From USDC/USDT to WBTC/cbBTC, stable pairs are some of the most traded markets in DeFi. On Uniswap, stablecoin-to-stablecoin swaps alone did $43.4 billion in Q2, more than the next three onchain venues combined.
Today, StablePair Hook is live. It's a Uniswap v4 dynamic-fee hook for stable pairs, launching with two pools on Ethereum mainnet: USDC/USDG and USDC/USDT. StablePair Hook gives traders consistent, predictable quotes on every swap, and LPs a bigger share of the value they create.
Keeping value in the pool
A stable pair trades around a known rate. When the price drifts, there's value in bringing it back to parity. A static fee hands most of that to arbitrage bots. Set the fee low and they keep the spread. Set it high and the pool prices itself out.
StablePair Hook replaces the static fee with a dynamic one. On every swap, it measures how far the pool has drifted from its true rate, or reference price, and sets the fee to match.
- Inside a tight band around the rate, the fee adjusts under every swap to quote a fixed bid/ask spread
- Once the price drifts outside that band, swaps that push the price further off pay no fee. They hand the pool a good price to begin with
- Swaps correcting it from outside the band go through a Dutch auction. The fee starts high, then drops each block until someone takes it. LPs keep the difference
StablePair Hook is designed to evolve over time and with usage. Pool parameters and fee logic can be upgraded through Uniswap Governance, so the mechanism improves without pools needing to migrate.
Building the future of market structure
The Uniswap AMM opened DeFi to every asset. Hooks extend what’s possible. Now every pool can set its own rules, fees, and pricing logic.
We're building hooks with the issuers and LPs who use them, and open sourcing them so teams can start from working code. StablePair Hook is the newest hook from Uniswap Labs. It joins DualPool, Permissioned Pools, and LitePSM, with more on the roadmap.
Get started
Liquidity providers: port liquidity to USDC/USDG and USDC/USDT
Traders: explore and swap in the Uniswap Web App and Wallet
Issuers and builders: dive into docs, or get in touch for support building a custom hook
