Uniswap is a protocol for exchanging ERC-20 tokens on Ethereum. It eliminates trusted intermediaries and unnecessary forms of rent extraction, allowing for fast, efficient trading. Where it makes tradeoffs decentralization, censorship resistance, and security are prioritized. Uniswap is open-source software licensed under GPL.
The introduction of UNI (ERC-20) on September 16th, 2020 enables shared community ownership and a vibrant, diverse, and dedicated governance system, which will actively guide the protocol towards the future.1 billion UNI have been minted at genesis and will become accessible over the course of 4 years. A perpetual inflation rate of 2% per year will start after 4 years, ensuring continued participation and contribution to Uniswap at the expense of passive UNI holders.
Uniswap has embraced the tenets of neutrality and trust minimization: it is crucial that governance is constrained to where it is strictly necessary. With this in mind, the Uniswap governance framework is limited to contributing to both protocol development and usage as well as the development of the broader Uniswap ecosystem. In doing so, UNI officially enshrines Uniswap as publicly-owned and self-sustainable infrastructure while continuing to carefully protect its indestructible and autonomous qualities.