Uniswap 101: The World’s Biggest Decentralized Exchange Made Simple

Uniswap is a leading decentralized exchange on Ethereum that uses automated market makers (AMMs) instead of order books to enable token swaps without intermediaries. Liquidity providers supply tokens to pools, earning fees but facing risks like impermanent loss. With innovations in Uniswap V3—such as customizable liquidity ranges and LP NFTs—users gain more control, while traders benefit from open, non-custodial, and censorship-resistant crypto swaps.