. Seamlessly swap and provide liquidity on v2 on all supported chains directly through the [Uniswap interface](https://app.uniswap.org). With both v2 and v3 available across all supported networks, users have the flexibility to choose between simplicity with v2 and more advanced features with v3.

# Simpler experience for LPs
While v3 offers advanced capabilities for more active liquidity providers (LPs), v2 offers a more simple LP experience. Unlike v3, pools on v2 cover the entire price range of the pool by default — reducing the need for active management and monitoring as an LP.

# Savings on swaps
Users already save on gas fees when swapping with v3 on non-Ethereum chains. v2 allows for even more gas savings — making swaps incredibly cost effective, averaging under a dollar on L2s like Optimism and Arbitrum, compared to [$35 average cost to swap on Ethereum](https://etherscan.io/gastracker). Plus, users benefit from almost no MEV on L2s, due to sequencers — particularly helpful for swapping longtail assets, which are more prone to losses due to MEV.

For users looking to swap using v2, you can visit app.uniswap.org, select your network and the tokens you want to swap. The Uniswap interface will route your swap through the version of the protocol with the best price (which might be v2, but could also route through v3 or UniswapX).

![Swapping on v2](//images.ctfassets.net/oc3ca6rftwdu/7bv6lK4V8nIXtFN31mMycP/3000ec04fafac34046ae08008eb524dd/SWAPV2.gif)

# Cheaper to deploy new pools
v2 doesn’t just save users gas on swapping – it is also very gas efficient for users deploying new pools. While v3 offers options for parameterizing pool deployments to optimize capital efficiency, v2 offers full range by default which simplifies the process for creating new pools.

To create new pools on v2, navigate to the [Pools tab](https://app.uniswap.org/pools/v2) of the Uniswap app, where you’re able to Create Pools, Import Pools, or Add Liquidity.

![Add Liquidity on v2](//images.ctfassets.net/oc3ca6rftwdu/3r7yxoZa8FUaGqtLVgYLEa/09367cda4ed78167a9c8a718fadfef18/LIQUIDITYV2.gif)

# Security on every swap
In just the last year, over $55 million has been lost in v2 fork exploits, bugs, and rugs across Binance Smart Chain, Base, and Arbitrum ([Uranium](https://twitter.com/UraniumFinance/status/1387245696454041600), [RocketSwap](https://twitter.com/Cointelegraph/status/1691316548932456448), [LeetSwap](https://twitter.com/TheBlock__/status/1686201265758326784), [Swaprum](https://www.dlnews.com/articles/defi/defi-protocol-swaprum-in-3m-rug-pull-was-certik-audited/?utm_campaign=)). Swapping with official Uniswap v2 contracts directly from the Uniswap Interface provides swappers with a more secure trading environment.

# Live on the Uniswap interface
v2 is now live on Arbitrum, Polygon, Optimism, Base, Binance Smart Chain, and Avalanche. Users can provide liquidity, create pools, and swap on v2 directly from the [Uniswap interface](http://app.uniswap.org).


You all love v2 so much, we’re bringing it to you everywhere. Uniswap v2 is live on Arbitrum, Polygon, Optimism, Base, Binance Smart Chain, and Avalanche.

Uniswap v2 Now Live Across More Major Chains

# Opens Up Important New Source of Liquidity for Talos Clients

Talos, the premier provider of technology for institutions to trade digital assets, and Uniswap Labs, the most trusted name in decentralized finance (DeFi), announced a first-of-its-kind partnership to bring decentralized liquidity and onchain settlement to professional traders and institutions.

Uniswap Labs' Trading APIs will provide Talos's clients with enterprise-grade access to the [deepest liquidity venue](https://blog.uniswap.org/uniswap-v3-dominance) in DeFi with thousands of assets in the Talos order book format they are familiar with. In the near future, clients will also be able to use the new [UniswapX](https://blog.uniswap.org/uniswapx-protocol) ecosystem, which sources liquidity from additional sources to bring even better prices, MEV protection, and gasless swaps to users. Institutional client access to Uniswap is supported by Fireblocks, an enterprise platform to manage digital asset operations and build innovative businesses on the blockchain.

"We are thrilled to be working with Uniswap Labs and Fireblocks to expand liquidity access for our institutional clients," said __Anton Katz, CEO and Co-Founder of Talos__. "At the cornerstone of the DeFi ecosystem, Uniswap has the breadth of assets and depth of liquidity that institutional traders need. And to have this partnership powered by Fireblocks, a digital assets infrastructure provider trusted by some of the most renowned institutions, is very fitting. Together, we share a vision of making digital assets more accessible in a financial marketplace that's more open."

At launch, clients will have the distinctive ability to execute orders on Uniswap using Talos's advanced time-based execution algorithmic strategies, including the TWAP (Time-Weighted Average Price) algorithm. This integration paves the way for Talos's strategies to be able to interact across both centralized and decentralized liquidity venues seamlessly, expanding opportunities for clients to achieve best execution.

"We welcome Talos clients to the Uniswap ecosystem: deep liquidity, expansive assets, and safe on-chain settlement 24/7," said __Mary-Catherine Lader, COO of Uniswap Labs__. "Uniswap Labs' smart contract expertise has transformed blockchain-based markets. This integration brings institutions the deep liquidity they need and sophisticated smart-contract market structure that they've never had access to before. It's a big step forward for adoption of onchain markets."

"In the last 12 months, Fireblocks customers have deployed $6 billion into Uniswap. Being that we've long supported Talos's integrations and have previously supported Uniswap Labs via retail connectors, we are thrilled that Uniswap Labs is now a part of this ecosystem to simplify workflows for Fireblocks customers," added __Michael Shaulov, CEO and Co-Founder of Fireblocks__. "We're committed to remaining at the forefront of providing enterprise-grade technology and are proud to work with Talos and Uniswap to deliver an important point of entry to a significant source of liquidity."

#### About Talos

Talos provides institutional-grade technology that supports the full digital asset trading lifecycle, including liquidity sourcing, price discovery, trading, settlement, lending, borrowing and portfolio management. Engineered by a team with unmatched experience building institutional trading systems, the Talos platform connects institutions to key participants in today's digital asset ecosystem -- exchanges, OTC desks, prime brokers, lenders, custodians and more -- through a single point of entry. By streamlining the entire trading process, Talos helps mitigate intermediary risk and facilitate best execution. For additional information, visit [www.talos.com](http://www.talos.com).

Talos Disclaimer: Talos offers software-as-a-service products that provide connectivity tools for institutional clients. Talos does not provide clients with any pre-negotiated arrangements with liquidity providers or other parties. Clients are required to independently negotiate arrangements with liquidity providers and other parties bilaterally. Talos is not party to any of these arrangements. Services and venues may not be available in all jurisdictions.

#### About Uniswap Labs

Uniswap Labs is the largest on-chain marketplace for digital assets and the most trusted name in DeFi. The Uniswap Protocol is the leading source of liquidity across DeFi, processing $1.7 trillion in lifetime volume. Uniswap Labs builds products that allow users to easily and safely access DeFi, including the Uniswap web and mobile apps and UniswapX. Uniswap Labs makes swapping simple -- anytime, anywhere. Learn more at [app.uniswap.org/swap](https://app.uniswap.org/swap).

#### About Fireblocks
Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks enables exchanges, lending desks, custodians, banks, trading desks, and hedge funds to securely scale digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure. Fireblocks serves thousands of financial institutions, has secured the transfer of over $4 trillion in digital assets, and has a unique insurance policy that covers assets in storage and transit. Some of the biggest trading desks have switched to Fireblocks because it's the only solution that CISOs and Ops Teams both love. For more information, please visit [www.fireblocks.com](http://www.fireblocks.com).

Uniswap Labs and Talos partner to bring decentralized liquidity and onchain settlement to professional traders and institutions.

Talos Teams up with Uniswap Labs and Fireblocks in Landmark Partnership to Bring DeFi Liquidity to Institutional Investors

*By [Austin Adams](https://twitter.com/AustinAdams10), [Benjamin Chan](https://twitter.com/Vervious), [Sarit Markovich](https://www.linkedin.com/in/sarit-markovich-b0a6476/), and [Xin Wan](https://twitter.com/xin__wan) [^1]*

[^1]: Our work is made possible by the generous support of [BlockNative](https://www.blocknative.com/) and [BloXroute](https://bloxroute.com/). The historical mempool data they provided helped us with our research. We thank them for their contributions.

Read the full paper [here](https://arxiv.org/pdf/2309.13648.pdf)

---

Uniswap transactions are safe from hacks, but, like other onchain swaps, they’re exposed to people seeking to profit off unconfirmed transactions. New tools like private RPC providers protect against maximal extractable value (MEV) but users must trust that RPC operators, block builders, and relayers do not misuse this exclusive data. 

Our research lays out a new approach that only uses onchain data, called reordering slippage, to verify that swappers are getting a fair price for their private transaction. Using this new metric, our initial findings show that private mempools are working for users and not against them — and that reordering slippage is a robust tool to hold private actors accountable.

# Public and private mempools
The Ethereum public mempool is crowded with "searchers" looking to profit off pending transactions through [arbitrage, frontrunning, or sandwich attacks](https://support.uniswap.org/hc/en-us/articles/19387081481741-What-is-a-sandwich-attack-). To bypass searchers and get better prices, private RPC providers send transactions directly to block builders. Though private transactions are not broadcasted to a public mempool, they are revealed to the private RPC providers, relayers, and builders in the private transaction supply chain. In exchange for swap protection and better prices, swappers have to trust them not to act on this exclusive information, like frontrunning a private transaction.

# Trust but verify, onchain
Currently, the only way to audit the trustworthiness of block builders, relayers, and RPC providers is by comparing onchain data against private data, which is not readily accessible to most. Our research proposes a new metric to audit this work with __only onchain data__, which is key for transparency. 

Reordering slippage measures the difference between the actual slippage of a swap and the average slippage of the same swap with the entire block randomly ordered. If reordering slippage is measured at zero, we can verify with onchain data that private mempools are working as they should. If it is measured to be negative, we have reason to believe that the swap was ordered in a way that disadvantages the swapper.

# Our findings
To test this metric, we use onchain data to calculate reordering slippage for the [USDC-ETH](https://info.uniswap.org/#/pools/0x88e6a0c2ddd26feeb64f039a2c41296fcb3f5640)and [PEPE-ETH](https://info.uniswap.org/#/pools/0x11950d141ecb863f01007add7d1a342041227b58). When we compare the reordering slippage data against historic data from private mempools, both methods indicate that the top five builders have not antagonistically ordered private transactions. This validates our hypothesis that reordering slippage can shine a light on private mempool behavior and hold private RPCs, relayers, and builders accountable to users.

Research from Uniswap Labs introduces a new metric, Reordering Slippage, that exclusively uses onchain data to verify that swappers are getting the best prices in private mempools.

MEV Supply Chain: Trust but Verify

Over the past few weeks, we’ve rolled out several updates to our web app and mobile app to improve your swap experience. That means more options, better prices, and faster swaps – all on the most trusted Protocol in DeFi. We're excited to share the latest with you.

# Faster swaps
Step one in swapping is getting a quote. We’ve reduced our quote times to a fraction of a second with some back-end caching and parallel processing. With a snappy quote in hand, swappers can submit their transaction with one less click.

![image5](//images.ctfassets.net/oc3ca6rftwdu/LB7jD2RiAh5pUG4eQ6yWd/77222aa5203a4c7ff38e25bc9317bd4e/image5.gif)

# Better fee on transfer token support
Fee on transfer (FoT) tokens take a fee when you swap in, out, or both. Because FoT tokens don’t follow a specific standard, swaps often fail or require higher slippage, which opens them up to frontrunning and sandwich attacks. We’ve built a custom detector on both web and mobile that automatically detects FoT tokens, displays the token fee to swappers, and adjusts slippage to include the fee. All this works to prevent failed transactions and better protect swaps from MEV.

![image4](//images.ctfassets.net/oc3ca6rftwdu/51h1mBn8ILM9sgVV70HP46/e0070ea7016279eb775eedc9e6e720f8/image4.png)

# Swap protection
As an added layer of security, we've added [swap protection](https://support.uniswap.org/hc/en-us/articles/18814993155853-What-is-Swap-Protection-) to the Uniswap app to protect you from people trying to profit from your swaps. Attempts to [frontrun or sandwich](https://support.uniswap.org/hc/en-us/articles/19387081481741-What-is-a-sandwich-attack-) swaps from the Uniswap app can lead to failed transactions or bad prices. Swap protection sends your swaps to a private transaction pool, protecting them from these types of attacks. You can always turn off swap protection in settings.

![image1](//images.ctfassets.net/oc3ca6rftwdu/FIDAYnyfrx9qHQ8Fs5bq4/49c6ee0a1d839549e46b37b6cd6198c3/image1.png)

# Refreshed look
To top off our swap UX changes, we’ve also given our mobile and web swap interface a refreshed look. Swapping is one of the most common onchain actions and our look should be equally simple, intuitive, and safe. Our new design language marries high-contrast colors with a legible typeface to make your swaps look and feel smoother.

![image3](//images.ctfassets.net/oc3ca6rftwdu/2GhAVobeM7ZjzLbUc8kV4h/44f6ede477b7c40bb37a2fa50ec570f6/image3.jpg)

***

We're eager to hear your feedback and refine the Uniswap swap experience. Reach out to us on [Twitter](https://twitter.com/Uniswap) or [Discord](https://discord.gg/FCfyBSbCU5).

We've rolled out updates to our web app and mobile app to improve your swap experience. That means more options, better prices, and faster swaps.

A Better Uniswap(ping) Experience

We're excited to bring Uniswap to everyone's pocket with the release of Uniswap on Android. The Uniswap app first launched on [iOS](https://apps.apple.com/app/apple-store/id6443944476) in April and in less than a month became a top 3 wallet for new downloads. Now, we're bringing a  simpler and safer way to swap on the go to Android users. Download the app [here](https://uniswapwallet.onelink.me/8q3y/2bvxi1lk).

<Video source="//videos.ctfassets.net/oc3ca6rftwdu/2hs3mDgoQhCFPX2B1aRc8i/85744c1bf332b6415da9c18679cc8a4a/Launch_Video.mp4" description="" />

# An app built for swapping on Android
Getting the details right is important to us. Over the past few months, we’ve meticulously adapted Uniswap to Android to match the same swapping experience that millions have on Uniswap.

The Uniswap app is thoughtfully built for the perfect swap: discovering top tokens, automatically switching between Mainnet and L2s, and swapping in a fraction of a second. Over the past few months, we’ve doubled down on what we think makes a great swap. We’ve shipped updates every other week to make swapping faster and added more tokens and chains to swap on.

### Dead simple swaps on L2s
The next wave of user adoption will happen on chains with cheaper and faster transactions. That's why we've made it dead simple to swap on L2s. Swappers don't even need to switch between these chains. Just select a token and the Uniswap app will automatically detect the chain and switch to it. Swap on Polygon, Arbitrum, Optimism, and now **[Base](https://twitter.com/Uniswap/status/1690802620649324544)** and **[BNBChain](https://twitter.com/Uniswap/status/1706655931243835685)** with more to come.

### Protect your swaps
The best swaps are fast and have unbeatable prices. Sometimes, swaps and other onchain activities are subject to [frontrunning and sandwich attacks](https://support.uniswap.org/hc/en-us/articles/19387081481741-What-is-a-sandwich-attack-), which can affect the price you get. That's why we've added [swap protection](https://support.uniswap.org/hc/en-us/articles/18814993155853-What-is-Swap-Protection-) to the Uniswap app. Swaps on the mobile app will now default to a private transaction pool to protect them from MEV and give you better prices.

![image1](//images.ctfassets.net/oc3ca6rftwdu/205yxEzUTKTMYmLV8Wnd1O/67cffccfd539ca18973b22c7795d9e32/image1.png)

### Transparent pricing
There shouldn't be any surprises with swapping. Swaps should be transparent, just like blockchains. Some tokens [take a fee](https://support.uniswap.org/hc/en-us/articles/18673568523789-What-is-a-token-fee-) when you swap in, out, or both. Without a clear token standard, these fees are often hidden and swappers get fewer tokens than they were expecting.

We rolled out an update to automatically spot these tokens and show them in our mobile app and web interface. Just one more way to make swaps simpler.

![image2](//images.ctfassets.net/oc3ca6rftwdu/170waLxZk7QfLgRqyQjqfF/40c66e7b2fab3e8148ec6ec5e16c63b8/image2.png)

# Get started with Uniswap on Android
We're excited to bring the power of Uniswap to Android. Over the past month, thousands of beta testers were instrumental in improving the swap experience. Today, we're releasing our [open-sourced](https://github.com/Uniswap/wallet) and [audited](https://github.com/trailofbits/publications/blob/master/reviews/2023-09-uniswap-wallet-securityreview.pdf) Uniswap app for anyone to download. Head over to the Google Play Store to download the app to swap on the safest and most battle-tested protocol in DeFi.

Check out our Help Center content if you have questions. As always, share your feedback with us on Discord!
* [How to get started with the Android wallet](https://support.uniswap.org/hc/en-us/articles/20317941356429-Get-started-with-the-Uniswap-Android-Wallet)
* [How to create a wallet, import recovery phrases, add new wallets, and more](https://support.uniswap.org/hc/en-us/sections/11302111085709)
* [How to swap, bridge to L2s, connect via WalletConnect, and more](https://support.uniswap.org/hc/en-us/sections/11302165059213)

Uniswap is now on Android. We’re bringing a  simpler and safer way to swap on the go to Android users.

Uniswap on Android

A few months ago, we announced [a vision for Uniswap v4](https://blog.uniswap.org/uniswap-v4). In it, we introduced hooks and how they turn liquidity on Uniswap into a platform for developers to create pools with new and unique features. This vision for Uniswap came with unfinished v4 code to serve as a starting point for the Uniswap community to build on. Since then, the Uniswap community has been out in force. With the support of the [Uniswap Foundation](https://www.uniswapfoundation.org/), developers have worked on hundreds of [hook](https://twitter.com/Uniswap/status/1669425061156081665) ideas, implementations, hackathons, [Github](https://github.com/uniswap/v4-core) commits, and educational resources.

## Hooks
Hooks are the newest addition in Uniswap v4. They are like plugins that let developers innovate on the Uniswap Protocol's liquidity and security to create new AMM features.

Hooks are smart contracts that can run arbitrary code at various points of a pool action's lifecycle. These hooks are permissionless, meaning anyone can create and deploy a hook. Once created, pool deployers choose which hooks they want to enable in their pools; hooks are not enforced across all pools. For example, a USDC/ETH pool deployer can enable a [TWAMM](https://blog.uniswap.org/v4-twamm-hook) hook and a more resistant [oracle](https://blog.uniswap.org/uniswap-v4-truncated-oracle-hook). For a more technical explanation of hooks, please read the Uniswap Foundation's [documentation](https://docs.uniswapfoundation.org/).

When we open-sourced the v4 code, we published a few sample hook contracts. Since then, dozens of other hooks have been coded, including:

- [Arbitrage Controller](https://ethglobal.com/showcase/arb-controller-dw3so): Sets dynamic fees for a pool based on the price movements to discourage informed order flow from arbitrageurs.
- [Crosschain Liquidity](https://github.com/cesarhuret/v4-cclp): Transfers the user's LP to another chain, without them having to worry about bridging.
- [Fair Trade](https://github.com/batoulalkarim/copy-trade-nyc-mb): Launches tokens with safety guarantees for future token holders and traders.
- [Median Price Oracle](https://github.com/saucepoint/median-oracles): A median price oracle that is more resistant to manipulation than TWAP.
- [Backrunning](https://github.com/emmaguo13/backrunning-hook/tree/main): Captures arbitrage after a swap and distributes profits back to the LPs instead of being captured by backrunning MEV arbitrageurs.
- [Vote Escrow](https://github.com/kadenzipfel/veLP): A Curve-style voting escrow (ve) hook.
- [Automated Buybacks](https://github.com/atj3097/buyback-hook): Allows protocols to automate token buybacks from their treasure when prices drop below some threshold.

Uniswap v4's hook design gives developers much more flexibility using liquidity on Uniswap. Developers will build new and exciting AMM features that we haven't thought of yet. The sky is the limit, and we've seen so much excitement at the events we've done with the Uniswap Foundation at [EthCC](https://twitter.com/UniswapFND/status/1683983199872122881) and [EthGlobal NYC](https://twitter.com/0xTyllen/status/1706045165972959695).

## GitHub contributions
Open-sourcing Uniswap v4 serves two purposes. One is to experiment with novel and innovative hook designs. The other is to build in public and receive meaningful feedback and contributions from the community.

Once again, we're delighted and grateful to see so much activity in Github. Our [v4-core](https://github.com/Uniswap/v4-core) and [v4-periphery](https://github.com/Uniswap/v4-periphery/) repos have been forked over 1,000 times. We've closed nearly 100 PRs and have had over 50 commits. These contributions range from translating the v4 whitepaper into other languages, gas optimization, and following best practices to more extensive efforts like migrating tests to Foundry.

Other contributions have sparked discussions among Uniswap developers and researchers. Thogard's [PR](https://github.com/Uniswap/v4-core/pull/291#issuecomment-1642791541) inspired us to consider NoOps design, and jtriley-eth makes a good [case](https://github.com/Uniswap/v4-core/pull/358) for replacing ERC-1155 with ERC-6909. These quality contributions continue to shape Uniswap v4 into a powerful liquidity platform for DeFi.

![image1](//images.ctfassets.net/oc3ca6rftwdu/jaENgMQ0VhyibPtWIcNDZ/b745dfa25b3103f66eabbf8fbc7bdce2/image1.png)
<center><a href="https://twitter.com/saucepoint/status/1707042553936187646">Tweet Source</a></center>

## Educational resources
The Uniswap Foundation has put together education resources and tools to help developers build on top of Uniswap v4. They've created [documentation](https://docs.uniswapfoundation.org/), created a [hooks directory](https://uniswaphooks.com/), sponsored hackathons, and have much more [planned](https://www.uniswapfoundation.org/). Their resources aggregate helpful resources within the broader community. For example, Msfew's [curated list](https://github.com/fewwwww/awesome-uniswap-hooks#-examples) of Uniswap v4 hook resources includes tools, templates, tutorials, articles, videos, and dozens of hook implementations.

Hackathons double as great locations for workshops. The Uniswap Foundation and Uniswap Labs [co-hosted a workshop](https://twitter.com/Uniswap/status/1707051603495457067) on v4 and hooks right before the ETHGlobal NYC hackathon, inspiring dozens of hook projects.

![image2](//images.ctfassets.net/oc3ca6rftwdu/3TYRRm1lG0LG4umZg8CpwP/02c17b2bccac3b1bd52be53b003297d3/image2.jpg)
<center>Tacklebox Talks hosted by Uniswap Labs and the Uniswap Foundation</center>

---

Uniswap v4 is a community effort. By building in public, Uniswap Labs, the Uniswap Foundation, and the larger Uniswap community can all meaningfully contribute in ways that will build better onchain market infrastructure for all of crypto.

Since publicizing the Uniswap v4 draft code, the open source community has worked on hundreds of hook ideas, implementations, hackathons, github commits, and educational resources.

Community Contributions to Uniswap v4

*By [Austin Adams](https://twitter.com/AustinAdams10), [Mary Catherine Lader](https://twitter.com/Mclader), [Gordon Liao](https://twitter.com/gordonliao), and [Jon Fink Isaksen](https://dk.linkedin.com/in/jonisaksen)*

Last week on September 28th, the [Bank for International Settlements](https://www.bis.org/) (BIS) released a [report](https://www.bis.org/about/bisih/topics/cbdc/mariana.htm?s=31) in support of DeFi and automated market makers (AMMs) as infrastructure for a new generation of financial markets.

This 100 year old financial institution facilitates cooperation between its member central banks in monetary policy and the foreign exchange (FX) market, which stands at the biggest financial market with $7.5 trillion in daily trading volume. Throughout the past year, the BIS and central banks of France, Singapore, and Switzerland [conducted an experiment](https://www.bis.org/about/bisih/topics/cbdc/mariana.htm) using AMMs and bridges to trade between the euro, Singapore dollar, and Swiss franc, represented onchain as wrapped Central Bank Digital Currency (CBDCs). Combined, these three currencies account for 2.85 trillion in daily [FX OTC trades](https://stats.bis.org/statx/srs/table/d11.3).

Named after the Mariana Trench, the deepest oceanic trench, Project Mariana is aimed toward providing the deepest amount of foreign exchange liquidity using DeFi and AMMs. This echoes our [prior work](https://uniswap.org/TheDominanceofUniswapv3Liquidity.pdf) on how concentrated liquidity can provide more liquidity than traditional limit order book designs. Their [concluding report](https://www.bis.org/about/bisih/topics/cbdc/mariana.htm?s=31) plainly states,

<center>"DeFi elements tested in the project, specifically automated market makers, could form the basis for a new generation of financial market infrastructures."</center>

We applaud BIS Innovation Hub's effort in exploring specific bonding curve designs and encourage the team to utilize the competitive AMM solutions in future iterations of its design choices.

The report also cites Uniswap v3 when explaining the benefits of AMMs such as instant settlement, transparency, and LP tokens as collateral. The BIS believes that a number of AMMs can be tailored to satisfy the requirements proposed in the [FX Global Code](https://www.globalfxc.org/fx_global_code.htm), something we said ourselves in a [recent piece](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4328948) with Uniswap Labs and [Circle](https://www.circle.com/en/).

It is genuinely exciting to see TradFi institutions, like the BIS, share our beliefs and convictions that financial primitives, when enforced through code, can lead to fairer, faster, and cheaper financial markets.  We hope that the BIS's research will encourage more public-private partnerships to further explore and validate the real-world use cases of blockchain technology and DeFi.

Uniswap is proud to play its part in this journey towards innovation.

The Project Mariana experiment uses DeFi and AMMs to create foreign exchange markets for the euro, Singaporean dollar, and Swiss franc.

A DeFi Playground for Foreign Exchange Markets

Since day one, Uniswap has been committed to creating the best swap experience. As crypto markets have evolved, so has our understanding of what exactly that experience looks like for users.

To be the best place to swap, Uniswap must have the best prices and the best liquidity.
Best price can seem easy to measure but needs deep liquidity to find the best path. Liquidity is best when there is a flexible but reliable combination of tokens, pools, and fee tiers to attract liquidity providers for deeper markets.

Each successive version of Uniswap has supported more complex pool features, and v4 will take that to another level. While great for liquidity, pool customizability made it hard to find swappers the optimal route that would give them the best price. Routing and liquidity have become two separate – but related – problem spaces as markets have evolved. 

To make progress on both fronts, we’re unbundling them. Uniswap v4 introduces hooks to build custom automated market maker (AMM) features, like [recurring investments](https://blog.uniswap.org/v4-twamm-hook) or [oracles](https://blog.uniswap.org/uniswap-v4-truncated-oracle-hook). UniswapX outsources routing complexity to an open network of third-party fillers who then compete to find the best price across liquidity sources. Together, these complementary protocols help give users the best swapping experience.

# Best liquidity with Uniswap v4
Uniswap v1 was an experiment in liquidity creation to test if AMMs had a place in crypto. But AMMs unlocked powerful new tools to let anyone create permissionless markets. Uniswap became the most popular venue for long-tail of tokens, like MKR and DAI. Only after came the next problem of what it means to be the best place for liquidity.

Later versions of Uniswap became more expressive. Uniswap v2 and v3 introduced ERC20 pairs, concentrated liquidity, and custom fee tiers to make deploying liquidity even more customizable. Uniswap v4 takes that one step further. V4 hooks are like plugins, letting pool deployers introduce arbitrary code that can run at key points throughout the pool’s lifecycle – like before or after a swap.

With hooks, developers can innovate on top of the Uniswap Protocol’s liquidity and security to create [customized AMM pools](https://github.com/Uniswap/v4-periphery/tree/main/contracts/hooks/examples) that integrate with v4’s smart contracts. Because each pool is now defined by more than just the tokens and fee tier, we'll see pools of all colors, shapes, and sizes.

![image1](//images.ctfassets.net/oc3ca6rftwdu/2r6TxZuKJVFZOxytHPGC8A/dff3d2fabfa3312e576abfea0e057760/image1.jpg)

All this customization and expressivity began to fragment Uniswap’s liquidity across three (soon four) different versions and nearly a dozen chains. Finding a swapper the best price on a trade meant checking a lot more pools for the optimal route. That meant more computation, more hops, and more gas. Customized AMM features will make Uniswap the best place for liquidity, but it becomes more challenging to find the best route that gives swappers the most tokens.

UniswapX is a protocol focused on the routing problem. It outsources the problem of discovering the best route to a competitive marketplace that is aware of other onchain sources and private inventory to find swappers the best price.

# Best prices with UniswapX
Finding the best possible route depends on how broad liquidity coverage is. The more liquidity we know about, the more options we can have to find the best route. The Uniswap [auto-router](https://blog.uniswap.org/auto-router-v2), DEX aggregators, and [meta-aggregators](https://swap.defillama.com/) are popular for this exact reason — they have broad liquidity coverage.

![image3](//images.ctfassets.net/oc3ca6rftwdu/1QUgAkIfXbYgru3xqNLv3Q/82176398882801c70d17e28165270974/image3.jpg)
<center>The Uniswap auto-router searches v3 and v3 to find the most tokens</center>

But as the universe of liquidity pools expands, manually maintaining a single routing engine is not sustainable. Aggregators are bottlenecked by needing constant maintenance. With Uniswap v4, that maintenance will be more difficult. Liquidity will exist behind custom hooks that routing engines would need to find, audit, and use.

Our solution to the routing problem was to create a marketplace that would gamify liquidity discovery. Instead of accepting a quote from a single source, swaps go through an auction system. “Fillers” will compete to find the best route that offers the best price for swappers.

This market is highly competitive. Fillers, who look like the block-builders and traders of today, are incentivized to use any strategy at their disposal to offer lower prices. They can give [MEV](https://ethereum.org/en/developers/docs/mev/) back to swappers, look for obscure liquidity sources, tap into private inventory, or save gas by batching — anything that will give them an advantage to win the auction. UniswapX turns routing from a one-to-one problem into a one-to-many problem with a permissionless protocol that formalizes market participants, sets ground rules, and lets fillers compete with each other to push value back to the swapper.

Creating a market for swap fulfillment prepares us for a multichain future as well. Swapping tokens across chains will need to mimic the UX of swapping on a single network. Routing will need to abstract bridge complexity and latency. Fillers can draw on cross-domain MEV, private inventory, and user intents to win the right to give a swapper the largest number of output tokens.

As the universe of existing liquidity pools branches across four Uniswap versions and more chains, the UniswapX filler network will actively discover new liquidity sources to maximize liquidity coverage and offer the best price.

# Parallel and complementary protocols
Uniswap v4 and UniswapX are parallel and complementary protocols. Each focuses on a specific problem space: Uniswap v4 optimizes pool customizability to be maximally expressive and UniswapX optimizes routing to maximize output tokens. Combined, these two give swappers the best swapping experience while maintaining our commitment to decentralized, censorship-resistant, and permissionless markets.

Uniswap v4 and UniswapX work together to have the best liquidity and best prices.

How Uniswap v4 and UniswapX Create the Best Swapping Experience

<center>Part 4 of a series on using L2s with the <a href="https://wallet.uniswap.org/">Uniswap app</a></center>

This summer, Ethereum [scaling solutions](https://blog.uniswap.org/uniswap-scaling-summer) have exploded in popularity. After years of research and development, Ethereum has a thriving ecosystem of Layer 2 (L2) networks, applications, and users. The Uniswap Protocol has deployed across several of these L2s, and the Uniswap app currently supports four of them, with more on the way.

We've explored [Arbitrum](https://blog.uniswap.org/scaling-summer-arbitrum), [Optimism](https://blog.uniswap.org/scaling-summer-optimism), and [Polygon](https://blog.uniswap.org/scaling-summer-polygon) in previous posts. Today, we're looking at the Base ecosystem. Base is an L2 rollup incubated by Coinbase and built with the OP Stack, which we covered in our Optimism [blog post](https://blog.uniswap.org/scaling-summer-optimism). Base mainnet opened for everyone last month and already has over [$350](https://defillama.com/chain/Base) million in total value locked and an average of [70,000](https://dune.com/queries/2839431/4741865) daily active addresses. By using a standardized tech stack, Base has made it easy for developers to quickly deploy dapps, like Uniswap, onto Base. In just a [few short weeks](https://twitter.com/Uniswap/status/1688581784609435648), Uniswap has already done [$250 million](https://defillama.com/dexs/chains/base) in volume over [450,000 swaps](https://dune.com/queries/3033876).

Building on top of the OP stack is a big win for the interoperability of the L2 ecosystem. Together with Optimism, Base is working towards the vision of the "Superchain"- a horizontally scalable network of chains that will jointly scale Ethereum. This is the first time a centralized, publicly traded company is launching a permissionless blockchain and will have to navigate the dynamics around centralization, interoperability, and security. While Coinbase is currently supporting and maintaining internal infrastructure to keep Base online in the preliminary phases, Base [aims to gradually decentralize](https://base.mirror.xyz/aBwt4flT1WAKJGQTj2AXBpH_8Qd3umQ-ZECLAJoO_nE).

![image2](//images.ctfassets.net/oc3ca6rftwdu/22XFpzCLUwGmuvW2zIUFDm/cf64e92590347e8d6111fb281a81d34f/image2.png)
<center><a href="https://defillama.com/dexs/uniswap">Daily Uniswap volume on Base</a></center>

Base aims to make "onchain the next online" and onboard the next billion users onchain. Since its mainnet launch, many [leading dapps](https://base.org/ecosystem), as well as unique onchain experiments, have found a home on Base. Among them are:

- [Friend.tech](https://twitter.com/friendtech), one of  the most popular social apps on Base with thousands of daily users
- [BasePaint](https://twitter.com/basepaint_xyz), which was inspired by Reddit's [r/place](https://www.reddit.com/r/place/) game. Each day, hundreds of artists create a single piece together
- [Blackbird](https://twitter.com/blackbird_xyz), a restaurant loyalty platform that unlocks rewards for repeat visitors

Base is a sandbox for new and novel onchain experiments. But to get your hands dirty, you need a wallet. One that makes it easy to connect and start using dapps on Base. At Uniswap Labs, we've built our [self-custodial wallet](https://apps.apple.com/app/apple-store/id6443944476?pt=123625782&ct=Scaling-Summer-Base&mt=8) as a friendly gateway into the Base ecosystem and other L2s. Our fiat on-ramp lets you go directly from your bank to Base without bridging funds. Once in the app, you can seamlessly switch to Base and use WalletConnect to discover your new favorite dapp!

---

*Uniswap is encouraging users to go onchain and explore L2s as part of #ScalingSummer. To join our educational quests, click [here](https://layer3.xyz/quests/swap-on-base-using-uniswap-wallet)*

Learn more about Uniswap's activity on Base as part of our ongoing series on the Uniswap wallet and L2s.

Scaling Summer: Spotlight on Base

The [Uniswap Protocol](https://blog.uniswap.org/what-is-uniswap) is a vital piece of crypto infrastructure for millions of swappers, offering deep liquidity to support over $1.6 trillion in volume. [Uniswap v4](https://blog.uniswap.org/uniswap-v4) is the latest evolution of the Protocol, which allows developers to build custom AMM features on top of Uniswap using [hooks](https://twitter.com/Uniswap/status/1669425061156081665).

Previously we wrote about the time-weighted average market maker [hook](https://blog.uniswap.org/v4-twamm-hook). Today, we're focusing on a truncated oracle. Price oracles, like the ones in Uniswap v3 pools, convey price information about a pool's price to other DeFi protocols. A truncated price oracle, deployed as an optional v4 hook, blunts the price impact of large trades, making them more resistant to oracle manipulation techniques and safer for DeFi.

# The role of a price oracle
A price oracle is a tool used to view price information about a given asset. These onchain oracles are trustless price feeds that reflect onchain data. Uniswap [v3 price oracles](https://docs.uniswap.org/concepts/protocol/oracle) allow smart contracts to integrate and consume onchain pricing data across DeFi to create more composable applications. Uniswap v3 price oracles were built with Proof of Work in mind, but the merge to Proof of Stake changed a few key assumptions for the oracle, making it less secure.

However, the importance of price oracles makes them a [target](https://medium.com/beaver-smartcontract-security/defi-security-lecture-7-price-oracle-manipulation-d716cdeaaf77) for bad actors who have an economic incentive to manipulate them. While it's [too costly](https://blog.uniswap.org/uniswap-v3-oracles#how-does-someone-manipulate-the-twap) to manipulate prices of highly liquid pools on Uniswap v3, we can modify the oracle to be even more resilient.

A truncated price oracle uses a slightly different formula to calculate prices and serves more reliable prices that are less subject to manipulation.

# What is the truncated oracle hook?
The truncated oracle is an onchain price oracle that records the price of an asset in a Uniswap liquidity pool using the [geometric mean formula](https://en.wikipedia.org/wiki/Geometric_mean). This oracle is then truncated -- meaning the recorded price can only move up or down to a maximum amount in a single block.

Truncation helps smooth out the price impact of large swaps over time -- whether they are legitimate or malicious. If a bad actor tried to manipulate the price, they would have to sustain their manipulation over many blocks -- making the truncated oracle much costlier to manipulate.

![image2](//images.ctfassets.net/oc3ca6rftwdu/38y7eGF1gyyTsZBgQs9tzR/c407b5b537a5b3fb6d5fe29b140ff0ed/image2.jpg)

## How it works
The [hook contract](https://twitter.com/Uniswap/status/1669425061156081665) stores a copy of the pool's price. In Uniswap v3 and v4, these prices are represented as [ticks](https://docs.uniswap.org/concepts/protocol/concentrated-liquidity#ticks). Before a swap or LP adjustment, the hook compares the pool's current tick to the tick stored in its contract. If the difference between these two numbers is less than some number (we use [9,116](https://github.com/Uniswap/v4-periphery/blob/trunc-oracle/contracts/libraries/TruncatedOracle.sol#L21C13-L21C13) based on our [research](https://blog.uniswap.org/uniswap-v3-oracles#fnref-10)), then the hook will update to this new tick. However, if the pool's current tick has moved more than 9,116 units, the oracle will cap its tick value to +- 9,116, limiting how much a pool's tick can move in a block.

After the hook has updated, swap or LP transactions will execute until the block is over. The cycle then repeats the next block that triggers the hook contract.

![image1](//images.ctfassets.net/oc3ca6rftwdu/4RqCT2XxUlQlpWwlFvqT8O/2168872b682e26405504b3832e7b971b/image1.jpg)

By truncating how drastically price (tick) swings can be recorded, the oracle ignores outliers and smoothes out the price impact of large swaps. If a large price swing is sustained, then the oracle would quickly catch up to the pool’s tick.

# Truncated oracles can be safer
Let's use a lending market as an example to better understand the truncated oracle. DeFi lending markets let users deposit assets as collateral to borrow against another asset, up to some fraction of the collateral's value.

For example, if a lending market has a collateralization ratio of 1.5, then Alice would need to put up at least $1,500 in collateral to borrow 1,000 USDC. If ETH is $1,000, then Alice would need to deposit at least 1.5 ETH. Alice needs to maintain a minimum of a 1.5 ratio. If her 1.5 ETH drops in value, then anyone can repay her bad debt and claim the 1.5 ETH collateral.

Lending markets use price oracles to compare the prices of ETH and USDC. While manipulating the ETH/USDC pool on Uniswap v3 is currently [economically impractical](https://blog.uniswap.org/uniswap-v3-oracles), Bob, a malicious actor, can tip the scales on a smaller DEX by executing a large swap and tanking the price of ETH. This allows Bob to manipulate the lending market into believing that Alice's position needs to be liquidated. Then, Bob can pay off Alice's loan for less than $1,500 and take her 1.5 ETH.

This type of manipulation is one of the most common ways that protocols that rely on price oracles can be manipulated into losing money. Lending is just one example. Other DeFi primitives like perpetuals also rely on onchain price oracles.

If Alice's lending market used a truncated price oracle, then Bob would have to sustain his market manipulation over time. In this example, Bob would have to wait 15 blocks for the oracle to catch up before he could try to liquidate Alice's position. In those five minutes, arbitrage bots would likely eat away at Bob's swap, leaving him with nothing. That cost for Bob is just too high.

![image3](//images.ctfassets.net/oc3ca6rftwdu/3XsGIKZZuHyjZNi6l1sqMt/7c9a6de84b400f1d38b26131ae95a7ca/image3.jpg)

---

*To learn more about the truncated oracle hook, you can look at our sample implementation on [Github](https://github.com/Uniswap/v4-periphery/blob/trunc-oracle/contracts/hooks/TruncGeoOracle.sol). You can read about v4 in our [whitepaper](https://github.com/Uniswap/v4-core/blob/main/whitepaper-v4-draft.pdf), check out our [code](https://github.com/Uniswap/v4-core/tree/main), consider [contributing](https://github.com/Uniswap/v4-core/blob/main/CONTRIBUTING.md), and connect with the Labs team and other devs on [Discord](https://discord.com/invite/FCfyBSbCU5). Uniswap v4 and the truncated hook are still being developed. The final specs may vary.*

This example Uniswap v4 hook implements a Truncated Geometric Mean oracle. This oracle is more resistant to manipulation techniques by blunting the price impact of large trades.

Uniswap v4 Truncated Oracle Hook

<center>Part 3 of a series on using L2s with the <a href="https://wallet.uniswap.org/">Uniswap app</a></center>

This summer, Ethereum [scaling solutions](https://blog.uniswap.org/uniswap-scaling-summer) have exploded in popularity. After years of research and development, Ethereum has a thriving ecosystem of Layer 2 (L2) networks, applications, and users. The Uniswap Protocol is deployed across a number of these L2s and the [Uniswap app](https://wallet.uniswap.org/) currently supports 4 of them, in addition to mainnet, with more coming.

Last month, we dug into [Arbitrum](https://blog.uniswap.org/scaling-summer-arbitrum) and [Optimism](https://blog.uniswap.org/scaling-summer-optimism). Today, we're checking out Polygon. Polygon's original Proof-of-Stake (PoS) chain was launched in 2017 and has over [350,000](https://tokenterminal.com/terminal/metrics/user-dau) daily active users (DAU) transacting over 2 million times every day. This puts Polygon PoS as the most popular scaling solution on Ethereum today.

Uniswap [launched on Polygon PoS](https://twitter.com/Uniswap/status/1473754630173638663) in December 2021 as the fourth chain after Ethereum mainnet, Optimism, and Arbitrum. Uniswap started 2022 with just $2 billion in cumulative trading volume on Polygon PoS and ended with over $28B by the [end](https://twitter.com/0xPolygonLabs/status/1610683710008852481). This year, that number stands at $47.35B, making Uniswap the [leading liquidity protocol](https://defillama.com/dexs/chains/polygon) on Polygon PoS, processing over $215M in trading volume over the past 7 days.

Because swaps cost only [1 cent](https://tokentool.bitbond.com/gas-price/polygon), Polygon PoS is a popular destination for inexpensive onchain activity. The Uniswap app's [fiat-on-ramp](https://blog.uniswap.org/web-fiat-on-ramp) makes it easier for swappers to fund their [wallets](https://wallet.uniswap.org/) directly on Polygon PoS.

![image1](//images.ctfassets.net/oc3ca6rftwdu/7gdTKzhf73Rspxq1cO9v6h/ebef7afdd30c364210e8c6f3ad399023/image1.png)
<center><a href="https://defillama.com/dexs/uniswap">Daily Uniswap volume on Polygon</a></center>

Most L2 networks focus on a single chain but Polygon refers to a family of interconnected chains that address specific needs within the broader Ethereum ecosystem. Polygon PoS is the most popular chain, but there is also [Polygon Miden](https://polygon.technology/polygon-miden) and [Polygon zkEVM](https://polygon.technology/polygon-zkevm). Both are zero-knowledge (ZK) rollups that use cryptography to secure transactions as opposed to Optimism, Arbitrum, and Base, which use crypto-economic incentives. In general, ZK rollups offer greater security guarantees and much faster finality than optimistic rollups, though their increased complexity requires careful development and powerful hardware.

A few months ago, Polygon announced its plans for [Polygon 2.0](https://polygon.technology/roadmap) to unify Polygon PoS, zkEVM, and Miden with ZK technology. This will be the first experiment of its kind in crypto and a major undertaking to navigate challenges around centralization, interoperability, and security.

Multi-chain ecosystems are difficult to navigate; users have to fiat onramp, bridge between networks, and manage their funds. A successful migration to Polygon 2.0 would ease many of the UX problems that Polygon users currently face, but users still need a feature-rich app to interact onchain. At Uniswap Labs, we've built our [self-custodial wallet](https://apps.apple.com/app/apple-store/id6443944476?pt=123625782&ct=Scaling-Summer-Polygon&mt=8) as a friendly gateway into the Polygon ecosystem and other L2s with a direct fiat-on-ramp, seamless switching between mainnet and L2s, and WalletConnect for any app on Polygon.

---

*Uniswap is encouraging users to go onchain and explore L2s as part of #ScalingSummer. To join our educational quests, click [here](https://layer3.xyz/quests/swap-on-polygon-using-uniswap-wallet).*

Learn more about Uniswap's activity on Polygon as part of our ongoing series on the Uniswap wallet and L2s.

Scaling Summer: Spotlight on Polygon

Research from Paradigm, Uniswap Labs, and the Wormhole Foundation uses historical examples to explain how technology always leads trading systems.

Electronification, Trading, and Crypto

<center>Part 2 of a series on using L2s with the <a href="https://wallet.uniswap.org/">Uniswap app</a></center>

This summer, Ethereum [scaling solutions](https://blog.uniswap.org/uniswap-scaling-summer) have exploded in popularity. After years of research and development, Ethereum has a thriving ecosystem of Layer 2 (L2) networks, applications, and users. The Uniswap Protocol is deployed across a number of these L2 and the [Uniswap app](https://wallet.uniswap.org/) currently supports 4 of them, in addition to mainnet, with more coming.

A few weeks ago, we dug into the [Arbitrum](https://blog.uniswap.org/scaling-summer-arbitrum) with the Uniswap app. Today, we're checking out Optimism. Optimism Mainnet is an Optimistic rollup with over [100,000](https://dune.com/queries/469990/890729) daily active users (DAU) transacting over [600,000](https://dune.com/queries/347720/662079) times every day. Many of these DAUs are active in the DeFi and NFT ecosystems -- not just on Uniswap, but on projects like Synthetix and Zora.

Before Optimism was ready for mainnet, Uniswap worked with their team in 2019 (then called the Plasma Group), on a project called [Unipig](https://twitter.com/unipigexchange) -- a custom-built rollup for Uniswap that highlighted the UX benefits of L2s. Unipig was an optimistic rollup experiment designed to speed up L2 development with a proof-of-concept of a lightning-fast and cheap dapp on a rollup. Unipig was successful in showing what the future of UX could be. Two years later, Uniswap [launched](https://blog.uniswap.org/uniswap-optimism-alpha) on Optimism Mainnet.

Uniswap is now the [leading liquidity protocol](https://defillama.com/dexs/chains/optimism) on Optimism, processing over 75% of all swapping volume in the past 7 days at $128M. These swaps are [5-10%](https://www.growthepie.xyz/fundamentals/transaction-costs) of the cost of mainnet swaps, making Optimism a popular destination for inexpensive onchain activity. The Uniswap app makes it easy for swappers to fund their wallets directly on Optimism with our fiat-on-ramp.

![image1](//images.ctfassets.net/oc3ca6rftwdu/3HlrbvTjmmZuhiZWx0KYBv/1e8e548b629a4201f17ad2e4595e242e/image1.png)
<center><a href="https://defillama.com/dexs/uniswap">Daily Uniswap volume on Optimism</a></center>

Optimism Mainnet is built using the [OP Stack](https://stack.optimism.io/), a combination of open-source technologies that power the Optimism mainnet. Developers can use the OP Stack to securely create new L2 blockchains that are interoperable with any other blockchains deployed with the OP Stack. This is Optimism's future vision of the [Superchain](https://app.optimism.io/superchain), a horizontally scalable network of chains that share security, a communication layer, and an open-source development stack.

The Superchain is Optimism's solution to an increasingly fragmented L2 ecosystem. The OP Stack standardizes L2s, making it easier to communicate across them. This standardization has downstream benefits too. Apps that are deployed on Optimism can quickly deploy onto any OP Stack chain. For example, Coinbase's Base chain was [built](https://base.mirror.xyz/H_KPwV31M7OJT-THUnU7wYjOF16Sy7aWvaEr5cgHi8I) using the OP Stack. Because Uniswap was already on Optimism, which used the OP Stack, we could quickly [deploy](https://twitter.com/Uniswap/status/1688581784609435648) on Base. This quick deployment meant swappers could reliably swap on a battle-tested and efficient market, making Uniswap the number one [liquidity protocol](https://defillama.com/dexs/chains/base) on Base.

Of course, this tech -- like much of web3 -- is still evolving. Centralized operations that create a better UX face questions about decentralization. Bridging technologies on every L2 face security risks that are still being addressed. And while more experimentation can lead to better outcomes, it also risks ecosystem fragmentation. But across all of DeFi, we must continue to iterate to improve the experience for both new and long-time users.

---

*Uniswap is encouraging users to go onchain and explore L2s as part of #ScalingSummer. To join our educational quests, click [here](https://layer3.xyz/quests/swap-on-optimism-using-uniswap-wallet).*

Learn more about Uniswap's activity on Optimism as part of our ongoing series on the Uniswap wallet and L2s.

Scaling Summer: Spotlight on Optimism

The [Uniswap Protocol](https://blog.uniswap.org/what-is-uniswap) is a vital crypto infrastructure for millions of swappers, offering deep liquidity to support over $1.6 trillion in trading volume. [Uniswap v4](https://blog.uniswap.org/uniswap-v4) is the latest evolution of the Protocol. Developers can build custom AMM features on top of Uniswap using [hooks](https://twitter.com/Uniswap/status/1669425061156081665).

One hook we're excited about is the time-weighted average market maker ([TWAMM](https://github.com/Uniswap/v4-periphery/blob/main/contracts/hooks/examples/TWAMM.sol)), a new type of swap that reduces the price impact of larger orders by breaking them into small pieces over time.

# What is the TWAMM hook?
[TWAMM](https://www.paradigm.xyz/2021/07/twamm) gets swappers better prices by splitting a large single swap order into smaller ones that steadily execute over time. These smaller swaps are less likely to move the market price.
## How it works
In Uniswap v4, each pool can insert hooks that run at various points of a pool action's lifecycle. These hooks are smart contracts distinct from the core v4 liquidity contract. Orders are deposited into the TWAMM hook, and the user sets the duration they want their order to execute over. These two parameters instruct the TWAMM hook to swap at the price of each block until the expiration.

TWAMM orders are always the first pool action in a block, meaning they happen before any swaps or LP positions are adjusted. The first time someone swaps or LPs in a block, the pool will first check whether the TWAMM orders have been fulfilled. If there are any open TWAMM orders, the TWAMM hook will settle those orders before continuing on to complete any swaps or LP transactions before repeating the process with the next block. Executing TWAMM orders as the first pool action in the block protects users from frontrunning MEV.

![image2](//images.ctfassets.net/oc3ca6rftwdu/1BgI7XExy0srK4xYrMuB1h/2d46f3c2c87145ae91de97867cd5f795/image2.png)
<center><a href="https://www.paradigm.xyz/2021/07/twamm#infinitesimal-virtual-orders">Source</a></center>

# TWAMM pool use cases
A TWAMM liquidity pool is a major unlock for swappers. Any order that does not need to be executed immediately benefits from the TWAMM hook saving on price impact and MEV.

Whether it’s a swapper moving large volumes or a DAO converting its treasury, large swaps leak a lot of value that swappers miss out on. TWAMM pools can smooth out their price curve by breaking up the swap.
## Recurring investments
The TWAMM hook is great for longer-term investors who want "set it and forget it" recurring investments. Also known as dollar-cost average (DCA) is a popular trading strategy for passive buyers to invest the same amount at regular intervals. The steady cadence of investments offsets daily market volatility by averaging the purchases over time.

Say Alice wants to regularly buy $1,000 of ETH per month. She could split that into $1,000 a month, $250 a week, or $33 a day. Or $5,000 over five months. The TWAMM hook is a "set it and forget it" pool that can do exactly that.

With the TWAMM hook, Alice can deposit $1,000 into the pool contract and tell it to swap those funds over the span of a month. The TWAMM pool will execute a proportional swap every block until that month ends, even better than once daily.
## A DAO converting its treasury
DAOs buy and sell large quantities of cryptocurrencies to diversify and manage their treasury risk, like when [ENS DAO](https://www.theblock.co/post/209222/ens-dao-votes-to-sell-16-5-million-of-eth-for-usdc-via-cow-swap) sold $16.5M of ETH for USDC.

Onchain markets can't easily absorb large volumes without impacting price and inviting MEV, which results in poor execution. If Alice's DAO sold $10M of ETH for USDC, it might increase the price by 0.61%, costing her $60,000. To avoid "leaking" value like this through large orders, DAOs might work with [trading desks](https://snapshot.org/#/gitcoindao.eth/proposal/0x0eb45cfd31ddd2701af3d74ce38a9e87292fe42a6b40b26812ff9889b07daeb3) who break big orders into smaller ones.

The TWAMM hook can let DAOs market sell large portions of their treasuries. If Alice's DAO can split their order over time, they could sell smaller quantities of tokens until the date they set, letting the market smoothly adjust to thousands of swaps instead of doing it in one go. Using the TWAMM hooks, the DAO's $10M order can execute at every block for the next 30 days.

The particular hook design we created also protected Alice's DAO from frontrunning. By design, TWAMM executions are guaranteed to be the first pool action in each block. She cannot be frontrun because her order happens before any other pool swaps can settle.

---
To learn more about the TWAMM hook, you can look at our sample implementation on [Github](https://github.com/Uniswap/v4-periphery/blob/main/contracts/hooks/examples/TWAMM.sol). You can read about v4 in our [whitepaper](https://github.com/Uniswap/v4-core/blob/main/whitepaper-v4-draft.pdf), check out our [code](https://github.com/Uniswap/v4-core/tree/main), consider [contributing](https://github.com/Uniswap/v4-core/blob/main/CONTRIBUTING.md), and connect with the Labs team and other devs on [Discord](https://discord.com/invite/FCfyBSbCU5). Uniswap v4 and the TWAMM hook are still being developed. The final specs may vary.

This example TWAMM Uniswap v4 hook can reduce the price impact on larger trades by splitting them into smaller transactions that execute over time.

Uniswap v4 TWAMM Hook

Every Uniswap Labs onsite has its range of activities, from team bonding to workshops to presentations. But everyone’s favorite part is the hackathon, and this summer was no different.

Fueled by pizza, limited sleep, and furious debugging, sixteen projects emerged from the 24-hour hackathon, ranging from an NFT photo booth to a complex MEV hook on Uniswap v4. Out of all the hackathon projects, only one could win the ⭐🦄Golden Unicorn ⭐🦄.

![IMG 1030 (1)](//images.ctfassets.net/oc3ca6rftwdu/4l79OcbYaaP9fodI6kIEI5/c7fc474f74329b5589fc3d52bb4ac27f/IMG_1030__1_.jpg)
# S.O.N.A.R.
What happens when you put a Uniswap Labs protocol engineer and researcher in the same room? [Math blogs](https://blog.uniswap.org/uniswap-v3-math-primer-2). And also a useful tool for calculating liquidity depth in Uniswap v3 and v4 pools. SONAR, an acronym for Serious Onchain No-bullshit Amount Renderer, calculates the market depth for an asset's liquidity within a specific price range. You can ask questions like how much USDC can I buy without moving the price more than 1%? SONAR has use cases for lending protocol risk management, routing heuristics, and onchain market liquidity comparisons.

> [Github Repo](https://github.com/aadams/marketdepth)

# Unisnap

In a first for a Uniswap hackathon, the Unisnap team brought the hardware. Unisnap is a true-to-life NFT photobooth --- a crazy idea with an equally dramatic story involving a smashed car window, heavy machinery, and a U-Haul.

Unisnap was a two-part project. One team, decked out in safety gear, brought out the chop saw to construct the photobooth's wooden frame. The other team hacked together the software that let anyone scan their [Uniswap wallet](https://wallet.uniswap.org/) using [UwU Link](https://github.com/ethereum/EIPs/pull/7253), snap a pic on an iPad, and mint it as an NFT. Unisnap was definitely a crowd favorite.

![image2](//images.ctfassets.net/oc3ca6rftwdu/72B0gzfuTp7aQPIx4Td43k/e49bdf351ec945887ed2f8cffef450a3/image2.png)

# Backrunning hooks

With Uniswap v4 fresh in everyone's mind after our recent [announcement](https://blog.uniswap.org/uniswap-v4), our cracked team of interns designed a hook that captures arbitrage after a swap and distributes profits back to the LPs instead of to backrunning MEV arbitrageurs. The project's implementation uses the `afterSwap` hook to execute a flashswap between three Uniswap pools to profit off the arbitrage, then distributes the profits among LPs or swappers.

> [Github Repo](https://github.com/emmaguo13/backrunning-hook/tree/main)

# TicketBlaster

Finally, we have our  ⭐🦄Golden Unicorn ⭐🦄 winners.

Ticketing is ripe for disruption with the string of scams, scandals, and scalpers. Blockchain and NFTs unlock ownership of digital assets and let people exchange them in open and fair markets. The Ticketblaster team built an end-to-end NFT ticketing system that venues can use alongside the Uniswap mobile wallet. Fans can use their Uniswap wallet to display a QR code for their NFT tickets, which they can sign in-app to prove ownership. The venue system can scan the QR code, verify ownership, and mark attendance on the backend.

> [Github Repo](https://github.com/Uniswap/ticketblaster)

# Other hacks
![image4](//images.ctfassets.net/oc3ca6rftwdu/3qSBU3gSpZD7354XyM5Svh/182cc123a4fd0245d13be973d7f5c954/image4.jpg)

We've highlighted just a few projects above, but there were many more:
- __User-defined privacy controls__: Lets users set their privacy stances on ENS and makes it easy for apps to fetch those policies.
- __UniATM__: Convert physical dollar bills to stablecoins with the Uniswap wallet.
- __Hooks Registry__: A fork of [Token Lists](https://tokenlists.org/), a community-led initiative to improve discoverability, reputation, and trust in Uniswap v4 hooks.
- __Meme in your pocket__: A Uniswap wallet feature that displays a glowing green or fiery red unicorn horn, depending on how your portfolio is doing that day.
- __TokenAlert__: Customizable token price alert push notifications on the Uniswap mobile wallet.
- __Uniswap Pink__: A premium subscription for the Uniswap wallet to personalize it with custom themes and communities.
- __Shadowy Super Team__: Reducing production cost, increasing development speed, and having greater backend flexibility by using a backend monorepo with [SST](https://sst.dev).
- __Governance Attack__: A financial game based on governance voting.
- __Puzzle__: A puzzle game for onchain rewards and promotion.
- __Clippy Corn__: A clippy-like chatbot on the Uniswap app. Using the ChatGPT DaVinci model, the chatbot trained on Uniswap help center articles to help users.
- __Stedding__: Onchain allowlist for safe web domains.
- __Curvature__: Musings on the curvature of AMMs.

Uniswap Labs team members spent 24 hours hacking in-person. Out of the sixteen projects, only one can win the Golden Unicorn.

Uniswap Labs Company Hackathon

<center>Part 1 of a series on using L2s with the <a href="https://wallet.uniswap.org/">Uniswap app</a></center>

Scalability is an important property of blockchains. It measures how many transactions a blockchain can process, how quickly, and how cheaply. You've likely experienced scaling limitations --- paying high gas fees or waiting for your swap to execute.

Years of hard work researching different scaling solutions have laid the foundation for a thriving ecosystem of applications, users, and activity on these networks. This summer, Ethereum scaling solutions have exploded in popularity and usage. After years of research and development, Ethereum has a thriving ecosystem of Layer 2 (L2) networks, applications, and users.

The Uniswap Protocol is deployed across a variety of different chains and the [Uniswap app](https://wallet.uniswap.org/) currently supports 4 chains in addition to mainnet with more coming. Today we're going to dig into Arbitrum -- which was launched in 2021 by the Offchain Labs team and was the first L2 to deploy the Uniswap Protocol.

Uniswap is the [leading liquidity protocol](https://defillama.com/dexs/chains/arbitrum) on Arbitrum, processing over 50% of all swapping volume in the past 7 days at $675M. These swaps can be up to 22x [cheaper](https://l2fees.info/) on Arbitrum than mainnet, making Arbitrum a popular destination for inexpensive onchain activity. The Uniswap app makes it easy for swappers to fund their wallets directly on Arbitrum with our fiat-on-ramp.

![image1](//images.ctfassets.net/oc3ca6rftwdu/2lSlQeLwWVC6s3z7V2RYHb/783c03249c87b5d58e3a02940ff835df/image1.png)
<center><a href="https://defillama.com/dexs/uniswap">Daily Uniswap volume on Arbitrum</a></center>

[Arbitrum One](https://portal.arbitrum.io/?chains=arbitrum-one) is an Optimistic rollup and is the Arbitrum crypto ecosystem's flagship chain with over [150,000 daily active users](https://tokenterminal.com/terminal/projects/arbitrum) (DAUs) -- a 5x increase between 2022 and 2023. It derives its execution finality from the Ethereum mainnet by posting data to the Ethereum mainnet. This data is used to verify that the transactions on Arbitrum have been processed correctly.

Offchain Labs has also shipped [Arbitrum Nova](https://portal.arbitrum.io/?chains=arbitrum-nova), the first AnyTrust chain on mainnet that shares the same codebase as Arbitrum One, but does not rely on Ethereum for execution finality and allows for higher throughput and lower transaction fees. This makes it a powerful technology for social and gaming use cases. [Arbitrum Orbit](https://arbitrum.foundation/orbit) is a permissionless solution to deploy a fully customized Layer 3 chain that settles to one of Arbitrum's public L2 chains, like Arbitrum One or Nova.

While Arbitrum has seen significant user growth, it's still far less than the[ 313,000 DAUs on mainnet](https://tokenterminal.com/terminal/projects/ethereum) -- underscoring one of the biggest hurdles facing Arbitrum and all L2s is adoption. To help developers to integrate with L2s on the back end, the Offchain Labs team is working on [Stylus](https://offchain.medium.com/hello-stylus-6b18fecc3a22) to let developers deploy programs in their preferred languages, like Rust, C, and C++, alongside Solidity on Arbitrum.

But the backend is only half the battle. We need a better UX, like the Uniswap app. The app's's fiat-on-ramp will onboard new users directly to various L2s including Arbitrum, skipping the confusing process of onramping to a CEX and then bridging to Arbitrum. Once they're on Arbitrum, the Uniswap app's WalletConnect feature will let them connect and swap on Arbitrum without having to switch networks. With the [Uniswap app](https://wallet.uniswap.org/), users have the perfect tool to explore the Arbitrum ecosystem.

---

*Uniswap is encouraging users to go onchain and explore L2s as part of #ScalingSummer. To join our educational quests, click [here](https://twitter.com/Uniswap/status/1691175948186701824).*

Learn more about Uniswap activity on Arbitrum as part of our ongoing series on the Uniswap wallet and L2s.

Scaling Summer: Spotlight on Arbitrum

Ethereum's scaling solutions have captured everyone's attention this summer. Optimism's Bedrock update lays the groundwork for custom scaling networks. Polygon 2.0 unifies all Polygon protocols. The Boojum upgrade lowers the hardware barrier to help secure zkSync. And, of course, Base launched! Around the world, developers, hackers, and researchers are pouring hundreds of hours into the same problem: What's the best way to scale Ethereum?

Projects and developers are preparing crypto for the next wave of user adoption. Now that we have cheap transactions and the speed to compete with traditional financial rails, the crypto-curious will spend more time on Optimism, Arbitrum, Base, and Polygon than Ethereum itself.

For the next few weeks, we'll explore each of these chains, including some onchain activities and prizes. We'll learn about the technology, popular applications, and community using the [Uniswap app.](https://wallet.uniswap.org/)

# How scaling solutions help Ethereum
Scalability is an important property of blockchains. It measures how many transactions a blockchain can process, how quickly, and how cheaply. You've likely experienced scaling limitations --- paying high gas fees or waiting for your swap to execute.

Years of hard work researching different [scaling solutions](https://ethereum.org/en/developers/docs/scaling/) have laid the foundation for a thriving ecosystem of applications, users, and activity on these networks. Together, Ethereum scaling solutions have made the crypto UX much [cheaper](https://l2fees.info/) and [faster](https://l2beat.com/scaling/activity), processing hundreds of millions in [daily volume](https://defillama.com/chains).

Currently, most scaling solutions are implemented as [rollups](https://www.coindesk.com/learn/what-are-rollups-zk-rollups-and-optimistic-rollups-explained/). These rollups increase transaction throughput by producing faster blocks, bundling these transactions, and then sharing them with the Ethereum mainnet -- all while sharing Ethereum's security properties.

You can think of rollups like opening a tab. Instead of paying for items you order individually, you can bundle your purchases and pay for them all at once when you close out your tab. A rollup is like a tab. It bundles multiple transactions at once. When it's time to close out, you settle your bill with the restaurant's payment processor, just like rollups settle their transactions on the Ethereum network. Optimism, Arbitrum, Base, and Polygon 2.0 are examples of rollups.

# Exploring Polygon, Optimism, Base, and Arbitrum
Scaling solutions are a key part of Ethereum's [future](https://ethereum-magicians.org/t/a-rollup-centric-ethereum-roadmap/4698). Getting familiar with them will upskill your onchain experience --- and we can help. This summer, we'll deep dive into Arbitrum, Polygon, Base, and Optimism and partner with these projects to help you better understand and navigate this space. We'll see how easy it is to use the Uniswap app and play with these scaling networks at low costs with the simplicity you've come to expect from Uniswap.

To get started, download the [Uniswap app](https://wallet.uniswap.org/) and follow us on [Twitter](https://twitter.com/uniswap) for more updates!

It’s Scaling Summer at Uniswap. Join us as we go onchain with Polygon, Arbitrumn, Optimism, and Base.

What Scaling Ethereum Means For you

*By [Sara Reynolds](https://twitter.com/saraareynolds) and [Zach Pomerantz](https://github.com/zzmp)*

A safe swapping experience must balance security and speed. Token approvals are a great example of this tradeoff. Self-custody lets users specify who has permission to move funds from their wallets, but sending a token approval transaction takes time and costs gas. To improve this process and lower the number of clicks to swap, we released the [Permit2](https://github.com/Uniswap/permit2/) smart contract [last year](https://blog.uniswap.org/permit2-and-universal-router).

Instead of signing a token approval for each new smart contract, Permit2 allows token approvals to be shared and managed across different contracts, creating a more unified, cost-efficient, and safer UX. Permit2 is already improving Uniswap's product UX, but it was designed for anyone to use.

This guide will show you how. In it, we will:

- Set up a sample demo contract to call the `AllowanceTransfer` function
- Use Permit2 to permit and transfer funds
- Construct Permit2 signatures on a frontend using the Permit2 SDK

![image2](//images.ctfassets.net/oc3ca6rftwdu/WEj84srnjtuCZaBvyw9hm/c5db1ef9f5a1c86018d972542805404a/image2.png)

# What can Permit2 do
Permit2 is a token approval contract that iterates on existing token approval mechanisms by introducing signature-based approvals and transfers for any ERC20 token, regardless of [EIP-2612](https://eips.ethereum.org/EIPS/eip-2612) support.

For each token, users have to submit a one-time traditional approval that sets Permit2 as an approved spender. Contracts that integrate with Permit2 can "borrow" the spender status for any token a user has approved on the canonical [Permit2 contract](https://etherscan.io/address/0x000000000022D473030F116dDEE9F6B43aC78BA3). Any integrated contract can temporarily become a spender with a signed offchain Permit2 message. This effectively "shares" the one-time traditional token approval and skips the individual approval transaction for every protocol that supports Permit2 -- until the Permit2 message expires. It's a major UX upgrade with additional safety bumpers like expiring approvals and the lockdown [feature](https://github.com/Uniswap/permit2/#features).

![image1](//images.ctfassets.net/oc3ca6rftwdu/4SCDyYzjU6dzde1vaVxm5i/fb9205624a14ba86f21809f244ee210f/image1.jpg)

Permit2's design gives us a few helpful features. The full list of features can be found in our [readme](https://github.com/Uniswap/permit2/tree/main), but notably:

1. **Permits for any token**. Applications can have a single transaction flow by sending a signature along with the transaction data for any token, including those not supporting a native `permit` method.
2. **Expiring approvals**. Approvals can be time-bound, removing security concerns around hanging approvals on a wallet's entire token balance. Revoking approvals do not necessarily have to be a new transaction.
3. **Signature-based transfers**. Users can bypass setting allowances entirely by releasing tokens to a permissioned spender through a one-time signature.
4. **Batch approvals and transfers**. Users can set approvals on multiple tokens or execute multiple transfers with one transaction.
5. **Batch revoking allowances**. Remove allowances on any number of tokens and spenders in one transaction.

Permit2 benefits greatly from network effects. As more teams integrate with Permit2, we'll begin to see network effects. So how do we do it?

# How to accept Permit2 signatures in your contract
For app developers, Permit2 is an incredibly useful way to create a simpler, less expensive, and safer UX that your users will appreciate. In this guide, we’ll write a contract that integrates with Permit2 to make use of this new meta-transaction approval system.

### AllowanceTransfer
The `AllowanceTransfer` [contract](https://github.com/Uniswap/permit2/blob/main/src/AllowanceTransfer.sol) shares and manages approvals with other spenders using a time-bounded expiry. It's functionally similar to traditional token approvals, handling allowances, transfers, and approval expiries. This style of approval works best if your application needs to access and transfer tokens frequently. With allowance transfer style approvals, an approved amount and expiry are set and saved in storage for each permitted spender. This allows the spender to transfer tokens as needed up until the spending limit is reached or until the approval expires.

### SignatureTransfer
The `SignatureTransfer` [contract](https://github.com/Uniswap/permit2/blob/main/src/SignatureTransfer.sol) introduces one-time permits for token transfers. Spenders are permitted to transfer tokens, but only in the same transaction where the signature is spent. To transfer funds again, you would need to request this signature again. The signature transfer method is great for applications that infrequently need tokens from users and want to ensure tighter restrictions on approvals. Persistent limits and expiries are not stored and never leave "hanging approvals." SignatureTransfer also lets you do a more advanced integration with Permit2 through permitWitnessTransferFrom, which we plan to detail in a later blog post.

Depending on the type of approval you need for your application, your contract will need to call one of these functions --- though these are not the only callable functions in Permit2:

- [permit](https://github.com/Uniswap/permit2/blob/main/src/AllowanceTransfer.sol#LL33C15-L33C15)
- [permitTransferFrom](https://github.com/Uniswap/permit2/blob/main/src/SignatureTransfer.sol#L22)
- [permitWitnessTransferFrom](https://github.com/Uniswap/permit2/blob/main/src/SignatureTransfer.sol#L32)

## Setting up your contract
In this example, we'll write a contract to use the allowance transfer style approval on Permit2. We'll assume that a user has already set a token approval to let Permit2 be a spender.

Since the `permit` entrypoint we want lives in the `AllowanceTransfer` contract, we'll first create our `Demo` contract to use the `IAllowanceTransfer` [interface](https://github.com/Uniswap/permit2/blob/main/src/interfaces/IAllowanceTransfer.sol) exposed in Permit2. In your constructor, you can pass the [Permit2 address](https://etherscan.io/address/0x000000000022D473030F116dDEE9F6B43aC78BA3) and save it as an immutable value. Permit2 is deployed to the [same address](https://etherscan.io/address/0x000000000022D473030F116dDEE9F6B43aC78BA3) across mainnet, Ethereum, Optimism, Arbitrum, Polygon, and Celo.

```solidity
import {IAllowanceTransfer} from "Permit2/src/interfaces/IAllowanceTransfer.sol";

   contract Demo {
   IAllowanceTransfer public immutable permit2;

   constructor(address _permit2) {
       permit2 = IAllowanceTransfer(_permit2);
   }
}
```

## Calling permit
Now that you've initialized with the canonical Permit2 contract, your contract can set an approval by calling `permit`. This `permit` [function](https://github.com/Uniswap/permit2/blob/main/src/AllowanceTransfer.sol#L33) has a few parameters.

```solidity
function permit(address owner, IAllowanceTransfer.PermitSingle memory permitSingle, bytes calldata signature) external
```

To call `permit` we need the owner's address, their signature, and the `PermitSingle` information. [PermitSingle](https://github.com/Uniswap/permit2/blob/main/src/interfaces/IAllowanceTransfer.sol#L57) is a struct that holds the `permit` information that has been signed by the user. Before Permit2 can let our demo contract be a spender, it has to verify the user with their signature and `PermitSingle` data.

To call `permit`, we can create a `permitThroughPermit2` function that will pass these parameters through. Later on, we will see how the application frontend requests and constructs the `PermitSingle`.

```solidity
   function permitThroughPermit2(PermitSingle calldata permitSingle, bytes calldata signature) public {
       permit2.permit(msg.sender, permitSingle, signature);
   }
```

By passing `msg.sender` for the `owner` variable, we’re requiring that the caller of the function is also the one who signed the `PermitSingle` information. That’s one less parameter we need to collect for `permitThroughPermit2`.

Before we allow a contract to transfer a user’s tokens using the Permit2 approvals, we need to check that our demo contract is set to be spender. This checks if a user has called this function. If so, then we know we have spending permissions on our contract. We can add a custom error, `InvalidSpender`, and write a check that enforces that signatures passed through `permitThroughtPermit2` construct our demo contract address as the spender.

Our function now looks something like this:

```solidity
   function permitThroughPermit2(PermitSingle calldata permitSingle, bytes calldata signature) public {
       if (permitSingle.spender != address(this)) revert InvalidSpender();
       permit2.permit(msg.sender, permitSingle, signature);
   }
```

## Transferring tokens
Permit2 uses a persistent mapping based design. This design stores token approvals information set by the user like the spender, amount, and expiration. Because this information is stored, this approval will last until the `permitSingle.permitDetails.expiration`. Until that timestamp, our demo contract can transfer the funds up to the allowance. Let’s write another function to send funds to this contract by calling the `transferFrom` [function](https://github.com/Uniswap/permit2/blob/main/src/AllowanceTransfer.sol#L59) in Permit2.

```solidity
function transferToMe(address token, uint160 amount) public {
       permit2.transferFrom(msg.sender, address(this), amount, token);
	// ...Do cool stuff ...
   }
```

By passing in `msg.sender`, we ensure that only the approved user can trigger this function to send some amount of a desired token from the sender to the demo contract. If this was instead a parameter that we pass in, then anyone could trigger the function pulling the funds from the user. After calling this function, our demo contract now has tokens that they can swap, deposit into a lending protocol, or do anything else with.

You may have noticed that `permit` and `transferFrom` are two separate entry points in our contract. If left like this, it would mean that the user has to initiate two transactions to get their tokens with any contract that is integrated with Permit2. We can instead combine the `permit` and `transferFrom` calls into one entrypoint:

```solidity
   function permitAndTransferToMe(IAllowanceTransfer.PermitSingle calldata permitSingle, bytes calldata signature, uint160 amount) public {

       if (permitSingle.spender != address(this)) revert InvalidSpender();
       permit2.permit(msg.sender, permitSingle, signature);
       permit2.transferFrom(msg.sender, address(this), amount, permitSingle.details.token);
       //...Do cooler stuff ...
   }
```

If our demo contract is approved through a `permit` for longer than a single transaction, we do not need to pass in a signature each time to call `transferFrom` and pull tokens.

We used `AllowanceTransfer` as our entrypoint. `SignatureAllowance` lets us do the same thing, but the approval would not last beyond the single transaction. We could use the  `permitTransferFrom` and `permitWitnessTransferFrom` functions to ensure even tighter restrictions at the expense of greater transaction costs.

# How to construct Permit2 signatures on the frontend
To integrate Permit2 on the frontend we will be using the [Permit2 SDK](https://github.com/Uniswap/permit2-sdk). We'll be calling into our demo contract, using `permitAndTransferToMe`.

First, in order to get the signature for a `PermitSingle`, you'll need the next valid nonce, which you can get using the SDK.

```javascript
import { AllowanceProvider, PERMIT2_ADDRESS } from '@uniswap/Permit2-sdk'

const allowanceProvider = new AllowanceProvider(ethersProvider, PERMIT2_ADDRESS)
const { amount: permitAmount, expiration, nonce } = allowanceProvider.getAllowanceData(user, token, ROUTER_ADDRESS);

// You may also check amount/expiration here to see if you are already permitted -
// you may not need to generate a new signature.
```

Once you have that, you can construct the `PermitSingle` object which we’ll need to pass as our first parameter. This object is defined by the SDK as a typed interface to ensure it matches the contract’s struct. To construct it, we’ll need a few things:
- The address of the token
- The maximum amount of the token that will be permitted to be transferred
- The deadline after which the `permit` will no longer be valid. At Uniswap Labs, we use 30 days.
- The address of the spender that will be permitted to transfer funds on behalf of the user

These are the same input variables that our demo contract sends to the Permit2 contract.

```javascript
import { MaxAllowanceTransferAmount, PermitSingle } from '@uniswap/Permit2-sdk'

const PERMIT_EXPIRATION = ms`30d`
const PERMIT_SIG_EXPIRATION = ms`30m`

/**
* Converts an expiration (in milliseconds) to a deadline (in seconds) suitable for the EVM.
* Permit2 expresses expirations as deadlines, but JavaScript usually uses milliseconds,
* so this is provided as a convenience function.
*/
function toDeadline(expiration: number): number {
return Math.floor((Date.now() + expiration) / 1000)
}

const permitSingle: PermitSingle = {
details: {
token: tokenAddress,
amount: MaxAllowanceTransferAmount,
// You may set your own deadline - we use 30 days.
expiration: toDeadline(/* 30 days= */ 1000 * 60 * 60 * 24 * 30),
nonce,
},
spender: spenderAddress,
// You may set your own deadline - we use 30 minutes.
sigDeadline: toDeadline(/* 30 minutes= */ 1000 * 60 * 60 * 30),
}
```

Now that you have your `PermitSingle` object you can pass it to the SDK to get back [typed data](https://eips.ethereum.org/EIPS/eip-712#definition-of-typed-structured-data-%F0%9D%95%8A) for the user to sign, using `AllowanceTransfer.getPermitData`. This takes the `PermitSingle`, the address off the Permit2 contract on the chain, and the chain ID and returns typed data that you can pass directly to a library like `ethers` to request the user's signature.

```javascript
import { AllowanceTransfer, PERMIT2_ADDRESS } from '@uniswap/Permit2-sdk'

const { domain, types, values } = AllowanceTransfer.getPermitData(permitSingle, PERMIT2_ADDRESS, chainId)

// We use an ethers signer to sign this data:
const signature = await provider.getSigner().signTypedData(domain, types, value)

// This assumes ethers@6. Our web app uses ethers@5, and we've run into a few cross-wallet compatibility issues, so we actually sign using a helper method: https://github.com/Uniswap/conedison/blob/6fdf4baf13a799ca6d37f6d3222f9194e1750007/src/provider/signing.ts#L32.
```

You should get a `signature` back from `ethers`, which you can pass onto other methods which use it. For another example, check out how we [pass ours to the Universal Router](https://github.com/Uniswap/interface/blob/ec547ab100f793d127246186d5fd60786758a862/src/hooks/useUniversalRouter.ts#L63-L67).

Finally, we'll instantiate our contract using `ethers`, and use it to call `permitAndTransferToMe`.

```javascript
import { Contract } from ‘ethers’

// We only need to provide the ABI that we will use.
const demoAbi = [
‘function permitAndTransferToMe(PermitSingle calldata permitSingle, bytes calldata signature, uint160 amount)’,
]
const demoContract = new Contract(demoContractAddress, demoAbi, provider.getSigner())

await demoContract.permitAndTransferToMe(permitSingle, signature, amount)
```

# Conclusion
You made it to the end! While it may initially seem daunting, we hope this blog makes it easier. And remember to check out the [Permit2 code](https://github.com/Uniswap/permit2), our [SDK](https://github.com/uniswap/permit2-sdk), and [docs](https://docs.uniswap.org/contracts/permit2/overview) for more.

This guide will show you how to call the AllowanceTransfer function using Permit2 and construct a signature on a front end using the Permit2 SDK.

How to Integrate with Permit2

*By [Hayden Adams](https://twitter.com/haydenzadams)*

<Video source="//videos.ctfassets.net/oc3ca6rftwdu/3SN8tbp56itxOPSeqHc58v/fd306eb3414951e8a008652d32e1b3f3/UniswapX_Launch_Video_-_Compressed.mp4" description="UniswapX Launch Video"/>

Since the first version of the Uniswap Protocol launched in 2018, onchain trading has exploded to support millions of users, hundreds of use cases, and $1.5 trillion of trading volume on Uniswap alone.

To grow onchain trading and improve self-custody swapping, we're excited to announce a new permissionless, open source (GPL), Dutch auction-based protocol for trading across AMMs and other liquidity sources.

Today, we're rolling out an opt-in beta for the protocol on the Uniswap Labs interface, available for Ethereum Mainnet and expanding to other chains and the Uniswap app in the future. You can review the code [here](https://github.com/Uniswap/UniswapX) and read the full whitepaper [here](https://uniswap.org/whitepaper-uniswapx.pdf).

Over time, UniswapX will improve swapping in several ways:

- Better prices by aggregating liquidity sources
- Gas-free swapping
- Protection against MEV (Maximal Extractable Value)
- No cost for failed transactions
- And in the coming months, UniswapX will expand to gas-free cross-chain swaps.

# Next-level aggregation
Onchain routing is an increasingly important and complex problem. Innovations in onchain trading have led to an explosion of liquidity pools. New fee tiers, new L2s, and more onchain protocols fragment liquidity. And we expect thousands more customized pool designs will be built on Uniswap v4, making routing even more challenging. But as liquidity sources grow, continuing to offer competitive prices requires manual integration and significant ongoing maintenance and effort.

UniswapX aims to address this by outsourcing routing complexity to an open network of third-party fillers who then compete to fill swaps using onchain liquidity like AMM pools or their own private inventory.

With UniswapX, swappers will be able to use the Uniswap interface without worrying whether they're getting the best price and transactions will always be transparently recorded and settled onchain. All orders are backstopped by the Uniswap Smart Order Router, which forces fillers to compete with Uniswap v1, v2, v3 and, once it launches, v4. Check out examples of how UniswapX can work for users [here](https://support.uniswap.org/hc/en-us/articles/17542712707725).

![UniswapX Swap Flow Diagram](//images.ctfassets.net/oc3ca6rftwdu/1osBxZJZivIvy4ccqMoFIt/1e9d37087bdb7ea7eef50538ab47185c/UniswapX-blog__1_.png)
# Gas-free swapping — and no cost for failed swaps
With UniswapX, swappers sign a unique offchain order, which is then submitted onchain by fillers who pay gas on swappers' behalf. Because swappers don't have to pay gas, they don't need a chain's native network token (e.g. ETH, MATIC) to trade or pay anything for a failed transaction. Fillers price the gas fee into the swap price, but can lower transaction costs by batching multiple orders to compete for the best price.

*Users still need to pay gas under specific circumstances, such as for the initial token approval of Permit2. Additionally, native network tokens need to be wrapped when selling, which costs gas.*
# MEV protection
MEV is one of the biggest issues facing onchain swapping today, resulting in worse prices for swappers.

With UniswapX, MEV that would be left on the table to be captured by an arbitrage transaction is instead returned to swappers through improved prices. UniswapX also helps users avoid more explicitly extractive forms of MEV: orders executed with fillers’ inventory cannot be sandwiched, and fillers are incentivized to use private transaction relays when routing orders to onchain liquidity venues.
# Next: UniswapX goes X-chain
Later this year, we'll launch a cross-chain version of UniswapX that combines swapping and bridging into one seamless action. With cross-chain UniswapX, swappers will be able to swap between chains in seconds. Swappers can also choose which assets they receive on the destination chain, instead of a bridge-specific token. More detail on cross-chain UniswapX's design and benefits are available in the [whitepaper](https://uniswap.org/whitepaper-uniswapx.pdf).
# Launching UniswapX on the Uniswap Labs’ interface
UniswapX brings ideas and models from across DeFi and digital markets to a new system, built with the same principles of security, self-custody, and community that have made Uniswap the most trusted brand in DeFi.

UniswapX is an immutable smart contract built to be fully permissionless. No one, including Uniswap Labs, can modify or pause the contract. The earliest fillers are standing by to ensure appropriate auction starting prices and quick order execution, and we expect the filler network will expand quickly with user adoption. To join that ecosystem as it develops, click [here](https://docs.uniswap.org/contracts/uniswapx/overview).

Consistent with our commitment to security, ABDK extensively tested and [audited](https://github.com/Uniswap/UniswapX/tree/main/audit) the code, and we're offering a [bug bounty](https://uniswap.org/bug-bounty). Swappers always maintain self-custody of their funds. Assets are only transferred out of their accounts once the order is executed and they've received proceeds from their trade.

Just like the Uniswap Protocol, UniswapX contains a protocol fee switch that can only be activated by Uniswap Governance (Uniswap Labs doesn't participate in that process).

We're incredibly excited for this next chapter. You can stay up to date via [Twitter](https://twitter.com/uniswap), [Discord](https://discord.gg/FCfyBSbCU5), and our [blog](https://blog.uniswap.org/).

UniswapX is a permissionless protocol for aggregating all sources of liquidity for onchain trading with gas free swaps, MEV protection, more liquidity, and better prices.

Introducing the UniswapX Protocol

Learn how to get a crypto wallet with our step-by-step beginner’s guide.

How to Get a Crypto Wallet: A Step-by-Step Guide | Uniswap

Part 1 focused on Q notation, ticks, and exchange rates. Part 2 of this math series focuses on virtual liquidity, calculating LP positions, and uncollected fees.

A Primer on Uniswap v3 Math Part 2: Stay Awake by Reading it Aloud

*By [Hayden Adams](https://twitter.com/haydenzadams)*

<Video source="//videos.ctfassets.net/oc3ca6rftwdu/31gTeffwIKqR7UXpSEwllQ/008fba522093defb918b9123d74869ab/Final_-_Blog_.mp4" description="Uniswap v4 Announcement Video" />

Two years ago, we released [Uniswap v3](https://blog.uniswap.org/uniswap-v3), a watershed moment for onchain liquidity and DeFi. Today, the Uniswap Protocol is the largest decentralized exchange protocol, processing over $1.5 trillion in trading volume. As public infrastructure, it's a vital part of the crypto ecosystem.

As technology and markets evolve, so must the Uniswap Protocol. That's why we're thrilled to introduce our vision for Uniswap v4, which we believe will open up a world of possibilities for how liquidity is created and how tokens are traded onchain.

We are releasing the draft code now so that v4 can be built in public, with open feedback and meaningful community contribution. We expect this will be a months-long process. You can read the open-sourced, early version of the Uniswap v4 [core](https://github.com/Uniswap/v4-core) and [periphery](https://github.com/Uniswap/v4-periphery) repositories, read the draft technical [whitepaper here](https://github.com/Uniswap/v4-core/blob/main/docs/whitepaper-v4.pdf), and learn more about how to [contribute here](https://github.com/Uniswap/v4-core/blob/main/CONTRIBUTING.md).

Uniswap v3 took a powerful, opinionated approach to liquidity provision, balancing an incredibly complex tradeoff space. New features come at the expense of higher fees and code complexity.  For example, v3 enshrined oracles, allowing builders to integrate real-time, onchain pricing data, but at the expense of some increased costs for swappers.

Our vision with Uniswap v4 is to allow anyone to make these tradeoff decisions through the introduction of "hooks." Hooks are contracts that run at various points of a pool action's lifecycle. Pools can make the same tradeoffs as v3, or they can add totally new functionality. For example, v4 will allow pools that natively support dynamic fees, add onchain limit orders, or act as a time-weighted average market maker (TWAMM) to spread out large orders over time.

Along with this customization, Uniswap v4's architecture reduces costs and ensures efficiency. It introduces a new "singleton" contract, where all pools live within a single smart contract. We believe the combination of hooks and singleton architecture creates an incredibly powerful platform ⸺ fast, safe pool customization and efficient routing across many pools. Uniswap v4 brings fast, expressive AMM innovation within one powerful ecosystem.

# What is Uniswap v4

## Hooks & custom pools
Each Uniswap liquidity pool has a lifecycle. During a pool’s lifecycle, several things happen. A pool is created with a default fee tier. Liquidity is added, removed, or readjusted. And, of course, users swap tokens. In Uniswap v3, these lifecycle events are tightly coupled and executed in a very strict sequence.

To create room for customizable liquidity in Uniswap v4, we want to create a way for pool deployers to introduce code that performs a designated action at key points throughout the pool’s lifecycle – like before or after a swap, or before or after an LP position is changed.

Enter hooks, which are plugins to customize how pools, swaps, fees, and LP positions interact. Developers can innovate on top of the Uniswap Protocol’s liquidity and security to create customized AMM pools through hooks that integrate with v4’s smart contracts.

Some experiments we’re excited about include:
- A time-weighted average market maker ([TWAMM](https://www.paradigm.xyz/2021/07/twamm))
- Dynamic fees based on volatility or other inputs
- Onchain limit orders
- Depositing out-of-range liquidity into lending protocols
- Customized onchain oracles, such as geomean oracles
- Autocompounded LP fees back into the LP positions
- Internalized MEV profits are distributed back to LPs

But really, the sky's the limit. Because each pool is now defined by more than just the tokens and fee tier, we'll see pools of all colors, shapes, and sizes. Uniswap v4’s core logic, like v3, is non-upgradeable. While each pool can use its own hook smart contract, hooks can be limited to only specific permissions determined at pool creation. 

We’ve created sample hook contracts to start to understand the current framework [here](https://github.com/Uniswap/v4-periphery/tree/main/contracts/hooks/examples). We expect developers to think of new and interesting ways to build features we haven’t even thought of yet. 

![313](//images.ctfassets.net/oc3ca6rftwdu/4uGCTtanHSxuojh3Qj7y4p/e782249279ce96a75dcb53be129eb3a8/313.jpg)

## Improved architecture and gas savings
In Uniswap v3, we deploy a new contract for every pool, making creating pools and performing multi-pool swaps more expensive. In v4, we hold all the pools in one singleton contract, which will provide important gas savings because swaps will no longer need to transfer tokens between pools held in different contracts. Early estimates show that v4 reduces pool creation gas costs by 99%. Hooks introduce a world with endless options and singleton allows you to efficiently route across all of them.

This singleton architecture is complemented by a new "flash accounting" system. Instead of transferring assets in and out of pools at the end of every swap in v3, this system transfers only on net balances -- meaning a far more efficient system that provides additional gas savings in Uniswap v4.

We believe the best design for flash accounting uses "transient storage," which would be enabled by [EIP-1153](https://eips.ethereum.org/EIPS/eip-1153). This EIP is being considered as part of the Ethereum Cancun hardfork and will bring even bigger gas improvements and cleaner contract designs across a wide variety of applications.

With the efficiency of singleton and flash accounting, fee tiers no longer need to be limited. Pool creators can set them at the level that makes them most competitive or customize them with a dynamic fee hook. v4 also brings back support for native ETH, which offers additional gas savings.

![Chart (1)](//images.ctfassets.net/oc3ca6rftwdu/4z47smfdLSiXwlOu1siZXm/56f8fcb7e615fb9b6e1bad30ebbc701b/Chart__1_.jpg)

# License and Governance
As always, we strongly believe that core financial infrastructure should be open and transparent. We also believe that the Uniswap community — the people and teams that support, use, and build on the Protocol — should govern v4 of the Protocol, just as they govern prior versions.

The code will be released under a Business Source License 1.1, which limits the use of the v4 source code in a commercial or production setting for up to four years, at which point it will convert to a GPL license into perpetuity. Like v3, Uniswap Governance and Uniswap Labs can grant exceptions to the license.

The Protocol fee mechanism will also be modeled after v3. Governance will be able to vote to add a Protocol fee to any pool, up to a capped amount. More details on the fee mechanism can be found in [the whitepaper](https://github.com/Uniswap/v4-core/blob/main/docs/whitepaper-v4.pdf).

All about our vision for Uniswap v4 and why we're building in public.

Our Vision for Uniswap v4

By [Jason Milionis](https://twitter.com/jason_of_cs), [Austin Adams](https://twitter.com/AustinAdams10), and [Xin Wan](https://twitter.com/xin__wan)

Read the full paper [here](https://uniswap.org/flair.pdf).

The Uniswap Protocol, which has processed $1.5 trillion in lifetime volume since its release in 2018, has pioneered the field of automated market makers (AMMs), serving as a cornerstone of decentralized finance (DeFi). One of the hallmarks of AMMs is that anyone can create a market for any token and provide liquidity without permission – ensuring an equal playing field among all market participants.

The success of these AMMs depends critically on the participation of liquidity providers (LPs), who provide liquidity in exchange for trading fees. Today, we are publishing new research to propose a new metric, fee liquidity-adjusted instantaneous returns (FLAIR), to account for LP competitiveness.
Fee Liquidity-Adjusted Instantaneous Returns (FLAIR)
Economically rational LPs will consider the cost and benefit of being an LP. The benefits can be quantified through trading fees. Costs are a bit more difficult. In addition to general market risk, LPs must also consider how sophisticated their counterparty is. If a trader has better market information than an LP, the LP risks being on the wrong side of the trade and losing money. One popular metric to measure LP performance is loss-versus-rebalancing (LVR), which quantifies the information imbalance between LPs and their counterparties. However, LVR does not factor in a critical component of AMMs: the intra-pool competitiveness over other LPs that are in the same pool.

FLAIR is a new metric for LP competitiveness that supplements LVR, aiming to capture the dynamic behavior of LPs within a pool. FLAIR reflects reasonable economic intuition that LPs increase competition within pools by allocating capital to pools with higher fee returns, rebalancing in-range liquidity, and timing liquidity deployment to high fee periods. In short, LPs that frequently rebalance will earn more fees on average — a factor that is measured with FLAIR.
![flair_plot](//images.ctfassets.net/oc3ca6rftwdu/1smX3THF9TEfj4p99yigZB/2f6c36fa22e3d5295576be67e344c426/plot__1_.png)

*Figure 1: Current models would equate the green and blue pools with low costs (LVR). However, FLAIR separates these by LP competitiveness, showing an important second dimension.*

FLAIR is designed to measure any number of LP positions over an arbitrary period of time, including a single point-in-time. This metric allows both existing LPs to measure historical performance and prospective LPs to optimize future capital deployments with backtests. Researchers can also categorize different strategies and LPs based on their placement on the quadrant plot shown in Figure 1. Solving for the “optimal frontier” will be a portfolio optimization problem.

# Conclusion

FLAIR is not specific to Uniswap v2 and v3 style pools, but is described in our work as a generic formula for most typical cases of AMMs. With some modifications, it can also apply to traditional exchanges – allowing for comparative studies between different market structures and influencing future market designs.

The DeFi landscape is constantly evolving as liquidity provisioning strategies grow increasingly sophisticated. We are excited about this future, and our contribution provides a more holistic view of LP performance. We invite interested readers to consult the [full paper](https://uniswap.org/flair.pdf) for a more detailed understanding.


New research introduces FLAIR, a metric to calculate LP performance that includes LPs competing for trading fees within the same pool.

A Metric to Evaluate LP Competitiveness in AMMs

# What is Uniswap? A Complete Guide
The Uniswap Protocol is the largest decentralized exchange for swapping cryptocurrency tokens on Ethereum and other popular blockchains. Launched in 2018, it is the world's largest and most popular decentralized exchange, with over [$2 trillion](https://dune.com/queries/3384192) in trading volume and [465 million swaps](https://dune.com/queries/3417507/5738011).

As of today, the Uniswap Protocol is the fifth largest application on Ethereum with over [$5 billion](https://defillama.com/protocol/uniswap#information) in total value locked (TVL). The protocol consistently does billions in weekly trading volume and is the most popular decentralized exchange by volume on Ethereum mainnet, Base, Polygon, Arbitrum, Zora, Avalanche, Optimism, Blast, ZKsync, Celo, and Binance Smart Chain.

Hayden Adams created the Uniswap Protocol in 2018 and later founded Uniswap Labs, which has built the largest marketplace for onchain digital assets such as cryptocurrency tokens and NFTs. Uniswap Lab's suite of tools includes:

* [Uniswap Web App](https://app.uniswap.org/): The most popular way to swap on the Uniswap Protocol
* [Uniswap Wallet](https://wallet.uniswap.org/): A self-custody wallet to interact with onchain apps and swap, send, or recieve crypo across 11 networks — available as a mobile app on iOS and Android or as a browser extension on Chrome

No single entity or company controls the Uniswap Protocol. It is governed by [UNI](https://blog.uniswap.org/uni) token holders and stewarded by the [Uniswap Foundation](https://www.uniswapfoundation.org/).

# What is the Uniswap Protocol? The decentralized exchange built on Ethereum

The Uniswap Protocol is a decentralized marketplace to swap cryptocurrencies on the Ethereum blockchain. It exists as a set of persistent, non-upgradable smart contracts. That means that no one controls the codebase. The Uniswap Protocol's code cannot be changed or modified and will run as long as the blockchain is functional, even if Uniswap Labs disappears tomorrow.  Anyone can deploy the Uniswap Protocol contracts on any blockchain. The Uniswap Protocol is already on several blockchains, like Ethereum mainnet, Base, Polygon, Arbitrum, Zora, Avalanche, Optimism, Blast, ZKsync, Celo, and Binance Smart Chain.

People use the Uniswap Protocol primarily for two reasons:

**Swapping**. The Uniswap Protocol is a decentralized exchange (DEX). Unlike traditional exchanges, decentralized exchanges are unique because they allow users to swap tokens without third parties facilitating the transaction or taking control of funds. Swapping on the Uniswap is completely self-custodial, which means you always retain control of your assets — and no third party can take or misuse your funds.

**Providing Liquidity**. Liquidity refers to how much of an asset is available to trade. The Uniswap Protocol relies on third parties to supply liquidity. These liquidity providers (LPs) are users who deposit tokens into a liquidity pool to provide liquidity for a particular token pair that swappers can trade with. In return for providing liquidity, LPs earn trading fees generated by the pool. Anyone can become a liquidity provider, a transformative change to participating in financial markets.

The Uniswap Protocol is [open-sourced](https://github.com/Uniswap/v3-core/), meaning that the code is publicly viewable for anyone to see.
# How does Uniswap work? Understanding automated market makers (AMM)
Unlike traditional order book exchanges where a buy order is matched to a sell order, Uniswap uses an automated market maker (AMM) system. AMMs use a mathematical algorithm to determine the price based on the supply of the asset, which removes the friction of having centralized middlemen and allows for an efficient way to buy and sell digital assets. There is no bidding or order book, just the price based on how much liquidity is available. When users want to make a swap, they input the amount of cryptocurrency they want to swap in and receive a number of tokens in exchange. All of this is done on the blockchain.

The Uniswap Protocol uses a constant product formula to determine the price of an asset. When a token is withdrawn (bought) from a pool, a proportional amount must be deposited (sold) to maintain the constant. The ratio of tokens in the pool, in combination with the constant product formula, ultimately determines the price of a token.

The constant product formula that the Uniswap Protocol uses is:

<Latex displayMode={true}>$ x \star y = k $ </Latex>

Where

* **X** = Reserve of the first token
* **Y** = Reserve of the second token

The total amount of both tokens should always balance out so that **K** experiences no change.

For example, if a liquidity pool has 10 ETH and 1000 USDC, the product of the two balances would be 10,000. If a user buys 1 ETH from the pool with USDC, the new balance would be 9 ETH and 1111.11 USDC, keeping the product of the two balances constant at 10,000.

The constant product market maker algorithm uses this formula to determine the price of each token in the pool based on the ratio of the two token balances. The price of a token in the pool is simply the ratio of the two token balances. In the above example, the price of ETH in terms of USDC would be 111.11 USDC after the swap.

![Graph (1)](//images.ctfassets.net/oc3ca6rftwdu/5Su2EgjbYa5oyr274KWxMI/c1bbc67c8ba2053769e8546459e30fa0/Graph__1_.jpg)

The Uniswap Protocol has four versions:

* [Uniswap V1](https://twitter.com/haydenzadams/status/1058376395108376577) was the first version of the Uniswap decentralized exchange protocol, launched in November 2018. It was a revolutionary concept in decentralized exchanges, quickly gaining popularity in the cryptocurrency community. Uniswap v1 was the first DEX to natively pair tokens against ETH, the native token for Ethereum, letting users swap against the most popular token.

* [Uniswap v2](https://blog.uniswap.org/uniswap-v2) launched in May 2020 and brought many upgrades to the Uniswap Protocol. Users could now trade any Ethererum-based (or ERC-20) token for any other ERC-20 token rather than just trading against ETH. Uniswap v2 greatly increased the protocol's flexibility and allowed for a broader range of trades.

* [Uniswap v3](https://blog.uniswap.org/uniswap-v3) is the current version of the protocol. Released in May 2021, Uniswap v3 introduced concentrated liquidity whereby liquidity providers could now choose specific price ranges rather than providing liquidity across the entire price range. This meant that LPs could concentrate their capital on a specific price range, allocating their capital more efficiently.

* [Uniswap v4](https://blog.uniswap.org/uniswap-v4) is currently being built in public with contributions from the broader Uniswap community. It has not been deployed yet. The goal with v4 is to make liquidity pools more customizable and to lower gas costs.

Read more about the history of Uniswap [here](https://blog.uniswap.org/uniswap-history).

# The benefits of Uniswap: decentralization, liquidity, and accessibility
Decentralized exchanges (DEXs) like the Uniswap Protocol offer several benefits over traditional centralized exchanges (CEXs). Key benefits include decentralization, self custody, transparency, improved liquidity, and greater accessibility.

**Decentralization and Self-Custodial**: One of the Uniswap Protocol's main benefits is that it is decentralized. Unlike centralized entities that operate CEXs, the Uniswap Protocol operates on a decentralized network, with no single entity controlling the exchange. Decentralization has two main advantages. (1) The smart contracts that make the Uniswap Protocol cannot be changed once deployed, meaning no one can change the rules. (2) Funds are completely self-custodial. You always remain in control of your assets. No third party can take or misuse them.

**Transparency**: DEXs are significantly more transparent than other exchanges. Not only is all the code open source and publicly available, but the Uniswap Protocol operates on public blockchains where all transactions and smart contract interactions are recorded on a transparent and immutable ledger. Anyone can access and verify these transactions, ensuring transparency and accountability.

**[Improved liquidity for cheaper swaps](https://blog.uniswap.org/uniswap-v3-dominance)**: The Uniswap Protocol can offer improved liquidity over CEXs. By allowing anyone to create and provide liquidity to a pool, the Uniswap Protocol can tap into liquidity from retail users without relying on traditional market makers or order books, making swaps cheaper.

**Greater accessibility**: Another benefit of the Uniswap Protocol is greater accessibility. Anyone can trade any token or create a market for any token. In this way, DEXs are more accessible to a wider range of users, including those who may not have access to traditional banking services.

# How to use Uniswap
Anyone can swap on the Uniswap Protocol. One of the easiest ways to do this is on the [Uniswap web app](https://app.uniswap.org/).
### Step 1: Go to the Uniswap Web App
Navigate to [app.uniswap.org](https://app.uniswap.org/#/swap). This web app is hosted and maintained by Uniswap Labs. It is one of the most popular ways to exchange with the Uniswap Protocol.
### Step 2: Connect your wallet
To start using Uniswap, you'll need to connect your wallet to the platform. Uniswap supports a range of wallets, including the Uniswap Wallet, Metamask, Coinbase Wallet, and WalletConnect.

If you do not have a wallet, you can learn more about wallets [here](https://support.uniswap.org/hc/en-us/articles/8699353449229-What-is-a-crypto-wallet-) and download the Uniswap mobile wallet [here](https://wallet.uniswap.org/)!

Once you've connected your wallet, you can choose which network to swap, like Ethereum, Polygon, Arbitrum, Optimism, or others.
### Step 3: Choose the tokens you want to trade
Once you've connected your wallet, you can choose the tokens you want to trade. You can select from a wide range of tokens, either by navigating to the [token details page](https://app.uniswap.org/#/tokens/), or entering the token directly. As always, do your own research when trading tokens.

![image1(1)](//images.ctfassets.net/oc3ca6rftwdu/6zUN0dm1vFirh7MxBZ0pPY/8a608eb2f42a08fc272ce76655e21ed2/image1_1_.jpg)

Select the 'Select a token' icon and browse the list to find your token. You can also search by token name or token contract address.

![image6](//images.ctfassets.net/oc3ca6rftwdu/5fa8K1Q79SKlk1CmcdbPt0/1abc83f6ca516cf0220906cb6a6c7c84/image6.jpg)

### Step 4: Enter the amount you want to trade
Once you've chosen the tokens you want to trade, you can enter the amount you want to trade. You can buy or sell one token for another based on the current exchange rate. Additionally, you'll see a network fee, which is the gas cost you can expect to pay to perform the swap. If you are unfamiliar with gas fees, please read [this](https://support.uniswap.org/hc/en-us/articles/8672184917005-How-is-a-network-fee-determined-).

![image5](//images.ctfassets.net/oc3ca6rftwdu/5fYrpLdvPFWFCSZWQNX0F7/3ea8b8b68193a4b36ace44b883b64647/image5.jpg)
### Step 5: Review and confirm your swap
After you've entered the amount you want to trade, the Uniswap [auto router](https://blog.uniswap.org/auto-router-v2) finds the best price and automatically calculates the amount of the other token you'll receive. You'll then need to confirm the trade by clicking "Swap" and approving the Ethereum wallet transaction.

![image4](//images.ctfassets.net/oc3ca6rftwdu/11x6WDMxZlNh9rqvvB9KGe/7b1e719f6e97d9338d1d526cb0e3f41e/image4__1_.png)

If this is your wallet's first time trading this token with the Uniswap Protocol, you need to approve the token first. This additional approval is an extra layer of security to protect your funds. Read about approval transactions [here](https://support.uniswap.org/hc/en-us/articles/8120520483085-What-is-an-approval-transaction-).
### Step 6: Wait for the transaction to be processed
After confirming your trade, you'll need to wait for the Ethereum network to process the transaction. Swaps are often completed within seconds but can take longer if the network is busy.
# Frequently Asked Questions About Uniswap
### What is Uniswap Labs?
Uniswap Labs is a company that develops software products that work on top of the Uniswap Protocol. Uniswap Labs was founded by Hayden Adams, who developed the Uniswap Protocol. Uniswap Labs builds and maintains products like the [Uniswap web app](https://app.uniswap.org/), [NFT aggregator](https://app.uniswap.org/#/nfts), and [Uniswap mobile wallet](https://wallet.uniswap.org/).
### What is the UNI token?
The UNI token is the Uniswap Protocol's governance token. The Uniswap Protocol is not controlled by a single entity, but rather a community of individuals and organizations is responsible for stewarding the world's biggest AMM protocol. Users and organizations that hold UNI can use it to vote on decisions related to the Protocol. 
### Is Uniswap safe?
The Uniswap Protocol is one of crypto's safest and most secure protocols. The protocol has processed over $2 trillion in trading volume over hundreds of millions of transactions without incident. All contracts have been [audited](https://github.com/Uniswap/v3-core/tree/main/audits) by world-class professional security teams.
### Does Uniswap charge fees?
Uniswap Labs charges a flat fee of 0.25% to sustainably fund our operations. You can learn more about this fee [here](https://support.uniswap.org/hc/en-us/articles/20131678274957-What-are-Uniswap-Labs-fees).

# How to get started with Uniswap
We have several resources to help you get started with the Uniswap Protocol.

* Trade on the [Uniswap web app](https://app.uniswap.org/#/swap)
* Follow up on [Twitter](https://twitter.com/uniswap)
* Discuss on [Farcaster](https://warpcast.com/uniswap)
* Explore our [Help Center](https://support.uniswap.org/hc/en-us)
* Chat with [customer support](https://support.uniswap.org/hc/en-us/requests/new)
* Ask questions in our [Discord community](https://discord.gg/FCfyBSbCU5)
* Dig into the [code](https://github.com/Uniswap)
* Read the [docs](https://docs.uniswap.org/)

Learn more about the Uniswap Protocol, an Ethereum based exchange, with our complete guide. Explore more ways to trade crypto on our decentralized protocol.

Uniswap 101: What is Uniswap? | Uniswap Labs

It's Tuesday in New York City. The birds are chirping, the grass is green, and Uniswap Labs is headed to the eighth annual [NY Computer Science Fair](https://www.csfair.nyc/). The NY Computer Science Fair is the state's largest career inspiration event with over 2,000 high school students interested in pursuing a career in computer science.

Before we set up shop, our team gathered in the Uniswap Labs office to ensure we had all the materials for our booth:

*Tablecloth. Check.*

*Computer monitor. Check.*

*300 bags of cotton candy. Check.* 😎

Of the hundreds of companies present, Uniswap Labs was one of only four Web3 companies to attend the fair. Our goal wasn't to recruit any high schoolers - there are only a handful of [t11s's](https://www.paradigm.xyz/team/transmissions11) in the world. We were there to educate and introduce them to Web3.

![File](//images.ctfassets.net/oc3ca6rftwdu/2aYWq3YbGGQgYO1pso9so4/918628719d90c0d90f7c02a6c527844f/File.jpg)

# What’s a blockchain?
Most students who came to our booth had heard the words “crypto” and “NFTs” before but didn’t understand their use cases. Instead of teaching students about elliptic curves, the double spend problem, and byzantine fault tolerance, we focused on the benefits blockchains unlock. 
One example that resonated with students was buying and selling Fortnite skins. Players grind hard to earn items like skins, weapons, and accessories, but cannot buy or sell them without secondary markets. In Web3, players own their digital assets. They can be bought, sold, moved, and traded without asking for permission from anyone else.

# So then, what is Uniswap?
Students were quick to understand the value of digital ownership and exchange. After all, these kids are internet natives. The natural next question was, even if digital assets could be owned, how could they be traded?
We talked a bit about how Uniswap was a marketplace for digital assets. However, unlike centralized marketplaces, we explained how any could create a market for a token without needing permission. Uniswap is built on a blockchain, and blockchains don’t discriminate. They aren’t controlled by anyone and allow you to participate as equals.

# Educating the next generation
Reinventing the financial system to remove intermediaries, increase transparency, and move onchain will require decades of hard work. A long-term approach means recognizing the work doesn’t end with us.

The next generation of developers, designers, writers, and more will go on to create financial, economic, and data infrastructure on the internet. To cultivate that future, we must educate students about how blockchain lays the foundation for a better financial system — one that is inclusive, fair, transparent, and self-custodial.


Uniswap Labs attended the NY Computer Science Fair, where we spoke with high schoolers about crypto, DeFi, NFTs, and more.

Uniswap Labs at the NY Computer Science Fair

At Uniswap Labs, we're building the best products to onboard people directly to DeFi. To do that properly, we need to know what motivates our current and future users. Earlier this year, we surveyed these groups and found that many US-based CeFi users are interested in experimenting with DeFi. However, they would feel more comfortable overcoming the learning curve with educational material, improved UX, and support.

DeFi is an objectively simpler, more accessible tech stack for financial markets. DeFi is transparent, self-custodial, and runs on publicly verifiable code instead of middlemen who oftentimes are more interested in profits than consumers. However, DeFi is as unfamiliar to the average person as the internet was in the 1990s. Bridging to L2s feels like dial-up networking and exploring Etherscan parallels surfing the web before search engines.

As AOL did with the early web, centralized finance (CeFi) platforms often offer content and onboarding that helps beginners feel more comfortable exploring crypto. But these CeFi products still suffer from the same lack of accountability and transparency that plagues the legacy financial system. FTX, Celsius, and Voyager are all examples of centralized custodians that wiped out customer deposits and prompted a [major uptick](https://www.bloomberg.com/news/articles/2022-11-18/billions-of-dollars-flee-ftx-woe-to-crypto-s-decentralized-roots#xj4y7vzkg) in DeFi usage.

Uniswap Labs builds products to onboard people [directly to DeFi](https://blog.uniswap.org/uniswap-mobile-wallet-release). To do that, we want to better understand current and future users. So, we conducted a large survey of US retail users, segmented into non-crypto, CeFi, and DeFi users

- __DeFi users__ traded via a wallet or DeFi trading platform in the last 12 months

- __CeFi users__ bought, held, or sold crypto in the last 12 months

- __Hybrid users__ include both CeFi and DeFi users

- __Non-crypto__ users did neither

We received 1,860 responses whose demographics closely reflected US Census Demographics.

These are our biggest takeaways.

![image3](//images.ctfassets.net/oc3ca6rftwdu/7kSv6FS2HtfninSUiSrl38/f5900bbf1f5323dd68dc7ef876b986f9/image3.png)

# CeFi users are excited to experiment with DeFi
Our most encouraging finding was that, despite the backdrop of a bear market, nearly half of surveyed CeFi users were motivated to experiment with DeFi protocols in the next 12 months. 

We asked CeFi users, “*What would be the main reasons you’d trade on a decentralized cryptocurrency platform over the next 12 months.*”

![image4](//images.ctfassets.net/oc3ca6rftwdu/2vVzltfklU7vA2iYQBUOWz/2cf56e41c9bff0187e9ec1a870138e7d/image4.png)

CeFi users are willing and eager to learn and explore the possibilities of onchain activity. Experimenting can mean using a self-custodial wallet, swapping on Uniswap, or minting an NFT. These activities, which can seem routine to many of us, are imbued with excitement and novelty for first-time users.

Building for this group means focusing on UX and thinking about the first steps as a gateway into the broader crypto ecosystem.

# CeFi users see complexity and cost as barriers

If CeFi users are willing to experiment, what’s stopping them? Our survey shows their main concerns are complexity, lack of understanding, and costs as barriers to using DeFi.

We asked, “*What are the main reasons you don’t use decentralized cryptocurrency platforms for all your cryptocurrency trades?*”

![image1](//images.ctfassets.net/oc3ca6rftwdu/3XVYaARkZZB3STnHmDN3m/2bc6d436ecd1968d54a329e52b2e5c95/image1.png)

Concerns about the complexity of DeFi aren’t new but underscore the need to build with the user experience front of mind. Products must focus on designing applications that simplify and abstract complexity unique to crypto, like switching between chains, key management, and reading onchain data. At Uniswap Labs, we refuse to compromise on the ideals of self-custody and transparency.

Transaction fees and costs were also notable barriers to entry. As Ethereum continues to scale and L2s see greater adoption, DeFi will become more economically accessible for these price-sensitive users.

# Improved support will boost comfort with DeFi
If complexity was a major concern, we asked what we could do to reduce complexity for these CeFi users. They cited “Better educational resources” and “Increased user support” as improvements that would increase willingness among CeFi users to trade on DeFi platforms.

We asked, “*What would increase your willingness to trade cryptocurrency on decentralized platforms over the next 12 months.*”

![image2](//images.ctfassets.net/oc3ca6rftwdu/3IDrUZdRe5e3ga0zs17jTT/819d9676dce2e18f5ab4708ad50c7356/image2.png)

Products that target this CeFi segment have already invested in these educational resources. At Uniswap Labs, we’ve assembled one of the few customer support teams in crypto — and one of the best. The entire industry now must work to help educate users about how to use DeFi and the benefits of self-custody. These resources can have a measurable impact in helping users build their knowledge base and grow their confidence.

# Conclusion
At Uniswap Labs, we're building useful tools for crypto-native and crypto-curious users, whether using a [wallet](https://blog.uniswap.org/uniswap-mobile-wallet-release), [purchasing crypto](https://blog.uniswap.org/web-fiat-on-ramp), [swapping tokens](https://blog.uniswap.org/safety-simplicity-uniswap-marketplace), or [buying NFTs](https://blog.uniswap.org/uniswap-nft-aggregator-announcement). Surveys like these help us better understand who our customers are and how we build for them in the future. We hope these findings can help other builders in crypto, too.

Uniswap Labs surveyed US-based CeFi users and found that many are interested in DeFi but need better educational resources, improved UX, and support.

Going from CeFi to DeFi

A few months ago, a new channel appeared in the Uniswap Labs Slack server. The excitement was palpable as engineers attending [ETHTokyo 2023](https://ethglobal.com/events/tokyo) trickled in. Emojis and reactions flew across the screen while some employees exclusively joined to disclose their FOMO.

Still months out from the hackathon, the team started brainstorming on projects. Proposals ranged from onchain poker with zero-knowledge proofs and ChatGPT transaction parsers to protocol hacks like exploring blob data with EIP4844 and sponsoring bundled transactions with EIP4337.

As April rolled around, Uniswap Labs engineers boarded flights to Tokyo. Schedules were packed with hacking, side events, sightseeing, and birthday celebrations. Amidst all the activity, they shipped two hackathon projects and won the Ethereum Foundation’s `Best Account Abstraction` rewards.

![eng at tokyo](//images.ctfassets.net/oc3ca6rftwdu/52x2ox6yKgDwZG6gNj8feD/48010aaab188fda23b450453db83e8f5/IMG_8206__2_.jpg)
<div align="center">
 
 (◡ ꒳ ◡)
 
</div>

# Enthusiasm for Ethereum in Japan
Since 2017, most [ETHGlobal hackathons](https://ethglobal.com/events/hackathons) have been in The Americas or Europe. ETHTokyo was one of the few events in East Asia and the first in Japan. It was a [massive success](https://twitter.com/ETHGlobal/status/1648330540833972227). Over 1,000 hackers attended the event with 30% new to the Web3 scene.

Despite the backdrop of a bear market, attendees were excited to hack on new ideas. The two most prominent themes at ETHTokyo were account abstraction and ChatGPT/AI-inspired projects.

# ETHTokyo 2023 hackathon projects

## Project 1: UwU Link
Team: [Tina](https://twitter.com/patagucci_girl), [Daniel](https://twitter.com/dcwj), [Chelsy](https://twitter.com/chelsy_wu), [Mark](https://twitter.com/MarkToda), [Noah](https://twitter.com/NoahZinsmeister)

[UwU Link](https://ethglobal.com/showcase/uwu-link-v9exf) lets users sign transactions without connecting their mobile wallets to an app. Instead, they scan a QR code with a mobile wallet app, initiating a transaction that can be signed directly within the wallet. This eliminates the need for users to go through the cumbersome "Connect Wallet" flow and for creators to build elaborate app sites for one-off projects, such as NFT mints. UwU Link is especially useful for IRL events where codes can be shared in person to collect, mint, or claim digital artifacts.

Watch the [demo](https://ethglobal.com/showcase/uwu-link-v9exf) and try the [MVP](https://uwulink-demo.vercel.app/) yourself and view the [source code](https://github.com/tinaszheng/uwulink-demo). Remember to use a fresh hot wallet like the [Uniswap mobile wallet](https://apps.apple.com/app/apple-store/id6443944476?pt=123625782&ct=Announcement%20Blog&mt=8).

## Project 2: Universal Paymaster
Team: [Eric](https://twitter.com/_ericzhong), [Riley](https://twitter.com/rileydcampbell), [Mark](https://twitter.com/MarkToda), [Sara](https://twitter.com/saraareynolds), [Pote](https://twitter.com/willpote)

_Winner: Ethereum Foundation Best Account Abstraction_

[Universal Paymaster](https://ethglobal.com/showcase/universal-paymaster-a2fyy) is a smart contract that allows anyone to deposit ETH to sponsor transaction fees. Users submit EIP-4337-style transactions that sponsors execute on their behalf. In exchange for paying transaction fees, users compensate sponsors with another token, like USDC or any token the sponsor specifies. For example, Elon Musk could use the Universal Paymaster contract to sponsor Twitter Blue subscriptions paid in DOGE. Sponsors could charge users a premium for this service as well. In addition, the Universal Paymaster allows sponsors to earn yield through automated depositing and rebalancing unused ETH into yield-bearing protocols like Lido, or Aave.

The team went on to win the Ethereum Foundation's Account Abstraction prize due to the crowdfunding mechanic of the paymaster contract. Typical paymaster designs are managed by a single party, but the Universal Paymaster is permissionless for retail, just like the Uniswap Protocol. Dig into more implementation details of Universal Paymaster by brushing up on the [ERC-4337](https://eips.ethereum.org/EIPS/eip-4337) standard and checking out our (very hacky) [repo](https://github.com/marktoda/hackathon-paymaster) here!

Uniswap Labs engineers hacked at ETHTokyo this year and won the Ethereum Foundation’s Account Abstraction reward.

Uniswap Labs at ETHTokyo 2023

A few weeks ago, we [announced](https://blog.uniswap.org/uniswap-mobile-wallet-early-access) the Uniswap [mobile app](https://wallet.uniswap.org/) --- the safest and simplest self-custody wallet in Web3 on iOS and Android. The Uniswap wallet has [grown](https://twitter.com/haydenzadams/status/1653807959024054277) to tens of thousands of swappers as a top wallet in the iOS app store. Feedback has been overwhelmingly positive as people appreciate the friendly design, security, and swap UI.

You need a wallet to do just about anything onchain --- [swap](https://app.uniswap.org/#/swap), [buy NFTs](https://blog.uniswap.org/uniswap-nft-aggregator-announcement), and [purchase crypto](https://blog.uniswap.org/web-fiat-on-ramp). So we wanted to share a few reasons why you'll love using the Uniswap wallet to trade tokens, collect NFTs, and navigate Web3.

# 1. The best swap experience
When it comes to swapping, Uniswap is the [gold standard](https://twitter.com/dhadrien_/status/1646617605124558848). The mobile app brings our swap experience to a native mobile app that feels fast and fresh.

You can trade any token available on Uniswap across multiple chains: Ethereum, Polygon, Optimism, Arbitrum. To trade on an L2 network, simply select an L2 token and the swap form will instantly fetch a quote on that network. The app will authorize the transaction using Face ID or Touch ID and then, once the swap settles onchain, you’ll receive a real-time push notification for the completed swap.

<Video source="//videos.ctfassets.net/oc3ca6rftwdu/62Bv8LZVhW3Dadb9lsQFet/aa60908e17e8f6592bb14743fe4036bc/Swapping_-_Compressed.mp4" description="Swapping on the Uniswap mobile app." />

# 2. Search Web3
You can search for any token, NFT collection, ENS name, or wallet address. It’s the easiest way to discover new wallets and assets. 

Token search displays important information like swapping volume, market cap, and historical price activity. NFT search reveals floor prices, trading volume, and collection details to help you find the perfect NFT. Search lets you explore the activity and assets of another wallet. 

When you find yourself frequently checking a token or wallet, you can favorite it for easy access. The Uniswap mobile app is a great tool for exploring Web3 on the go.

![image2](//images.ctfassets.net/oc3ca6rftwdu/36vXUIcKh3uM8J9knxf9OS/ae99567fd83c01ed2b694785f56a00da/image2.png)

# 3. Explore NFT collections
Uniswap mobile app is the best way to find the perfect NFT.

Not only can you search for NFTs – you can browse every item in a collection. You’ll find the artwork, floor price, and 24hr volume on the collection page. If an NFT catches your eye, you can click in to see the last sale price and current owner. From there you can hop into the owner’s profile to see what other NFTs they own. 

![Untitled (1) (1)](//images.ctfassets.net/oc3ca6rftwdu/7yFDPDhfTiaWH6IPnj5w4H/28a2c42102fa3cf7a6cf06a6ec2ea6cd/Untitled__1___1_.png)

# 4. WalletConnect to multiple apps simultaneously
WalletConnect allows you to connect with other web3 apps in a browser. What makes the Uniswap app unique is that you can connect to multiple apps on different chains at the same time.

In other words, you can use Lido on Ethereum mainnet, Aave on Polygon, and Uniswap on Arbitrum without switching between networks or disconnecting. If you want to disconnect, you can manage all your app connections in the settings page.

<Video source="//videos.ctfassets.net/oc3ca6rftwdu/5Q8IdS7WOFBvu5EybDfbSy/6161d2459cebd18b612bf121c2980879/WalletConnect_Compressed.mp4" description="WalletConnect in the Uniswap app." />

# 5. Spam filtering and safety warnings
There are a lot of tokens out there, but they're not equally reputable or safe. The Uniswap app protects you through spam filters and safety warnings.

By default, Uniswap app applies a spam filter to 'hide' unknown tokens in your portfolio. This is useful to declutter spam airdrops that you didn't purchase and let you focus on the tokens you chose to buy. Don't worry though, you're still in full control and can see every token in your wallet, including spam,  in the 'Hidden' section. You can un-hide those tokens by turning off the 'Unknown tokens' toggle in Settings.

Token [warning labels](https://support.uniswap.org/hc/en-us/articles/8723118437133-What-are-token-warnings-) also help you make safe and informed decisions while trading or browsing tokens. The Uniswap app will label lesser-known tokens with a yellow or red label when appropriate. This is a sign for you to research before trading a token.

***

These five features are just the tip of the iceberg that is the Uniswap mobile app. There's so much left to discover, like the fiat onramp, iCloud backup, [open source repo](https://github.com/Uniswap/wallet), and more.

Get Uniswap in your pocket by downloading it from the [app store](https://apps.apple.com/app/apple-store/id6443944476?pt=123625782&ct=Announcement%20Blog&mt=8), and share your feedback on [Discord](https://discord.gg/FCfyBSbCU5).

People love the Uniswap app. Learn about their favorite features, from the smooth swap experience to NFT collections.

Five Reasons You’ll Love the Uniswap Mobile App


The Uniswap Labs iconic swap page is the first time DeFi "clicks" for many users. [Hundreds of thousands](https://dune.com/wanxin/Uniswap-Interface-Stats/ac7f952e-a755-43ea-b193-1605cdaf4655) of users swap using the Uniswap marketplace weekly, knowing they'll get the assets they're looking for at the right price with swaps that just work.

Recently, we brought our simple and safe swap experience to the [Uniswap mobile app](https://blog.uniswap.org/uniswap-mobile-wallet-release). Try it out yourself on [iOS and Android](https://wallet.uniswap.org/).

Turning the complexities of the Uniswap Protocol into a one-click marketplace for swapping and LPing is no small task. Behind the scenes, Uniswap Labs has built Web3's most popular application to create a simpler and safer experience. Let's see how.

# Swapping with the Uniswap marketplace

## The best swap experience
A well-designed product communicates its purpose at a glance. When it comes to swapping, Uniswap is the gold standard. Our design philosophy is to take the complexities of DeFi and distill them into a simplified user experience.

Our swap experience became so distinctive that we turned it into a [widget](https://blog.uniswap.org/widget) so anyone could embed the Uniswap UI into their app. Since we released it in 2022, the Uniswap Widget has been integrated into major applications like OpenSea, FWB, and others.

![Widget](//images.ctfassets.net/oc3ca6rftwdu/1C8QV88tHwJKzWUYPSfYaL/603320a7bfdc43a5ec8477eed8a6d28e/Widget.gif)

Our swap page includes additional features like the multi-chain network switcher so users can quickly navigate Ethereum, Polygon, Optimism, Arbitrum, and other popular chains. Our recently launched [mini portfolio](https://twitter.com/Uniswap/status/1638579346351824911) lets users see their tokens, NFTs, onchain activity, manage LP positions, and even purchase crypto. Users can now see their portfolio and swap side-by-side, giving them an information-rich experience when they swap!

![MiniPortfolio](//images.ctfassets.net/oc3ca6rftwdu/4WgpbWZIKuF0pliLXl8jAy/aa409bca470820582a05479fd467c55d/MiniPortfolio.jpeg)

## Competitive prices with auto router
Beyond just a sleek design, users get great prices on the Uniswap marketplace. Liquidity in the Uniswap Protocol is split into different pools across v2 and v3. The best price for a swap may not come from one individual pool but from taking bits and pieces from multiple pools.

The Uniswap Labs [auto router](https://blog.uniswap.org/auto-router-v2) finds the best prices by comparing trade routes across v2 and v3 and even accounts for gas to get you the most efficient trade possible.

![Router](//images.ctfassets.net/oc3ca6rftwdu/3ZBAmKSUlJbzI6kDi9cMoe/bf1637bdeffdcfd109a01323a417d85c/Router.jpeg)

## Safe slippage
Most users never encounter [price slippage](https://support.uniswap.org/hc/en-us/articles/8643879653261-What-is-Price-Slippage), but we still have a few safety rails to protect users from lopsided trades, or whether the swap executes at all.

Price slippage is the difference between the price users expect to receive after swapping and what they actually receive based on the total movement of the market after a trade. We automatically calculate the slippage percentage depending on the trade size and gas cost.

If your trade goes through, we can guarantee a minimum number of tokens. If your trade exceeds the slippage percentage, your transaction will automatically fail as a failsafe. For smaller trades, we'll adjust slippage tolerance to improve the chances of the transaction succeeding.

![Slippage](//images.ctfassets.net/oc3ca6rftwdu/5kVFLSGLPr5ZY3GLosXoL/750c57b99ec92be5873c96c6c5cf1419/Slippage.png)

## Token info
The Uniswap Protocol is a permissionless set of smart contracts. Anyone can create a pool with any token. This supports the "long tail" of tokens and explains why the Uniswap Protocol has thousands of tokens to trade.

To contextualize these tokens, each one has its own [token details page](https://app.uniswap.org/#/tokens/ethereum/NATIVE). Each page gives a high-level snapshot with price charts, trading stats, project details, and the ability to swap right there.

As an added layer of security, we've included safety labels for each token to help users understand the risk profile of each token. While these warnings do not endorse or criticize any particular token, they help users make sense of them. You can find the criteria for token warnings in our [Help Center](https://support.uniswap.org/hc/en-us/articles/8723118437133-What-are-token-warnings).

## Secure approvals with Permit2
Every smart contract interaction, like swapping, requires users to approve tokens from their wallets. Uniswap Labs developed [Permit2](https://blog.uniswap.org/permit2-and-universal-router) to share these approvals across applications, so you only need to approve once.

Unifying permissions for any token across multiple applications is a major safety improvement for our users. Permit2 has many other safety and UX [features](https://github.com/Uniswap/permit2) like expiring approvals instead of hanging approvals on a wallet's entire token balance, and batch approvals, transfers, and revokes to reduce the number of clicks each user has to perform.

# Proving liquidity with the Uniswap marketplace
Swapping on Uniswap is powered by permissionless liquidity -- anyone can become a market maker. In contrast to traditional finance, only centralized players and market makers with large amounts of capital can participate. With thousands of LPs, the Uniswap Protocol has the [deepest liquidity](https://blog.uniswap.org/uniswap-v3-dominance) in Web3 on major token pairs.

Just as we've simplified swapping, we've also made it simple and safe to LP. Providing liquidity can confuse new users, but we work to make it possible for anyone. Our liquidity pool interface lets users select fee tiers, price ranges, and deposit amounts.

![LP](//images.ctfassets.net/oc3ca6rftwdu/59J044WwyIFhDJiWA4Y3wG/504dfbc1abc9271c58912bab336d8e2a/LP.gif)

Uniswap Labs automatically configures LP slippage tolerances to protect LPs, who can adjust them as needed. This guarantees a minimum amount of liquidity the LP provides to the pool. 

***

We aim make it easy for anyone to interact with the Uniswap Protocol by focusing on simplicity and safety. We're constantly experimenting with new ways to provide the best UX while maintaining the high standard of security we're known for. If you have any feedback, we'd love to hear from you! Hop in our [Discord](https://discord.gg/FCfyBSbCU5) and let us know how to improve our swap and LP experience.

The Uniswap Labs marketplace lets users swap and LP with the Uniswap Protocol. We’ve built some additional features to make this experience safer and simpler.

Safety and Simplicity with Uniswap

We're excited to announce that you can now go directly to DeFi with the Uniswap mobile app! You can [download it here](https://apps.apple.com/app/apple-store/id6443944476?pt=123625782&ct=Announcement%20Blog&mt=8) in the iOS App Store. (PS, now on [Android](https://blog.uniswap.org/uniswap-wallet-android) too!)

<Video source="//videos.ctfassets.net/oc3ca6rftwdu/2KBRzdKFKccWggi2xBlO4H/a82234fea0770e5e910179ed0bb64e4f/MW__1_.mp4" description="Uniswap App GA Release Video" />

The Uniswap mobile app is the easiest way to trade tokens on the go. Our thousands of early access users love it. Starting today anyone can:
- Seamlessly swap on Mainnet, Polygon, Arbitrum, and Optimism
- Discover top tokens by market cap, price charts, and volume
- Favorite tokens and wallet addresses to stay up to date on trends and activity
- Connect to any app on Mainnet or L2s with WalletConnect
- See NFT details like floor price, owner, and collection description
- Choose your security method with manual or encrypted iCloud backups
- Get notified of any onchain activity with push notifications
- [Buy crypto](https://support.uniswap.org/hc/en-us/categories/11302011603341-Buying-Crypto) using fiat with fees as low as 2.55%, vs. 5% on other popular wallets

![Mobile FOR](//images.ctfassets.net/oc3ca6rftwdu/6OvJvSO5WoYHCncQhIq0DN/83f44584d7067d75955044852c3d9e0c/FOR__1_.png)

# Safe, simple swapping & self-custody
You need a self custodial wallet to do just about anything onchain --- [swap tokens](https://app.uniswap.org/), [buy NFTs](https://uniswap.org/blog/uniswap-nft-aggregator-announcement), [purchase crypto](https://uniswap.org/blog/web-fiat-on-ramp), or use apps. Self-custody makes DeFi safer and ensures your crypto can't be misused by a centralized party. But too many people get stuck at the starting line. We get thousands of user support tickets from Uniswap Web App users confused by wallets. So, we're proud to bring you a self-custodial wallet that is simple, safe, and easy to use.

As the most trusted team in DeFi, we're obsessed with security. After a thorough [security audit](https://github.com/trailofbits/publications/blob/master/reviews/UniswapMobileWallet-securityreview.pdf) from Trail of Bits, we [open-sourced](https://github.com/Uniswap/wallet) the mobile app so you can review the code yourself.

Creating your wallet should be as easy as creating an email address - now it is with Uniswap mobile app.

# How do I get my app?
Apple approved the app for use globally.

Our early access TestFlight users can head to the [iOS App Store](https://apps.apple.com/app/apple-store/id6443944476?pt=123625782&ct=Announcement%20Blog&mt=8) to download the app --- all the information and wallets you've loaded to the TestFlight version will automatically migrate.

Check out our Help Center content if you have questions: 

- [How to create a wallet, import recovery phrases, add new wallets, and more](https://support.uniswap.org/hc/en-us/sections/11302111085709)
- [How to protect my recovery phrase, recover from iCloud, and more](https://support.uniswap.org/hc/en-us/sections/11302223905677)
- [How to swap, bridge to L2s, connect via WalletConnect, and more](https://support.uniswap.org/hc/en-us/sections/11302165059213)

As always, share your feedback with us on [Discord](https://discord.gg/FCfyBSbCU5)!

The Uniswap mobile app is live on the iOS App Store! Download our self-custodial wallet and experience Web3 with simplicity, safety, and security.

Uniswap App is available now

_By [Zach Pomerantz](https://github.com/zzmp)_

The Unix philosophy, popularized in the 1980s, emphasizes breaking down complex software systems into smaller, interchangeable pieces of code that developers can easily reuse. While it may seem like conventional practice today, it was revolutionary when developers were far more focused on monolithic systems. This approach became popular among developers, allowing them to ship better code faster and get new technology into the hands of users without delay.

Web3 applications, which generally exist in a public and open-source ecosystem, have embraced this philosophy to develop software. By sharing useful code across developers and building on emerging standards, Web3 developers create increasingly sophisticated software at a rapid pace. I see this directly with how quickly we can ship code at Uniswap Labs.

In drawing from the Unix philosophy, Web3 developers have been able to work in real time with developing technology to solve challenging problems. This approach has revolutionized how software is built and is a testament to the power of collaboration and shared standards.

# Unix Philosophy and Web Development

The Unix philosophy emerged with the development of the Unix operating system. Later summarized by [Peter H. Salus](https://en.wikipedia.org/wiki/Peter_H._Salus), the Unix philosophy was distilled to:
1. Write programs that do one thing and do it well. 
2. Write programs to work together. 
3. Write programs to handle text streams, because that is a universal interface. [^1]

[^1]: I propose modernizing this to “Write programs to handle domain-specific languages.”

These three brief principles result in simpler code that can be easily combined to perform more complex operations. For example, copying and pasting text from one file into another:

```
cat file1.txt | pbcopy
pbpaste > file2.txt
```

 Each CLI command is a tool whose combined inputs and outputs can be piped together for more useful actions. String together enough commands, you can build scripts or create new and reusable tools to perform more sophisticated tasks, elevating the playing field for all developers. From Unix came the POSIX specification, a standard library to maintain compatibility between operating systems. It was a big step that allowed us to focus on our applications without worrying about tasks delegated to these foundational tools, like file system access and permissions.

Fast forward a few decades, and we see the Unix philosophy break new limits. Node.js and its package manager, npm, gives JavaScript developers better tools for more sophisticated software. Instead of coding smaller tasks, npm provides foundational libraries like [left-pad](https://www.npmjs.com/package/left-pad). These allow programs to delegate smaller tasks and keep their application code focused.

When something gets too big, it becomes harder to think through. Design doc reviews often boil down to paring a project to its constituent parts, scoping them, and then building it back up. By treating each constituent as a black box, teams only need to reason about how to “do one thing and do it well”, and not the myriad of requirements necessary for the final product. In this way, every developer is standing on the shoulders of giants.

# Unix Philosophy and Web3
As I learned more about web development and Web3 applications, I realized that this type of development eventually consolidates around open standards. Blockchain code is publicly callable, and developers use this to their advantage by rallying around standards that let them focus on the applications they want to build.

The Request for Comments-style [Ethereum Improvement Proposal](https://eips.ethereum.org/) (EIP) process encourages discussion around new standards and facilitates broader adoption with new foundational libraries. In 2018, Web3 applications did not have a standardized way to connect to user wallets. Each wallet API implementation was slightly different. Writing your own Web3 application meant accounting for how a user's wallet might connect. [EIP-1193](https://eips.ethereum.org/EIPS/eip-1193) solved that. The proposed Ethereum Provider JavaScript API introduced basic functionality like connection and request logic between apps and wallets. With a standard API to follow, app developers could spend more time on core functionality and less time accommodating conflicting connection methods.

As with Node.js and npm, each new standard library gives developers a new tool to work more precisely by using them to abstract important logic unrelated to their core application and create more sophisticated software. String together enough of these libraries and developers can unlock powerful new tools.

We built one of these new tools with [Permit2](https://uniswap.org/blog/permit2-and-universal-router). When users interact with a Web3 application, they must give the application permission to send tokens from their wallet. Permit2 allows these approvals to be shared across multiple applications instead of each application requiring its own approval.

But Permit2 was only possible because we built on already-existing standards like ERC-20, ERC-1155, and ERC-712. [ERC-20](https://eips.ethereum.org/EIPS/eip-20) defined the token standard. [ERC-1155](https://eips.ethereum.org/EIPS/eip-1155) extended the token standard to "approve" spending by another contract. [ERC-712](https://eips.ethereum.org/EIPS/eip-712) extends EIP-1193 with a way for wallets to sign data to verify user permission.

Permit2 extends the ecosystem further by taking a token's approval and a wallet's signatures to prove that a user has permitted it to spend a token across other applications resulting in a more unified, cost-efficient, and safer user experience. In turn, we wanted developers to use Permit2 to manage token access control list functions, so we made it easy for developers to integrate with it.

***

Developers can steadily enhance their capabilities by leveraging existing EIPs and foundational libraries, codifying and abstracting these patterns into even better libraries. Whenever this pattern repeats itself, it elevates the baseline of what is possible, making Web3 an exciting space to work in.

Web3 intrinsically operates in public. We don't just build applications; we create the building blocks with tools and libraries that make them easy to use. I'm excited to participate in this ecosystem by building at Uniswap Labs. If you think you'd like, consider [joining us](https://boards.greenhouse.io/uniswaplabs)!

Uniswap Labs’ front-end engineer draws parallels between the Unix philosophy and Web3 applications, which creates interoperable, extensible, and reusable code, allowing us to ship better code faster.

The Unix Philosophy at Uniswap Labs

The [Uniswap mobile app](https://blog.uniswap.org/uniswap-mobile-wallet-release) is a self-custodial wallet that is simple, safe, and easy to use. Now that it's out, we wanted to give you a behind-the-scenes look at our design principles, why we [open sourced](https://github.com/Uniswap/wallet) it, and how we think about security and privacy.

# Open Source
We open sourced the [Uniswap mobile app](https://github.com/Uniswap/wallet) for a few reasons:
- **Open Source is User Aligned:** Users have a right to choose the product that is best for them. Instead of trusting our claims about security, privacy, and data retention, users should be able to validate these claims by directly viewing the source code. Open source products allow users to evaluate their options to the greatest extent possible.
- **Open Source Builds Trust:** The Uniswap mobile app has been audited by multiple parties, including [Trail of Bits](https://github.com/trailofbits/publications/blob/master/reviews/UniswapMobileWallet-securityreview.pdf). These security reviews build trust in the safety of our products. Open sourcing takes this [one step further](https://dwheeler.com/secure-programs/Secure-Programs-HOWTO/open-source-security.html). By exposing our codebase to the public forum, security researchers can further vet our app.
- **Open Source is Collaborative:** When we started building the app, there weren't many open sourced wallets to learn from. By publishing our code, the Uniswap mobile wallet becomes a reference for other builders.

We've open sourced the entire app, including code that touches private keys, seed phrases, and on-chain data. You can inspect our repo, but some noteworthy code includes [key management](https://github.com/Uniswap/wallet/blob/main/ios/RNEthersRS.swift), [iCloud backup](https://github.com/Uniswap/wallet/blob/main/ios/RNICloudBackupsManager.swift), arbitrary transaction signing using [WalletConnect](https://github.com/Uniswap/wallet/blob/main/src/features/walletConnect/saga.ts#L289), [token swaps](https://github.com/Uniswap/wallet/blob/main/src/features/transactions/swap/swapSaga.ts) on multiple chains, viewing [NFTs](https://github.com/Uniswap/wallet/blob/main/src/components/images/NFTViewer.tsx), and various [UI components](https://github.com/Uniswap/wallet/tree/main/src/components).

# Security
We had two goals that informed the mobile app design principles:
1. Protect the user's wallet from being drained by securely storing and accessing the seed phrase
2. Protect the user from losing wallet access with backup options

### Seed Phrase Storage
Seed phrases and private keys stored on local devices use a combination of [iOS Keychain](https://support.apple.com/guide/security/keychain-data-protection-secb0694df1a/1/web/1) and [Secure Enclave](https://support.apple.com/guide/security/secure-enclave-sec59b0b31ff/web) to maximize security.

Apple built the iOS Keychain as a SQLite database that securely stores secrets, like passwords, certificates, and private keys. Some unique properties of the Keychain include:
- Items are encrypted using two AES-256-GCM keys: A table key and per-row key
- Items never leave your device
- Items cannot be shared between applications
- Items do not sync to the iCloud keychain

Keychain items are encrypted using 256-bit keys stored in Apple's [Secure Enclave](https://developer.apple.com/documentation/security/certificate_key_and_trust_services/keys/protecting_keys_with_the_secure_enclave), a dedicated hardware-based key manager isolated from the main processor.

Decrypting data within the Keychain requires a round trip through the Secure Enclave adding an extra layer of security. If the iOS keychain or application processor is compromised, Uniswap mobile app's keychain items remain encrypted because the encryption key is kept in a hardened hardware module separate from the main processor. iOS Keychain and Secure Enclave are Apple implementations and are not specific to our wallet.

![storage](//images.ctfassets.net/oc3ca6rftwdu/2jxQoIK1lsIIKJtUgCkbsJ/1b62682ce2fdd508747debcdfb3a5084/storage.jpeg)

### Accessing Private Keys & Seed Phrases
The Uniswap mobile app accesses seed phrases and private keys to
1. Display the seed phrase on-screen
2. Create signatures

To display items on-screen, we use a native [UI component](https://github.com/Uniswap/wallet/blob/main/ios/RNEthersRS.swift) written in Swift to fetch and display the seed phrase from the secure iOS Keychain.

The flow for creating signatures is more extensive. When the wallet has a message or transaction to sign, it is sent from React Native to Swift. The wallet's private key is securely fetched from the iOS keychain, and the `ethers-rs-mobile` [library](https://github.com/Uniswap/ethers-rs-mobile) - written in Rust - generates the signature. The valid signature is passed back through Swift and Javascript to execute transactions.

To further protect these sensitive user flows, you can enable biometric authentication via Face ID or Touch ID. Whenever you attempt to view your seed phrase or sign a transaction, you will be prompted to complete biometric authentication.

We compiled the `ethers-rs` [library](https://github.com/gakonst/ethers-rs) written in Rust to an iOS-compatible [version](https://github.com/Uniswap/ethers-rs-mobile) in C++, `ethers-rs-mobile`, giving us performance and security benefits with key derivation and signing functions. While React Native is fantastic for mobile app development, Javascript is susceptible to supply chain attacks from upstream dependencies. The `ethers-rs-mobile` library ensures that wallet seed phrases and private keys never touch Javascript code.

### Backups
All self-custodial wallets come with manual backups, encouraging users to write down their seed phrase for later recovery. But if a user loses their phone without a manual backup, they will lose access to their wallet. That’s why the Uniswap mobile app offers two recovery methods:
1. Manual seed phrase
2. iCloud backup

Users can manually back up their seed phrase by viewing it during the onboarding flow or by revealing it in-app after passing an authentication check. They are encouraged to physically write it down. We strongly recommend Face ID as the strongest authentication treatment.

iCloud recovery is optional but highly recommended for those new to crypto. When a user chooses the iCloud backup,  we require a user password to encrypt the seed phrase before storing it in iCloud. This way, even if a user's iCloud account is compromised their wallet is still protected. 

The seed phrase is locally encrypted using Apple's [AES.GCM](https://developer.apple.com/documentation/cryptokit/aes/gcm) cipher suite with a key derived from the user password using the [Argon2](https://datatracker.ietf.org/doc/rfc9106/) key derivation function. Even in this flow, sensitive data like the encryption key does not touch Javascript.

![200 (3)](//images.ctfassets.net/oc3ca6rftwdu/2GBU2o1xP4qQburVf3S5jn/aa656e87fe2eae8af15931301e0e8029/200__3_.jpg)

To restore a wallet from iCloud backup, users must be logged into their iCloud account and enter the password they used to encrypt their seed phrase.

![300 (1)](//images.ctfassets.net/oc3ca6rftwdu/4nyzcLAfo5U4h1THRZqrbd/afd5ad4b04afd1dc04fb8119899fe36a/300__1_.jpg)

This additional encryption mechanic maximizes security while still supporting an intuitive and familiar backup experience.

# Privacy
Uniswap Labs **does not** keep any information that allows us to identify individuals. We do not store first name, last name, street address, date of birth, email address, or IP address in any of our products, including our mobile wallet.

Anything we keep is confined to on-chain data and very limited off-chain data like device type and browser version, which allows us to troubleshoot errors and improve products for our users. None of this data is identifiable.

The Uniswap mobile app uses APIs like Infura, OpenSea, Covalent, TRM, and more. Many of these APIs help us serve data to the user, like token prices, NFT data, and on-chain activity. Most requests sent to these APIs are proxied through a Uniswap Labs server that removes and deletes IP addresses. A handful of API calls sent to Infura are direct, which includes IP. We are actively working to obfuscate non-proxied API calls.

# Download the mobile app!
The Uniswap mobile app is live on [iOS and Android](https://wallet.uniswap.org/). You can also learn more about the wallet features in our [announcement post](https://uniswap.org/blog/uniswap-mobile-wallet-early-access) and dive into the [wallet repo](https://github.com/Uniswap/wallet).

If you have any questions or feedback, please join [Discord](https://discord.gg/FCfyBSbCU5) and ask!

Uniswap engineers give a behind the scenes look at how we built the Uniswap mobile wallet, with a focus on security architecture, open source principles, and privacy considerations.

A Technical Overview of the Uniswap Mobile App

You need a wallet to do just about anything on-chain - [swap](https://app.uniswap.org/), [buy NFTs](https://blog.uniswap.org/uniswap-nft-aggregator-announcement), and [purchase crypto](https://blog.uniswap.org/web-fiat-on-ramp). But too many people get stuck at the starting line. We get thousands of user support tickets from Uniswap Web App users that boil down to confusion about self-custody wallets. Self-custody is a core tenet of DeFi and ensures your crypto can't be misused by a centralized party. So, we're proud to bring you a self-custodial wallet that is simple, safe, and easy to use.

<Video source="//videos.ctfassets.net/oc3ca6rftwdu/7jS48sWP4lCCx2YwJvwPMd/9a7151c576e9db420c86855ae0f5f9a0/ML.mp4" description="Mobile App Early Release" />

Starting today, we're sharing early access so you can:

- Trade tokens directly with the most trusted DeFi protocol
- Seamlessly switch between Mainnet, Polygon, Arbitrum, and Optimism
- Discover top tokens by market cap, price charts, and volume
- Favorite tokens and wallet addresses to stay up to date on trends and activity
- WalletConnect to any app on Mainnet or L2s
- Back up your seed phrase on iCloud or manually
- Get notified when transactions complete - on any device - with push notifications
- And, it's completely [open-sourced](https://github.com/Uniswap/wallet)

The swap experience you know and love now fits in your pocket. Creating your wallet should be as easy as creating an email address -- and now it is with Uniswap mobile app. And now, you can get [Uniswap on Android](https://blog.uniswap.org/uniswap-wallet-android)!

## A self-custody mobile wallet from the most trusted name in DeFi

The Uniswap mobile app is the easiest way to trade tokens on the go. You can check price charts, search for any token, and seamlessly swap on L1 or L2 networks without needing to configure or switch networks! When your transaction completes, you'll receive a push notification in real-time.

![swap (1)](//images.ctfassets.net/oc3ca6rftwdu/NW076mWTtorURlMf8R0hE/942c4f9ed2d7b81a652e33a4d64b883c/swap__1_.png)

Navigating your favorite apps has become easier too! The Uniswap mobile app is the best way to manage your portfolio across Ethereum, Polygon, Arbitrum, and Optimism. Using WalletConnect, you can manage connections to multiple web apps on different networks simultaneously. For example, you can connect to Lido on Mainnet, Aave on Polygon, and Uniswap on Arbitrum without switching networks.

![connect](//images.ctfassets.net/oc3ca6rftwdu/5nLTOXNvPSqhpCN0a2W6RY/5e7ab98afe125a52345027795cb13cfa/connect.png)

To ensure the highest security standard, we worked with Trail of Bits for our [audit](https://github.com/trailofbits/publications/blob/master/reviews/UniswapMobileWallet-securityreview.pdf). Imported and newly created wallets will have their seed phrases and private keys encrypted and stored on devices using Apple's secure enclave, which is excluded from device backups. You can store your seed phrase manually with a paper copy or encrypt and store it on Apple iCloud so that if you lose your phone, your seed phrase is backed up and protected.

![secure](//images.ctfassets.net/oc3ca6rftwdu/615xYkxM8dDevUHs0jSSlb/1ccd08d11d5c49c07f097663231ba545/secure.png)

## Get early access
We'd love to release the Uniswap mobile app for everyone on the App Store, but the best we can offer is early access.

Apple approved our first build in October but rejected the final build just a few days before our December launch. Since then, we've responded to their concerns, answered every question, and reiterated that we are 100% compliant with their [guidelines](https://developer.apple.com/app-store/review/guidelines/). Other self-custody swapping wallets have been approved, but Apple won't green-light our launch and we don't know why. We are stuck in limbo.

So instead of waiting alone, we thought it would be more fun to wait together, with a few thousand [Testflight](https://developer.apple.com/testflight/) users. That means it's functionally the same, safe to use, and can be updated to the App Store version after Apple approves it. We like Apple products -- that's why we built our app for iOS. But this experience has reminded us why we got into building open, accessible technology in the first place.

We'll roll out access codes across community channels and time zones over the next two weeks, starting at ETHDenver. If you're here, come find us at our booth! Follow us on [Twitter](https://twitter.com/uniswap) and [Discord](https://discord.gg/FCfyBSbCU5) to never miss a drop.

We have so many exciting features in store. But we can't deliver it to everyone until Apple gives us the green light. Follow us on Twitter to get TestFlight access links and download the app.

In the meantime, we're working hard to bring the Uniswap app to our users on other platforms. Stay tuned!

***

Helpful links to get started:
- [How to use download via TestFlight](https://support.uniswap.org/hc/en-us/sections/13461737519885)
- [How to create a wallet, import recovery phrases, add new wallets, and more](https://support.uniswap.org/hc/en-us/sections/11302111085709)
- [How to protect my recovery phrase, recover from iCloud, and more](https://support.uniswap.org/hc/en-us/sections/11302223905677)
- [How to swap, bridge to L2s, connect via WalletConnect, and more](https://support.uniswap.org/hc/en-us/sections/11302165059213)

Join our [discord](https://discord.gg/FCfyBSbCU5) to give us your feedback!

The Uniswap mobile app - available for early access - is a self-custodial wallet created by Uniswap Labs to simply and safely swap, store, and use crypto on Mainnet, Optimism, Arbitrum, and Polygon.

Uniswap Mobile App Early Access

Since we launched [NFTs on Uniswap](https://blog.uniswap.org/uniswap-nft-aggregator-announcement), we've been working to create a more unified experience between NFTs and ERC-20s. Starting today, buyers can purchase [NFTs on Uniswap](https://app.uniswap.org/#/nfts) with any ERC20 token and sellers will still receive their listing token.

<Video source="//videos.ctfassets.net/oc3ca6rftwdu/16ZjgzV12p5wTbTO0kQW3D/bf2ef789aa5ffa02546702053f878b5d/PWAT.mp4" description="Pay With Any Token" />

NFTs are typically priced in ETH, but this can present some difficulties:

- Not everyone has enough ETH in their wallet. Swapping an ERC20 into W/ETH solely for purchasing an NFT is an avoidable step.
- Pricing out ETH needed to purchase an NFT and pay for gas can be inexact, leaving behind a dusting of ETH.

This feature is made possible by our new [Universal Router](https://blog.uniswap.org/permit2-and-universal-router) contract, which, for the first time, unifies token and NFT trades into a flexible and gas-optimized swap router. Universal Router finds the most cost-efficient route to trade your inputted ERC20 token for the purchase token, such as ETH, then settles the trade through Opensea's [Seaport](https://opensea.io/blog/announcements/introducing-seaport-protocol/) -- a marketplace protocol for swapping ERC721s and ERC1155s.

Our v1 supports single input tokens --- meaning NFTs can be purchased with one ERC20 token --- and our next release will support multiple input tokens. In other words, today you can purchase two [Froggy Friends](https://app.uniswap.org/#/nfts/collection/0x29652c2e9d3656434bc8133c69258c8d05290f41) with 500 DAI. And soon you'll be able to purchase two Froggy Friends with 0.1 ETH and 275 DAI.

![image](//images.ctfassets.net/oc3ca6rftwdu/5C75sF2pIwko3flQPz8BPV/b94b7a0a2efab21456749ba9456f3257/image.jpeg)

By bringing ERC20s and NFTs closer together, we're exploring what digital ownership and exchange can make possible. We've already seen some projects test these boundaries with projects like [Treasure DAO](https://treasure.lol/) that price their assets exclusively in MAGIC. We expect to see more creative intersections of ERC20s and NFTs in the future.

As projects experiment with pricing digital assets in currencies other than ETH, they can execute those trades [using](https://github.com/Uniswap/universal-router-sdk) Uniswap's Universal Router. Try it out yourself! Head over to [app.uniswap.org/#/nfts](https://app.uniswap.org/#/nfts) and buy an NFT with any ERC20 token.

Pay with any token to buy NFTs on Uniswap!

Buy NFTs with any ERC20 token

_By: [Austin Adams](https://twitter.com/AustinAdams10), [Sara Reynolds](https://twitter.com/saraareynolds), and [Rachel Eichenberger](https://twitter.com/eich4all) [^1]_

[^1]: We thank [Atis Elsts](https://twitter.com/atiselsts) for their comments.

Uniswap Protocol makes swapping simple and accessible, but its math may not be. To help developers building on the Protocol, analysts drawing insights, and researchers studying market activity, let’s dig into a few of the most common technical questions we see.
- What is Q Notation?
- How do I calculate the current exchange rate?
- How do tick and tick spacing relate to sqrtPrice?

[Part 2](https://blog.uniswap.org/uniswap-v3-math-primer-2) focuses on:
- Working with virtual liquidity
- Calculating LP holdings
- Calculating uncollected fees in a position

![figure1 (1)](//images.ctfassets.net/oc3ca6rftwdu/6EXUbqrPBsyeuoiGtEAXuP/c10bb96e4e9cc8e069a5cbf01f11dc6f/figure1__1_.png)


<a href="https://twitter.com/0xKaden/status/1603545440913223682">Source</a>


# What is a Q notation?

If you've ever read the Uniswap v3 code and seen variables that end with X96 or X128, you have come across what we call Q notation. With Uniswap v3 came the heavy usage of the Q notation to represent fractional numbers in [fixed point](https://en.wikipedia.org/wiki/Q_(number_format)) arithmetic. If that seems like word salad to you, then don't worry! 

Long story short, you can convert from Q notation to the “actual value” by dividing by <Latex>$ 2^k $</Latex> where <Latex>$ k $</Latex> is the value after the X. For example, you can convert `sqrtPriceX96` to sqrtPrice by dividing by <Latex> $ 2^&#123;96&#125;$</Latex>

Q notation specifies the parameters of the binary fixed point number format, which allows variables to remain integers, but function similarly to floating point numbers. Variables that must be as precise as possible in Uniswap v3 are represented with a maximum of 256 bits and account both for overflow and potential rounding issues. By using Q notation, the protocol can ensure that granular decimal precision is not lost.

### Code example
```js
// Get sqrtPriceX96 from token reserves
// In scripts that use Javascript, we are limited by the size of numbers with a max of 9007199254740991. Since crypto 
// handles everything in lowest decimal format, We have to use a version of BigNumber, allowing Javascript to handle 
// numbers that are larger than the max.
// Here we use a Pure BigNumber script from EthersJS along with BigNumber itself
// you will also see us use JSBI is a pure-JavaScript implementation of the official ECMAScript BigInt proposal

import { BigNumber } from 'ethers'; // ← used to convert bn object to Ethers BigNumber standard 
import bn from 'bignumber.js' // ← here we use BigNumber pure to give us more control of precision
 // and give access to sqrt function

//bn.config allows us to extend precision of the math in the BigNumber script
bn.config({ EXPONENTIAL_AT: 999999, DECIMAL_PLACES: 40 }) 
function encodePriceSqrt(reserve1, reserve0){
 return BigNumber.from(
 new bn(reserve1.toString()).div(reserve0.toString()).sqrt()
 .multipliedBy(new bn(2).pow(96))
 .integerValue(3)
 .toString()
 )
}

 // reserve1 , reserve0
encodePriceSqrt(1000000000000000000, 1539296453)
```

# How do I calculate the current exchange rate?
One of the first questions people naturally ask in a market is “what is the current price”? For Uniswap v3, the price is quoted as the current exchange from token 0 to token 1 and is found in `sqrtPriceX96`. 

Uniswap v3 shows the current price of the pool in `slot0`. `slot0` is where most of the commonly accessed values are stored, making it a good starting point for data collection. You can get the price from two places; either from the `sqrtPriceX96` or calculating the price from the pool `tick` value[^2]. Using `sqrtPriceX96` should be preferred over calculating the price from the current `tick`, because the current `tick` may lose precision due to the integer constraints (which will be discussed more in depth in a later section).

[^2]: price = <Latex> $ 1.0001^&#123;tick&#125; $ </Latex>, and this equation will be explained more later in the blog post.

`sqrtPriceX96` represents the sqrtPrice times <Latex> $ 2^&#123;96&#125;$ </Latex> as described in the Q notation section. <Latex> $ 2^&#123;96&#125;$</Latex> was specifically was chosen because it was the largest value for precision that allowed the protocol team to squeeze the most variables into the contract storage slot for gas efficiency. 

### Math

First, as previously discussed, sqrtPrice is the `sqrtPriceX96` of the pool divided by <Latex> $ 2^&#123;96&#125; $</Latex>.

<Latex displayMode={true}>$ sqrtPrice = sqrtPriceX96 / 2^&#123;96&#125; $</Latex>

You can convert the sqrtPrice of the pool into the price of the pool by squaring the sqrtPrice.

<Latex displayMode={true}>$ price = sqrtPrice^2 $</Latex>

Putting those equations together

<Latex displayMode={true}>$ price = (sqrtPriceX96 / 2^&#123;96&#125;)^2 $</Latex>

### Math Example

In the USDC-WETH 5-bps pool (also the .05% fee tier), token0 for this pool is USDC and token 1 is WETH. For this pool, <Latex> $ price = \frac&#123;token1&#125;&#123;token0&#125; = \frac&#123;WETH&#125;&#123;USDC&#125; $</Latex>. This also represents the exchange rate from <Latex> $ token0 $</Latex> to <Latex> $ token1 $</Latex>. For this specific pool, this exchange rate is the amount of WETH that could be traded for 1 USDC[^3].

[^3]: It is important to note that this is backwards to what people expect, which is a problem that many developers run into. Uniswap v3 chooses token ordering by their contract address, and the USDC contract address comes first.

From `slot0` in the pool contract at address [0x88e6a0c2ddd26feeb64f039a2c41296fcb3f5640](https://etherscan.io/address/0x88e6a0c2ddd26feeb64f039a2c41296fcb3f5640) at [block number 15436494](https://etherscan.io/block/15436494).

<Latex displayMode={true}>$ sqrtPriceX96 = 2018382873588440326581633304624437 $</Latex>

Plugging this value into the equation above, we have

<div>
<Latex displayMode={true}> $ \frac&#123;WETH&#125;&#123;USDC&#125; = (2018382873588440326581633304624437 / 2^&#123;96&#125;)^2 $ </Latex>
</div>

<Latex displayMode={true}>$ \frac&#123;WETH&#125;&#123;USDC&#125; = 649004842.70137 $</Latex>

erc20 tokens have built in decimal values. For example, 1 WETH actually represents <Latex> $ 10^&#123;18&#125; $</Latex> WETH in the contract whereas USDC is <Latex> $ 10^6 $</Latex>. Therefore, USDC has 6 decimals and WETH has 18.

<Latex displayMode={true}>$ adj\frac&#123;WETH&#125;&#123;USDC&#125; = 649004842.70137 / \frac&#123;10^&#123;18&#125;&#125;&#123;10^6&#125; $</Latex>


<Latex displayMode={true}>$ adj\frac&#123;WETH&#125;&#123;USDC&#125; = 649004842.70137 / 10^&#123;12&#125; $</Latex>

Most exchanges quote the multiplicative inverse, <Latex> $ price = $ $ adj\frac&#123;USDC&#125;&#123;WETH&#125; $</Latex> which is the amount of USDC that represents 1 WETH. To adjust for this, we also need to divide <Latex> $ 1/price $</Latex> as 

<Latex displayMode={true}> $ adj\frac&#123;USDC&#125;&#123;WETH&#125; = \frac&#123;1&#125;&#123;adj\frac&#123;WETH&#125;&#123;USDC&#125;&#125; $</Latex> 


<Latex displayMode={true}> $ adj\frac&#123;USDC&#125;&#123;WETH&#125; = \frac&#123;1&#125;&#123;649004842.70137 / 10^&#123;12&#125;&#125; $</Latex> 


<Latex displayMode={true}> $ adj\frac&#123;USDC&#125;&#123;WETH&#125; = \frac&#123;10^&#123;12&#125;&#125;&#123;649004842.70137&#125; $</Latex>


<Latex displayMode={true}> $ price = adj\frac&#123;USDC&#125;&#123;WETH&#125; = \space \space \sim1540.82 $</Latex> 

This is the number generally seen quoted on exchanges and data sources. See the formula and math here: <a href="https://www.symbolab.com/solver/step-by-step/%5Cfrac%7B1%7D%7B%5Cleft(%5Cfrac%7B2018382873588440326581633304624437%7D%7B2%5E%7B96%7D%7D%5Cright)%5E%7B2%7D%5Ccdot%20%5Cleft(%5Cfrac%7B10%5E%7B6%7D%7D%7B10%5E%7B18%7D%7D%5Cright)%7D?or=input">Symbolab Big Math</a>

### Code Example
This will give the price of both tokens in relation to the other, as all pools will have two prices.

```js
// Get the two token prices of the pool
// PoolInfo is a dictionary object containing the 4 variables needed
// {"SqrtX96" : slot0.sqrtPriceX96.toString(), "Pair": pairName, "Decimal0": Decimal0, "Decimal1": Decimal1}
// to get slot0 call factory contract with tokens and fee, 
// then call the pool slot0, sqrtPriceX96 is returned as first dictionary variable
// var FactoryContract = new ethers.Contract(factory, IUniswapV3FactoryABI, provider);
// var V3pool = await FactoryContract.getPool(token0, token1, fee);
// var poolContract = new ethers.Contract(V3pool, IUniswapV3PoolABI, provider);
// var slot0 = await poolContract.slot0();

function GetPrice(PoolInfo){
	let sqrtPriceX96 = PoolInfo.SqrtX96;
	let Decimal0 = PoolInfo.Decimal0;
	let Decimal1 = PoolInfo.Decimal1;

 const buyOneOfToken0 = ((sqrtPriceX96 / 2**96)**2) / (10**Decimal1 / 10**Decimal0).toFixed(Decimal1);

	const buyOneOfToken1 = (1 / buyOneOfToken0).toFixed(Decimal0);
	console.log("price of token0 in value of token1 : " + buyOneOfToken0.toString());
	console.log("price of token1 in value of token0 : " + buyOneOfToken1.toString());
	console.log("");
		// Convert to wei
	const buyOneOfToken0Wei =(Math.floor(buyOneOfToken0 * (10**Decimal1))).toLocaleString('fullwide', {useGrouping:false});
	const buyOneOfToken1Wei =(Math.floor(buyOneOfToken1 * (10**Decimal0))).toLocaleString('fullwide', {useGrouping:false});
	console.log("price of token0 in value of token1 in lowest decimal : " + buyOneOfToken0Wei);
	console.log("price of token1 in value of token1 in lowest decimal : " + buyOneOfToken1Wei);
	console.log("");
}

 // WETH / USDC pool 0.05% →(1% == 10000, 0.3% == 3000, 0.05% == 500, 0.01 == 100)
("0xC02aaA39b223FE8D0A0e5C4F27eAD9083C756Cc2", "0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48", 500)
// Output
price of token0 in value of token1 : 1539.296453
price of token1 in value of token0 : 0.000649647439939888
price of token0 in value of token1 in lowest decimal : 1539296453
price of token1 in value of token1 in lowest decimal : 649647439939888
```

# Relationship between tick and sqrtPrice

Ticks are used in Uniswap v3 to determine the liquidity that is in-range. Uniswap v3 pools are made up of ticks ranging from -887272 to 887272, which functionally equate to a token price between 0 and infinity[^4], respectively. More on this below.

[^4]: This conversion from tick to price directly equates to <Latex> $ 2^&#123;-128&#125; $ </Latex> to <Latex> $ 2^&#123;128&#125; $ </Latex>, which are functionally 0 to infinity.

## Ticks vs Tick-Spacing
We find that end users are constantly confused by ticks vs tick-spacing.
- Ticks: Units of measurement that are used to define specific price ranges
- Tick-spacing: The distance between two ticks, as defined by the fee tier

Not every `tick` can be initialized. Instead, each pool is initialized with a `tick-spacing` that determines the space between each `tick`. Tick-spacings are also important to determine where liquidity can be placed or removed. If there is an initialized `tick` at tick 202910, then liquidity at most can change as early as the first value given by the `tick-spacing`, which is 202910 + 10 for the 5 bps pool[^5].

[^5]: Ticks are only initialized if someone has placed liquidity that either starts or ends at that tick. It is possible that no one placed liquidity ending at the next tick, so it may not be initialized. However, positions can only be placed at ticks that are determined by the tick-spacing.

<div align="center">
 Table 1. Relationship between fees and tick-spacing
</div>

![table1 (2)](//images.ctfassets.net/oc3ca6rftwdu/4frFW4vjWztra6jaQRqjve/241b6f514df980da1e1afc11709a82bd/table1__2_.png)

Using the table above, we can determine the `tick-spacing` of the pool directly from the fee-tier. We show both the percentage and the bps format for these values, as used interchangeably by practitioners, but may be confusing for new users. 

<div align="center">
 Figure 1. Example of tick-spacing vs ticks for WETH-USDC 5 bps pool
</div>

![figure2 (1)](//images.ctfassets.net/oc3ca6rftwdu/1CAALWusWI2Q2Ns1CvS2Zs/2388c8df6c862e74cbb88830847a6296/figure2__1_.jpeg)

In Figure 1, we show a small portion of the liquidity distribution for the WETH-USDC 5 bps pool at the block previously discussed. The dashed black lines indicate possible initialized ticks (which occur every at minimum `tick-spacing` of 10 for 5 bps pools). The solid black line indicates the current `tick` of the pool. 

Also notice that liquidity is constant between two dashed lines. This is because liquidity can only change when a tick-spacing is crossed. Between those ticks, the liquidity in-range is treated like an xy=k curve like Uniswap v2 for trading. If that confuses you, don't worry, it's not important. If you want to learn more about liquidity, we will talk more about liquidity in a later post.

## What does a tick represent?
Ticks are related directly to price. To convert from tick <Latex> $ \tau $</Latex>, to price, take <Latex> $ 1.0001^\tau $</Latex> 1.0001 to get the corresponding price. Let the tick-spacing be <Latex> $ ts $</Latex> and <Latex> $ i_c $</Latex> be the lower bound of the active tick-range, then the current tick-range is <Latex> $ [i_c, i_c + ts) $</Latex> We can then map the current tick-range to the current price-range with 

<Latex displayMode={true}> $ [1.0001^&#123;i_c&#125;, 1.0001^&#123;i_c + ts&#125;) $</Latex>

**Note**: Everything up-to, but not including the upper tick is part of the current range

While liquidity can only be added at initialized ticks, the current market-price can be between initialized ticks. In the example above, the USDC-WETH 5-bps pool is at tick 202919. This number is not evenly divisible by the `tick-spacing` of 10, we need to find the nearest numbers above and below that are. This corresponds to tick 202910 and tick 202920, which we showed in Figure 1.

The current `tick-range` can also be calculated by [^6]

[^6]: <Latex> $ \lfloor x \rfloor $</Latex> represents the floor of the value <Latex>$ x $</Latex>, or the greatest integer value that is less than or equal to <Latex>$ x $</Latex>

<Latex displayMode={true}> $ [( \lfloor i_c / ts \rfloor * ts, ( \lfloor i_c / ts \rfloor) * ts + ts)) $</Latex>

In the USDC-WETH example we get:

<Latex displayMode={true}> $ [\lfloor 202919 / 10 \rfloor * 10, \lfloor 202919 / 10 \rfloor * 10 + 10)) $</Latex>


<Latex displayMode={true}> $ [\lfloor 20291.9 \rfloor * 10, \lfloor 20291.9 \rfloor * 10 + 10)) $</Latex>


<Latex displayMode={true}> $ [20291 * 10, 20291 * 10 + 10) $</Latex>


<Latex displayMode={true}> $ [202910, 202920) $</Latex>

Thus, the current `tick-range` of in-range liquidity for the USDC-WETH pool is currently <Latex> $ [202910, 202920) $</Latex>, but what prices does this `tick-range` map to? Its maps to

<Latex displayMode={true}> $ [1.0001^&#123;202910&#125;, 1.0001^&#123;202920&#125;) = [648378713.2500573, 649027383.8115474) $</Latex>

Let's convert to `tick-range` in terms of adjusted <Latex> $ \frac&#123;USDC&#125;&#123;WETH&#125; $</Latex> as done previously. Remember that we need to adjust for the decimal differences between USDC and WETH, and invert the price since we want <Latex> $ \frac&#123;USDC&#125;&#123;WETH&#125; $</Latex> (the amount of USDC given by 1 WETH) not <Latex> $ \frac&#123;WETH&#125;&#123;USDC&#125; $</Latex> (the amount of WETH given by 1 USDC).

<Latex displayMode={true}> $ 1 / ([648378713.2500573, 649027383.8115474) / 10^&#123;12&#125;) $</Latex>


<Latex displayMode={true}> $ 1 / [0.0006483787133, 0.0006490273838) $</Latex>


<Latex displayMode={true}> $ [1542.30, 1540.76) $</Latex>

The price we calculated from `sqrtPriceX96` in the previous example falls between this range - a good sanity check that we've calculated the price ranges properly![^7]

[^7]: Notice that the larger price is now first. That is because of the inverting of the exchange rate. This can cause a lot of confusion and problems with code!

## How does tick and tick spacing relate to sqrtPriceX96?
You may be asking, if <Latex> $ price = 1.0001^&#123;202919&#125; $</Latex> (the current tick of the pool) and <Latex> $ price = 649004842.70137 $</Latex> (derived from the sqrtPriceX96 of the pool) then why does <Latex> $ price = 1.0001^&#123;202919&#125; = 648962487.5642413 \neq 649004842.70137 $</Latex>

Instead of calculating the price using the `tick` value from the `slot0` call, let's derive it from the `sqrtPriceX96` value and see where the discrepancy between the current `tick` and `sqrtPriceX96` lies.

We know that <Latex> $ price = 1.0001^&#123;i_c&#125; $</Latex>, then 

<Latex displayMode={true}> $ 649004842.70137 = 1.0001^&#123;i_c&#125; $</Latex>


<Latex displayMode={true}> $ \log(649004842.70137) = \log(1.0001^&#123;i_c&#125;) $</Latex>


<Latex displayMode={true}> $ \log(649004842.70137) = i_c\log(1.0001) $</Latex>


<Latex displayMode={true}> $ \frac&#123;\log(649004842.70137)&#125;&#123;\log(1.0001)&#125; = i_c $</Latex>


<Latex displayMode={true}> $ 202919.6526706078 = i_c $</Latex>

This explains why using ticks can be less precise than `sqrtPriceX96` in Uniswap v3. 

Just like ticks can be in between initialized ticks, ticks can also be in-between integers as well! The protocol itself reports the floor <Latex> $ \lfloor i_c \rfloor $</Latex> of the current tick, which the `sqrtPriceX96` retains. 

### Example Tick to Price
```js
let price0 = (1.0001**tick)/(10**(Decimal1-Decimal0))
let price1 = 1 / price0
```

### Example sqrtPriceX96 to Tick
**Note:** the Math.floor as stated above, the calculation will have decimals, not needed for tick

```js
const Q96 = JSBI.exponentiate(JSBI.BigInt(2), JSBI.BigInt(96));
let tick = Math.floor(Math.log((sqrtPriceX96/Q96)**2)/Math.log(1.0001));
```

# Conclusion

Overall, we hope that this long primer on Uniswap v3 is helpful. Helping our community gracefully and efficiently understand Uniswap v3 will help push along the ecosystem to be the best that it can be. For anything else, feel free to join the dev-chat in our [discord](https://discord.gg/vcZv8DbbE3) and ask.

Read part 2 [here](https://blog.uniswap.org/uniswap-v3-math-primer-2).

---

## Related References

1. [Liquidity Math in Uniswap v3](https://atiselsts.github.io/pdfs/uniswap-v3-liquidity-math.pdf) by Atis Elsts
2. [Uniswap v3 Development Book](https://uniswapv3book.com/) by Ivan Kuznetsov
3. [Uniswap v3 Core](https://uniswap.org/whitepaper-v3.pdf) by the Uniswap Labs' team
4. [Uniswap v3 - New Era of AMMs?](https://www.youtube.com/watch?v=Ehm-OYBmlPM) By Finematics

The math for Uniswap v3 can be confusing. This guide answers some of our most common questions, including Q Notation, ticks, exchange rates, and more!

A Primer on Uniswap v3 Math: As Easy As 1, 2, v3


_By: [Austin Adams](https://twitter.com/AustinAdams10), [Mary-Catherine Lader](https://twitter.com/Mclader), [Gordon Liao](https://twitter.com/gordonliao), [David Puth](https://www.linkedin.com/in/david-puth/), [Xin Wan](https://twitter.com/xin__wan)_

_Read the full paper on [SSRN](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4328948) or locally hosted [here](https://uniswap.org/OnchainFX.pdf)._

***

On-chain foreign exchange (FX) is a new model of global value exchange that offers a faster, cheaper, and more efficient alternative for cross-border payments for businesses and consumers — and address longstanding risks in the FX market. 

This innovation, coupled with more user-friendly interfaces and improved fiat-to-stablecoin conversion capabilities, can benefit billions of underserved individuals worldwide through faster and cheaper transfers, and reduce intermediary steps. [Research](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4328948) conducted by Uniswap Labs and Circle explores these topics in depth, including cross border payments, market structure, remittance, and more.

Based on data from Uniswap Protocol pools, the paper estimates that DeFi rails could reduce remittance costs by as much as 80%, saving unbanked and underbanked individuals $30 billion per year. For a $500 remittance, the cost of on-chain FX conversion and on/off-ramping is as low as $4.80, a small fraction relative to the average cost of remittance of $28.00 through banks and $19.04 through traditional remittance operators.

One example of on-chain FX is the trading of dollar and euro-denominated payment stablecoins issued by Circle, USD Coin (USDC) and Euro Coin (EUROC), on the Uniswap protocol. Since the launch of EUROC in July of 2022, on-chain exchange of the EUROC/USDC pair has surpassed [$124 million dollars cumulatively](https://dune.com/queries/1865638?d=1) as of January 12th, 2023, with daily volume as high as [$8.6 million exchanged on a 24-7 basis](https://dune.com/queries/1865661?d=1).

Other benefits of on-chain FX exchange and settlements include:
1. Atomic, payment-versus-payment (PvP) transactions, enabled through blockchains, can eliminate the settlement risk in which one leg of a transaction is settled without the other. This type of settlement risk, which exists in one-third of deliverable FX transactions or around $2.2 trillion on any given day, is highlighted by global regulators to pose [financial stability concerns](https://www.bis.org/publ/qtrpdf/r_qt2212i.htm).
2. On-chain FX transactions, coupled with blockchain analytics, decentralized identity solutions, and safeguards at the point of on and off-ramps, can improve market conduct and reduce the risks of [benchmark rigging](https://www.bloomberg.com/news/articles/2013-06-13/price-benchmarks-said-to-be-rigged-in-the-foreign-exchange-market) and [market manipulation](https://www.ft.com/content/9a09df46-4f18-11e6-88c5-db83e98a590a) that have long plagued the FX market.
3. Smart contract-based [Automated Market Making protocols](https://uniswap.org/faq) can utilize the balance sheet of passive asset owners as liquidity providers to facilitate always-on liquidity, deepen market depth, and reduce the risk of flash crashes.
4. Near-instantaneous, low cost cross-border settlements can improve payments for global trade and commerce as well as benefit everyday users, such as migrant workers seeking to send remittance home.

Tokenized cash issuers and decentralized exchange protocols are key to realizing these benefits. Tokenized cash issuers serve as a bridge between fiat currencies and their tokenized forms. They must have trust, transparency, and appropriate guardrails in place to ensure backing of the cash tokens, provide redemption on demand, and prevent spillover risks. Decentralized exchange protocols facilitate the price discovery, risk exchange, and settlement of tokenized cash in one currency versus another. They must have proper mechanism design and implementation to ensure transparency, safety, and efficiency.

Regulators recognize that DeFi can be a solution to FX settlement, as evidenced by the recent launch of [Project Mariana](https://www.bis.org/about/bisih/topics/cbdc/mariana.htm), a joint effort from the BIS, central banks of France, Singapore and Switzerland to explore cross-border Central Bank Digital Currency trading and settlements using DeFi protocols.

Lastly, we discuss why the need for regulatory clarity, improved user experience, and safer custody solutions currently presents barriers to broad adoption of on-chain foreign exchange.

***

Please read the full paper [here](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4328948) or locally hosted [here](https://uniswap.org/OnchainFX.pdf).

Uniswap Labs and Circle research shows that FX trading and settlement on public blockchains can be more affordable, transparent, and stable.

How DeFi Can Cut Costs & Boost Transparency in Foreign Exchange Markets

Over the past four years, the Uniswap Protocol has become an essential building block for DeFi applications to source liquidity from a secure, trustless, and efficient AMM. As the most popular DEX on Ethereum, the Uniswap Protocol supports a vibrant ecosystem of builders. We're launching a new series of blog posts featuring these teams, starting with [Arrakis Finance](https://www.arrakis.finance/).

Arrakis lowers the learning curve for market makers with tools to manage concentrated liquidity positions on Uniswap v3. Let's learn more from [Kassandra](https://twitter.com/kassandraETH), founder and CTO of Arrakis Finance.

### What problems are you solving with Arrakis?
**[Kassandra](https://twitter.com/kassandraETH)**: While traditional AMMs are simple and easy to use, they lack capital efficiency as liquidity providers cannot devise and carry out strategies that decide how and when their inventory should be sold. Concentrated liquidity AMMs like Uniswap v3 improve capital efficiency, but at the cost of greater complexity. Arrakis provides the best of both worlds - greater capital efficiency without sacrificing ease of use.

Arrakis is a trustless market-making infrastructure protocol to run sophisticated algorithmic strategies on Uniswap v3. Liquidity providers can utilize Arrakis Vaults to manage their liquidity in an automated, capital-efficient, non-custodial, and transparent manner.

### How does it work?
**[Kassandra](https://twitter.com/kassandraETH)**: A key primitive to Arrakis is its vaults. We recently launched [Arrakis v2](https://mirror.xyz/0x916563f8476b988855af0b8b8A3D56072E1917FA/dDECIZ2xM5EUolG5Lrkrk5XyXgUrfrnaboDDuGYXXBg), which encodes vaults with several [features](https://resources.arrakis.fi/arrakis-v2-protocol/key-features), such as:

- **Multiple Concentrated Liquidity Positions**: Construct any arbitrary combination of liquidity positions in a Uniswap v3 pool.
- **Cross Fee Tier Vaults**: Enables liquidity provision across different fee tiers.
- **Fully Fungible**: Wrapped using the ERC20 token standard, Arrakis vaults are composable with other DeFi protocols.
- **Non-custodial**: Liquidity can only be withdrawn by the original depositor.

### Can you give us an example?
**[Kassandra](https://twitter.com/kassandraETH)**: Certainly! Arrakis is extremely versatile. Virtually any strategy can be implemented on it.

Take a pair of pegged assets, like USDC/DAI. Because most trades happen close to the peg, we'd want to deploy liquidity at the 0.01% fee tier. But, if the asset depegs, we may want to provide liquidity at higher fee tiers to compensate ourselves for any additional risk we incur in providing liquidity to a depegged asset.

![arrakis ex](//images.ctfassets.net/oc3ca6rftwdu/4QgVJ5LYMd6nZqbFYAvg6b/e80b9f3b1f3f33ce4851ab16dca29421/arrakis_ex.png)

### Why did you choose to build on Uniswap v3?
**[Kassandra](https://twitter.com/kassandraETH)**: We saw Uniswap v3 as a massive breakthrough for AMM design with all sorts of unexplored implications and possibilities. Uniswap v3 introduced the concept of concentrated liquidity to the AMM, which adds key features to massively amplify the capital efficiency of liquidity pooled -- but also creates a trade-off whereby LPs needed to be much more sophisticated by setting and adjusting custom price bands to concentrate their liquidity within.

Arrakis was born as a response to this trade-off, hoping to make best-in-class liquidity provision strategies accessible to all, even those who aren't necessarily experts on market making. At Arrakis, we have a lot of respect for and belief in the Uniswap v3 protocol. We think it's fascinating, and we hope our tools help the protocol grow and mature.

### How was building on top of the Uniswap Protocol?
**[Kassandra](https://twitter.com/kassandraETH)**: Building on top of Uniswap v3 can be enjoyable and rewarding, but it is not for the faint of heart. In the early stages of development with Uniswap v3 we encountered some issues with Solidity v0.8+, but the Uniswap team helped us solve them. The documentation, especially the NATSPEC in contracts, was very helpful. While we don't use the SDK frequently, we have found it useful as a reference when creating our projects. Despite its increased complexity compared to previous versions, the wide range of potential applications it unlocks makes the complexity worthwhile.

### Where can we learn more about Arrakis?
__[Kassandra](https://twitter.com/kassandraETH)__: Check our [documentation](https://resources.arrakis.fi/), [Arrakis v2](https://mirror.xyz/0x916563f8476b988855af0b8b8A3D56072E1917FA/dDECIZ2xM5EUolG5Lrkrk5XyXgUrfrnaboDDuGYXXBg) announcement, [PALM](https://mirror.xyz/0x916563f8476b988855af0b8b8A3D56072E1917FA/wC6L4XJdmuBCXNB1XHBGzCbzxIKvVTdiSoSgDqHWF6I) announcement, and the [app](https://arrakis.finance/) itself!

# Start Building on Uniswap Today!
Inspired to build the next great innovation in DeFi? Uniswap Labs offers tooling and resources to get building fast!

- Add swapping to any React website in less than 5 minutes with the [Uniswap Widget](https://docs.uniswap.org/sdk/widgets/swap-widget)
- Build a dApp or integrate an existing dApp with the Uniswap Protocol using our [Javascript SDK](https://docs.uniswap.org/sdk/introduction)
- Build on chain contracts that can [swap](https://docs.uniswap.org/protocol/guides/swaps/single-swaps), [provide liquidity](https://docs.uniswap.org/protocol/guides/providing-liquidity/setting-up), and [get prices](https://docs.uniswap.org/concepts/protocol/oracle) in a fully permissionless way by integrating with the [Uniswap Protocol Smart Contracts](https://docs.uniswap.org/contracts/v3/overview)
- Join our [Discord](https://discord.gg/cfWtaJVwsg) and head over to our developer specific #dev-chat channel for help getting started

Should we write about your project? **[Submit this form here](https://notionforms.io/forms/uniswap-ecosystem-projects-1)!**

***

_Disclaimer: Arrakis is a Uniswap Labs Ventures portfolio company. Certain information contained here has been obtained from third-party sources, including from portfolio companies of Uniswap Labs. While taken from sources believed to be reliable, Uniswap Labs has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation. In addition, this content may include third-party advertisements; Uniswap Labs has not reviewed such advertisements and does not endorse any advertising content contained therein._

_None of the information herein should be construed as or relied upon in any manner as investment, legal, tax, or other advice. Any products and services referenced may not be suitable for users in all jurisdictions. You should consult your own advisers as to legal, business, tax, and other related matters concerning any usage, participation, or investment. Any projections, estimates, forecasts, targets, prospects and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Any charts provided here or on Uniswap Labs content distribution outlets are for informational purposes only and should not be relied upon when making any usage, participation, or investment decision. All content speaks only as of the date indicated._

_Under no circumstances should any posts or other information provided on this website --- or on associated content distribution outlets --- be construed as an offer soliciting the purchase or sale of any security, or interest in any pooled investment vehicle, or as an offer to provide investment advisory services by Uniswap Labs personnel._

_More information about Uniswap Labs Ventures is available [here](https://uniswap.org/blog/ventures)._

Learn how liquidity providers can use Arrakis to manage their Uniswap v3 liquidity positions in an automated, capital-efficient, non-custodial, and transparent manner.

Arrakis - Trustless Market Making Strategies on Uniswap v3

Starting today, you can purchase crypto on the [Uniswap Web App](https://app.uniswap.org/) using a credit card, debit card or bank transfer at the best rates in web3. Convert from fiat to crypto onto Ethereum mainnet, Polygon, Optimism, and Arbitrum, and start swapping in minutes!

# Direct to DeFi
Decentralized exchanges (DEXs) are the safest way to trade digital assets compared to their centralized counterparts. With self-custodial wallets, permissionless and immutable protocols, and a transparent public ledger, DEXs have built-in user protections. However, a major barrier to DeFi adoption has been the onboarding experience, compelling users to store their assets on CEXs for convenience, despite the risks.

Now you can go direct to DeFi with the [Uniswap Web App](https://app.uniswap.org/) and buy crypto on our web app using any card or bank transfer in 160+ countries with our first partner, [MoonPay](https://www.moonpay.com/business/onramps). We're bringing you the best fiat on-ramp experience - no spread fees on USDC, the lowest processing fees in the market, and instant access!

To purchase
- Connect your wallet to the Uniswap Web App
- Click the wallet dropdown
- Buy crypto and use it instantly!

![interface](//images.ctfassets.net/oc3ca6rftwdu/YxTu2Yj8b4HPt4oDJ8dAW/b95a2c5a7996d22d375d7b8eca5810c4/interface.png)

### What payment methods are supported?

Major payment methods like cards and bank transfers are supported. This will vary depending on the region. Bank transfers are only available for [most of the US](https://support.moonpay.com/hc/en-gb/articles/5691536596241-What-are-our-supported-countries-states-and-territories-for-buying-NFTs-with-a-card-), Brazil, SEPA, and the UK. See the MoonPay Help Center for more information on supported [payment methods](https://support.moonpay.com/hc/en-gb/articles/360017624078-What-are-your-supported-payment-methods-) and [fiat currencies](https://support.moonpay.com/hc/en-gb/articles/360011931457-Which-fiat-currencies-are-supported-).

### What tokens are supported?

At launch, we will support DAI, ETH, MATIC, USDC, USDT, WBTC, and WETH. However, this does depend on the region. For example, US users cannot purchase WETH or WBTC. See the [MoonPay Help Center](https://support.moonpay.com/hc/en-gb/articles/5691536596241-What-are-our-supported-countries-states-and-territories-for-buying-NFTs-with-a-card-) for further details.

### What chains are supported?

You can purchase crypto and send to any wallet on Ethereum mainnet, Polygon, Optimism, and Arbitrum.

### Do I need to verify my identity with MoonPay?

To purchase crypto with a card or bank account, you will need to observe MoonPay's [KYC/AML policy](https://www.moonpay.com/legal/aml_kyc_policy). You **do not** need to verify your identity to use the Uniswap Protocol, **only** when purchasing crypto through MoonPay. MoonPay **does not** share customer data with Uniswap Labs. Uniswap Labs **does not collect** and store financial data such as credit card, debit card, and bank information, or personal data, such as first name, last name, street address, date of birth, email address, and IP address.

### What are the fees?

We have some of the lowest in the entire market:

- **No Minimum Fee** - Payment processors often charge a minimum fee regardless of purchase size. Our minimum fees are zero!

- **No Spread on USDC** - Payment processors quote a slightly higher token price than the market rate. This fee is called a "spread" and contributes to their margins. We have zero spread for USDC purchases!

- **Low spread and processing fees** - We've also negotiated low spread and processing fees on all supported currencies.

### How much crypto can I buy?

**Minimum** - Many supported cryptocurrencies have a minimum purchase size of 15 USD or equivalent in most local currencies. ETH, USDC, USDT, and DAI have variable minimum purchase sizes based on market conditions.

**Maximum** - Buy limits depend on which cryptocurrency you buy and which fiat currency you use. Notably, USDC has an upper limit of 10,000 on Arbitrum and Optimism while popular fiat currencies are capped at USD at 12,000, GBP at 9,000, EUR at 10,000, and CAD at 16,000.

Your payment provider may put further limitations on your purchase size. We recommend either bank transfer or debit cards. Note that minimum and maximum purchase sizes may change as per MoonPay's policies.

### When will the purchased crypto arrive in my wallet?

Your purchases will be available in your wallet within minutes, though the exact payment  method will determine the transfer time. Read more on the [MoonPay Help Center](https://support.moonpay.com/hc/en-gb/articles/360011931417-How-long-does-it-take-to-receive-my-cryptocurrency-).

### Can I send crypto back into my bank account?

Not yet. We're working to integrate an off-ramp. Today, you can sell using [MoonPay's website](https://www.moonpay.com/buy) or any other off-ramp platform.

### Can I buy NFTs with fiat?

Not directly. You can buy ETH through MoonPay from the Uniswap Web App. You can use this ETH to [purchase NFTs](https://uniswap.org/blog/uniswap-nft-aggregator-announcement) on the [Uniswap Web App](https://app.uniswap.org/#/nfts).

Buy crypto with a card or bank account directly on the Uniswap Web App. Get the best rates in the market and start trading instantly!

Buy Crypto with your Card or Bank Account

_By [Jon Fink Isaksen](https://dk.linkedin.com/in/jonisaksen)_

I am a firm believer in technology and financial innovation as tools for societal good.

I have spent my career working in government promoting an open approach that enables responsible innovation -- from establishing the Danish financial regulator's innovation hub and regulatory sandbox, to drafting and negotiating digital asset [regulation](https://www.consilium.europa.eu/en/press/press-releases/2022/06/30/digital-finance-agreement-reached-on-european-crypto-assets-regulation-mica/) for Europe at the European Commission. Now, as Head of Policy for Europe, Middle East, and Africa at Uniswap Labs, I am excited to continue this work at the very forefront of financial innovation.

A [report recently supported by the European Commission](https://finance.ec.europa.eu/system/files/2022-10/finance-events-221021-report_en.pdf) notes that the "openness and transparency [of DeFi] bear promises to remove threats of abusive market power, promote innovation and facilitate financial inclusion." The transparency of DeFi will solve many of the information asymmetries that plague centralized financial systems. DeFi has the potential to "alleviate demand-side concerns such as financial exclusion, market manipulation and opacity."

DeFi allows users to have complete control over their assets, without relinquishing custodial control of assets to intermediaries. DeFi can be used by anyone with a smartphone and internet connection, opening the doors of the financial system to those who have been historically shut out of it.

While DeFi solves many of the problems in traditional and centralized digital asset markets, ensuring that all DeFi is safe and secure is a top priority. After developing a Protocol that has never seen a significant hack despite over $1.2 trillion in volume, Uniswap Labs has a valuable perspective in pursuit of that goal. We are well-positioned to make the idea of a more inclusive digital financial system a market reality and make it safe -- and possible -- for consumers to transact with each other, and I am incredibly excited to be part of the journey with a team that shares this mission.

I look forward to engaging with policymakers, regulators, and industry participants globally and finding ways to mitigate potential risks and empower consumers and build a safe and inclusive digital financial system.

---

To get involved and stay up to date:

- Join the Uniswap community [discord](https://discord.com/invite/FCfyBSbCU5)
- Follow Uniswap Labs on [Twitter](https://twitter.com/Uniswap)
- Register as a delegate on [Sybil](https://sybil.org/#/delegates/uniswap)
- Participate in Uniswap [governance](https://gov.uniswap.org/)

Uniswap Team 🦄

Jon Fink Isaksen joins Uniswap Labs as Head of Policy for Europe, Middle East, and Africa, bringing an extensive history of digital asset regulation from the EU.

Welcome Jon Fink Isaksen as Head of Policy, EU

Trade your favorite tokens and NFTs all in one place!

Starting today, you can trade NFTs across major marketplaces to find more listings and better prices. To celebrate NFTs on Uniswap, we are airdropping approximately 5 million USDC to certain historical [Genie](https://uniswap.org/blog/genie) users and offering gas rebates to the first 22,000 NFT users (more on that below). We also continue to be open-source, trustless, and self-custodial, staying true to our values of decentralization.

<Video source="//videos.ctfassets.net/oc3ca6rftwdu/2GYHs82yBKTH6vJKE6TkGn/c5d89d3cb37e68a096979186599ca6af/NFT__1_.mp4" />

NFTs and ERC-20 tokens have largely existed as two separate ecosystems within crypto, but both are essential to growing the digital economy. Launching NFTs on Uniswap is our first step in building more interoperable experiences between the two.

To bring users the first-rate experience they've come to expect with Uniswap, we built the aggregator to deliver better prices, faster indexing, safer smart contracts, and efficient execution.

With Uniswap, the NFT ecosystem can expect:
* **More listings, at better prices.** Aggregators deliver better prices by combining multiple marketplace listings into one interface. At launch, Uniswap will support OpenSea, X2Y2, LooksRare, Sudoswap, Larva Labs, X2Y2, Foundation, NFT20, and NFTX.

![avg-floor-price (1)](//images.ctfassets.net/oc3ca6rftwdu/14RSI77Va5NVT6Zs9nTNuT/ed31a9ba52e3fc3341bcf7abcb7b7af1/avg-floor-price__1_.jpeg)

* **More gas savings.** Save up to 15% on gas costs compared to other NFT aggregators when purchasing across marketplaces. Powered by our new open-sourced [Universal Router contract](https://uniswap.org/blog/permit2-and-universal-router), Uniswap’s aggregator can save tens of thousands of gas units over other marketplaces. 
* **Trustless and open source.** Uniswap is committed to being trustless, transparent, and open source. We’ve brought those same design principles to NFTs and open-sourced all of our front-end code, making us the first major NFT platform to do so.

## Genie Airdrop
We are distributing approximately 5 million USDC to certain historical Genie users to show our gratitude to longtime Genie users and welcome them into the Uniswap community. Based on a snapshot taken on **April 15, 2022 at 00:00 UTC**, we’ve created two tiers for recipients:
1. The $300 tier is available to wallets that completed more than one transaction before the snapshot.
2. The $1,000 tier is available to wallets that held the Genie:Genesis NFT as of the snapshot.
 * Users are eligible per unique address, meaning multiple Genie:Genesis NFTs in the same wallet are only eligible once.
 * This tier is also available to wallets that purchased a Genie:Genesis NFT or a Genie:Gem NFT between 5:59 pm and 9:15 pm UTC on June 21st.

Users are eligible for both tiers and can claim their airdrop in USDC on [app.uniswap.org](https://app.uniswap.org/) for the next 12 months. Connect your wallet and click the wallet dropdown in the top right. If you’re eligible for the airdrop, there will be an option to claim it!

![wallet-claim (1)](//images.ctfassets.net/oc3ca6rftwdu/4zUPH5uvp5eutFddpm26Ix/1d897d87ce135c0a28d86fdd28813114/wallet-claim__1_.png)

## Gas Rebate Promotion
To welcome our new users, we will be starting a gas rebates promotion that begins today, ends on December 14, 2022, and is claimable on January 16, 2023 through the Uniswap app for 12 months.

The first 22,000 distinct wallets that purchase an NFT during this promotional period will qualify for a rebate on their first transaction. Partial transactions in which users successfully purchase some, but not all, NFTs are eligible for rebates. Failed transactions are not eligible. The gas rebate is capped at 0.01 ETH
* If a user spends 0.01 ETH or less on gas, their transaction is fully covered.
* If a user spends more than 0.01 ETH on gas, they’ll receive a 0.01 ETH rebate for that transaction.

_Update (January 18th, 2022)_: We airdropped 0.01 ETH to distinct wallets that traded between these dates. Check the transaction from this [wallet](https://etherscan.io/address/0xec50d70c156f9949010244a5c48cae36604c5765).

Buy and sell NFTs across more listings at better prices on Uniswap. NFTs on Uniswap saves you time and money by aggregating listings from the largest marketplaces.

NFTs are Officially Live on Uniswap!

Today, Uniswap Labs has released two new smart contracts:

1. [Permit2](https://github.com/Uniswap/permit2) allows token approvals to be shared and managed across different applications creating a more unified, cost-efficient, and safer UX.

2. [Universal Router](https://github.com/Uniswap/universal-router) unifies ERC20 and NFT swapping into a single swap router. Integrated with Permit2, users can swap multiple tokens and NFTs in one swap while saving on gas fees.

We originally conceived Permit2 and Universal Router to improve our own products, optimizing gas costs, simplifying user transaction flows, and strengthening security. As we ideated, we realized that other applications could greatly benefit from integrating these contracts. Uniswap is committed to building public infrastructure that pushes crypto forward, which is why we designed these contracts to be used by the entire developer ecosystem, including extensive documentation, SDKs, and a two-week bug bounty.

## Permit2 - Efficient, consistent, and secure approvals

[Permit2](https://github.com/Uniswap/permit2) is a token approval contract that can safely share and manage token approvals across different smart contracts. As more projects integrate with Permit2, we can standardize token approvals across all applications. In turn, Permit2 will improve the user experience by reducing transaction costs while improving smart contract security.

Originally defined in [EIP-20](https://eips.ethereum.org/EIPS/eip-20), the canonical token approve method suffered from a couple of weaknesses:

1. Users had to send an approval transaction for each new application they wanted to use. This led to a confusing UX where users might be asked to send multiple transactions before using an application, wasting gas and time.

2. For convenience's sake, applications asked users to approve the maximum allowance, giving applications access to a wallet’s entire token balance for an indefinite amount of time. Though Uniswap has never suffered from an exploit, infinite approvals can be [hacked](https://medium.com/amber-group/exploiting-primitive-finances-approval-flaws-b86db031b4) to steal user tokens. ([PSA to revoke active allowances.](https://revoke.cash/))

[EIP-2612](https://eips.ethereum.org/EIPS/eip-2612) iterated on token approvals. Users could interact with application contracts without requiring prior approval by appending a signed permit message to their transaction. While EIP-2612 made token approves safer with granular allowance approvals, tokens launched before EIP-2612 did not support the permit function and not all newer tokens have adopted it.

### How Permit2 improves UX
Permit2 further iterates on the token approval mechanism by introducing signature-based approvals and transfers for any ERC20 token, regardless of EIP-2612 support. Permit2 also comes with a host of exciting features that unlock more secure token approval options and enable a more consistent user experience across any integrating application. The full list of features can be found in our [docs](https://docs.uniswap.org/protocol/permit2/overview), but notably:

1. **Permits for *any* token.** Applications can have a single transaction flow by sending a signature along with the transaction data for any token, including those not supporting a native permit method.

2. **Expiring approvals.** Approvals can be time-bound, removing security concerns around hanging approvals on a wallet’s entire token balance. Revoking approvals do not necessarily have to be a new transaction.

3. **Signature-based transfers.** Users can bypass setting allowances entirely by releasing tokens to a permissioned spender through a one-time signature.

4. **Batch approvals and transfers.** Users can set approvals on multiple tokens or execute multiple transfers with one transaction.

5. **Batch revoking allowances.** Remove allowances on any number of tokens and spenders in one transaction.

![diagram-1](//images.ctfassets.net/oc3ca6rftwdu/1h776yrugZ1q5gbpKGP3xl/cb643db8e9e3936d82e20399574a742c/diagram-1.jpeg)

### Integrate Permit2

Permit2 is a non-upgradable, unowned, and [open-source](https://github.com/Uniswap/permit2) contract that has been deployed to the same [address](https://etherscan.io/address/0x000000000022D473030F116dDEE9F6B43aC78BA3) across Ethereum, Optimism, Arbitrum, Polygon, and Celo. To start integrating, see the [developer docs](https://docs.uniswap.org/protocol/permit2/overview), [SDK](https://github.com/uniswap/permit2-sdk), and this [guide](https://blog.uniswap.org/permit2-integration-guide).

As part of our robust smart contract development standards, we’ve also launched a [bug bounty](https://uniswap.org/bug-bounty) program for the Permit2 contracts.

Currently, Permit2 only supports ERC20 tokens. Uniswap Labs will be releasing a version for NFTs in the near future.

## Universal Router - Unified token and NFT swaps

We’ve integrated Permit2 into another exciting contract we’re releasing. The [Universal Router](https://github.com/Uniswap/universal-router) is Uniswap’s next-generation router that unifies token and NFT trades into a highly flexible, gas-optimized, secure, and extensible swap router. The Universal Router significantly improves product and user experience, which is why it will become the default swap router for all Uniswap swaps in the near future.

Swap routers take in defined parameters (e.g. swap route, maximum slippage, and swap recipient) and execute swaps against your desired venues (e.g. Uniswap pools, NFT marketplaces). Swap routers are optimized to find the lowest prices and execute them at the lowest gas cost.

However, current swap routers suffer from two inefficiencies:
* Existing swap routers typically only support either NFTs or ERC20 tokens. Trades that involve both currently require multiple transactions. For example, buying an NFT with an ERC20 token would require two separate transactions. First, a swap from DAI to ETH, and then the final swap from ETH to NFT.
* Because swap routers are responsible for transferring user tokens, users must approve every token on first use, making them costly to upgrade. This is especially problematic for aggregator swap routers as contracts must be redeployed each time a new protocol is supported.

### How Universal Router unifies swaps
With the Universal Router, users can execute multiple token swaps on Uniswap V2 & V3, and buy NFTs from multiple marketplaces all in one transaction. For example, envision a swap that
* Uses three different input tokens
* Swaps on Uniswap V2 and V3 using a split route
* Performs an ETH to WETH wrap
* Buys an NFT on OpenSea 

This entire flow can be executed as a single transaction.

![diagram-2](//images.ctfassets.net/oc3ca6rftwdu/1yOwG7bNyNEhQIIYz1k8eZ/ab4a17b0fb8dbb792668efdb91a000ca/diagram-2.jpeg)

The Universal Router is integrated with Permit2, meaning that users approve with Permit2 and pass their signature through to the Universal Router, abstracting the token approval flow from the router contracts. Developers can deploy new versions of the Universal Router without requiring users to send a separate approval transaction each time. This allows the Universal Router - or any integrated contract - to remain immutable, while also allowing new features to be added in the future.

### Integrate Universal Router
The Universal Router is a non-upgradable, unowned, and [open-source](https://github.com/Uniswap/universal-router) contract that has been deployed across [Ethereum](https://etherscan.io/address/0xEf1c6E67703c7BD7107eed8303Fbe6EC2554BF6B), [Optimism](https://optimistic.etherscan.io/address/0xb555edF5dcF85f42cEeF1f3630a52A108E55A654), [Arbitrum](https://arbiscan.io/address/0x4C60051384bd2d3C01bfc845Cf5F4b44bcbE9de5), [Polygon](https://polygonscan.com/address/0x4C60051384bd2d3C01bfc845Cf5F4b44bcbE9de5), and [Celo](https://explorer.celo.org/mainnet/address/0xC73d61d192FB994157168Fb56730FdEc64C9Cb8F/transactions). To start integrating, see the [SDK](https://github.com/Uniswap/universal-router-sdk).

Similarly to Permit2, we are running a [bug bounty](https://uniswap.org/bug-bounty) program to keep Uniswap contracts to the highest security standards.

#### Acknowledgments
Uniswap Labs would like to thank [merklejerk](https://twitter.com/merklejerk) for his work on [permit-everywhere](https://github.com/merklejerk/permit-everywhere) which was the main inspiration for Permit2. We would also like to thank Paradigm’s [transmissions11](https://twitter.com/transmissions11) for his contributions and feedback on Permit2.

Uniswap Labs releases Permit2 to improve ERC20 token approvals across all applications and Universal Router to unify ERC20 and NFT swaps into a single router.

Introducing Permit2 & Universal Router

Web2 and web3 contrast philosophically across many lines, like censorship, security, and ownership. One crucial difference between the two is privacy. Ahead of several exciting upcoming releases, we’ve released [Uniswap Labs’ Privacy Policy](https://uniswap.org/privacy-policy) to explain how we protect user privacy and data.

With innovations around blockchain, web3 aims to reclaim users’ privacy and choice after decades of internet businesses that have eroded it. Uniswap Labs shares these values and is working to be a leader in this effort. That’s why we’re releasing a new Privacy Policy today – we want to be crystal clear about what data we’re protecting and how we use any data we collect. Transparency is key. We never want our users to be surprised.

### What's our commitment to privacy?

First and foremost, we do not collect and store personal data, such as first name, last name, street address, date of birth, email address, or IP address.

We are committed to making iterative improvements to our privacy and security practices. For example, we recently released a reverse proxy server that sits between user devices and any third-party tool. This prevents third-party tools from reading user data, adding an additional layer of protection.

We will continue to apply these policies to existing and future Uniswap Labs products.

### What data do we collect and why?

Our first priority is to protect user data and privacy while also making data-driven decisions that improve user experience. That includes public on-chain data and limited off-chain data like device type, browser version, etc. Because Uniswap Labs does not collect personal data, any vendors we work with do not have any personal data either.

Uniswap does not share your data with any third parties for marketing purposes.

Uniswap Labs takes measures to protect user privacy and data

Uniswap Labs’ Commitment to Privacy

New research about changes for Uniswap v3 TWAP Oracles in Proof of Stake

Uniswap v3 TWAP Oracles in Proof of Stake

_By [Hayden Adams](https://twitter.com/haydenzadams)_

When I built the Uniswap Protocol in 2018, it was an experiment to see if I could create something that fully embodied the values of Ethereum: transparent, secure, and accessible. Since then, it has grown and evolved in ways I never imagined. It’s supported $1.2 trillion in trading volume to date and has become critical public infrastructure for exchanging digital value.

Now, Uniswap Labs is bringing the powerful simplicity and security that has defined the Uniswap Protocol to even more people across the world by investing in our web app and developer tools, launching NFTs, moving into mobile — and more!

To support this growth, I’m so excited to announce that we’ve raised $165 million in Series B funding, led by Polychain Capital and with participation from longtime investors a16z crypto, Paradigm, SV Angel, and Variant.

As Uniswap Labs focuses on products, a much broader ecosystem continues to grow and thrive beyond what any one company can do on their own. As an example, the governance community recently voted to create the Uniswap Foundation, which will contribute to the Protocol’s decentralized development and give at least $60 million in grants to community projects over the next few years.

I’m so grateful for the support of our incredible community, users, investors, and team. And I can’t wait to share more in the months ahead!

Bringing Web3 to Everyone

Today, we’re launching a refresh of the Uniswap web app! It’s the same interface you know and love, with more token data, discovery, and search options so you can swap more easily.

Instead of hopping back and forth between charts and data sources, community resources, and project websites, you can now access the information you need to swap directly on our web app.

Check it out.

<Video source="//videos.ctfassets.net/oc3ca6rftwdu/47uz123W2RA7dYRnOrEJua/ccad8c83b877b8cb015b398002f2c66a/token-explore.mp4" description=" " />

You can do more, but it’s still as simple as ever.

- Tokens Tab: discover and compare all of the tokens available on the Uniswap web app in a new “Tokens” tab. Click into a token to see and analyze more details and indications of risk.
- Search: easily find and navigate to tokens across the Uniswap web app.
- User Support: open a support ticket with the click of a button (in addition to its extensive content library that users can access at any time).

This is the first of many changes we’re working on to help make web3 simpler, safer, and more powerful for both new and longtime users. The web interface is fully open-source, and you can check out the [GitHub repo here](https://github.com/Uniswap/interface).

We want to hear what you think! Join the Uniswap Discord channel to chat with the community and reach out to the Customer Experience team at [support.uniswap.org](http://support.uniswap.org/) with any questions.

---

To get involved and stay up to date:

- Join the Uniswap community [discord](https://discord.com/invite/FCfyBSbCU5)
- Follow Uniswap Labs on [Twitter](https://twitter.com/Uniswap)
- Register as a delegate on [Sybil](https://sybil.org/#/delegates/uniswap)
- Participate in Uniswap [governance](https://gov.uniswap.org/)
- Get support with our [Help Center](http://support.uniswap.org/)

Uniswap Team 🦄

Uniswap Labs unveils updated web interface.

Introducing the Refreshed Uniswap Web App

Just-in-time liquidity on the Uniswap Protocol

Just-In-Time Liquidity on the Uniswap Protocol

Uniswap Labs supports The Merge and does not have plans to support any forks in our web app. The move from proof of work (PoW) to proof of stake (PoS) serves as an important stepping stone to scaling the Ethereum ecosystem and to reducing its environmental footprint immediately. If you want to learn more about The Merge, check out Ethereum’s [announcement](https://blog.ethereum.org/2022/08/24/mainnet-merge-announcement).

**As a Uniswap Protocol user, you do not need to do anything.** The Uniswap Protocol will continue to work without issue through this transition. The web app ([app.uniswap.org](http://app.uniswap.org/)) will also continue to function, though if any of our third-party infrastructure providers (e.g. node providers) have downtime, some users may experience brief periods of unavailability.

For those of you building on top of Ethereum, we would like to share two PSAs to keep the web3 ecosystem as safe as possible:

## Change in Uniswap v3 TWAP oracle security

Uniswap v3 oracles were designed with PoW security tradeoffs in mind, where it’s predictably difficult for a single entity to mine multiple blocks in a row. In PoS, block producers are announced up front every epoch — which is 6 minutes long. This "look-ahead" means that the cost of manipulating two consecutive oracle values can be significantly lower than in PoW. As an example, the validator for block N could pay a premium in gas to control the last transaction in block N-1, knowing that they control the order of transactions in the next block. In the context of time weighted average price (TWAP) oracles, this would give them a window to manipulate by changing the price to a very high or low value to influence the average.

It’s worth noting that validators are selected randomly. However, a large validator pool can also randomly be selected to produce [two or more blocks in a row](https://alrevuelta.github.io/posts/ethereum-mev-multiblock). Given the size of some of the larger pools, this could be a frequent occurrence and also open up the ability for a validator to manipulate oracle prices by, again, predictably controlling two or more blocks in a row.

We recommend considering this additional attack vector when relying on TWAP oracle in Uniswap Protocol v3. If you are looking for workarounds, [Median Oracle implementation](https://github.com/euler-xyz/median-oracle) by the Euler team is a solid implementation to explore.

## Replayability for permits

[Permits](https://eips.ethereum.org/EIPS/eip-2612) are an alternative to approves — where a user can allow another contract to spend a token on their behalf. Permits save gas by skipping the approve step, allowing users to simply create a cryptographic signature off-chain indicating their consent.

However, some permit implementations (including DAI, USDC, UNI, and v2 LP tokens) include a hardcoded chain ID of 1 when signing a permit transaction. In the event of a chain fork, the new chain ID is ignored. This creates a novel signature replay vector, where a permit to allow a specific address to spend on a user’s behalf can be replayed on the forked chain.

For example, a permit signed for a Uniswap Router on ETH can be used for same router, deployed on the same address on ETHPoW. This is not a risk, as the Uniswap Router isn’t capable of moving any funds from your wallet without an additional authorizing transaction. However, if there was a malicious contract deployed on ETHPoW to _the same address_, it could reuse the signed permit from ETH to move funds on ETHPoW without user’s permission.

As always, we suggest only signing permits for contracts you trust. If you participate in ETHPoW, we suggest extra due diligence.

---

These are ultimately small issues and well worth navigating given the benefits to the overall ecosystem. We are excited and looking forward to The Merge!

What The Merge Means for the Uniswap Protocol