TokenRadar #001 – Uniswap (UNI)
The OG of DEXs – Still a DeFi heavyweight?
🔹 Quick Profile
| Feature | Details |
|---|---|
| Project | Uniswap Protocol |
| Token | UNI |
| Category | DEX (Decentralized Exchange) |
| Blockchain | Ethereum (also on Arbitrum, Optimism, Polygon, BNB Chain) |
| Market Cap | ~$6.4B (April 2025) |
| Circulating Supply | ~753M UNI out of 1B max supply |
| TVL | ~$4.2B across all chains (source) |
| DEX Volume (24h) | ~$800M+ |
| Governance | Uniswap DAO – on-chain voting, treasury control |
| Legal Entity | Uniswap Foundation (Delaware, USA) |
| Operating Company | Uniswap Labs |
| Regulatory Status | SEC Wells Notice issued in April 2024 |
🔸 Tokenomics
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Utility: Governance token – no revenue-sharing or utility within the protocol
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Allocation:
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60% to community
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21.5% to team
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17.8% to investors
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0.7% to advisors
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Unlocking: All tokens fully unlocked (since Q4 2024)
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Concerns: Governance-only token, no direct protocol profit-sharing, passive holders lack incentives
🔸 Security & Audits
| Sub-Element | Details |
|---|---|
| Auditor(s) | Trail of Bits, ConsenSys Diligence |
| Last Audit Date | Q4 2023 (Uniswap v3 + UniswapX) |
| Audit Reports | v3 Audit Repo (GitHub) |
| Bug Bounty | Yes – active via Immunefi |
| Risk Level | Low – high reputation auditors, public reports, active bounties |
🔸 Legal Entity & Governance
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Foundation: Uniswap Foundation (Delaware, USA), supports grants, governance & protocol stewardship
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Company: Uniswap Labs – the developer behind the front-end and newer innovations like UniswapX
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Governance Model: Token-based via Uniswap DAO; on-chain proposal + voting
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Criticism: VC-heavy token concentration (e.g., a16z holds significant voting power)
🔸 Compliance Check
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Jurisdiction: USA – high regulatory exposure
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Regulatory Status: SEC issued a Wells Notice in April 2024
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KYC/AML: Not applicable – core protocol is permissionless; Labs may face regulation
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Risk: High compliance risk due to U.S. exposure, but no judgment issued as of April 2025
🔸 User Reviews & Reputation
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Reputation: Generally very positive – known for reliable UI, integrations, and uptime
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Community Sentiment: Strong developer following, responsive support, transparent comms
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Red Flags: Frustration over UNI token’s lack of utility is increasing
🔸 Public Trust & Perception
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Transparency: High – public team, DAO forum, published audits and docs
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Brand Strength: Top-tier – Uniswap is the most well-known DEX brand
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Leadership: Founder Hayden Adams is publicly known and active
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Media Coverage: Broadly respected – regular coverage in mainstream and crypto media
✅ RateEx42 TokenRadar Score
| Category | Score (1–10) | Notes |
|---|---|---|
| 1. Innovation | 10 | Invented the AMM, pioneering UniswapX |
| 2. Use-Case & Demand | 10 | Core infrastructure in DeFi |
| 3. Tokenomics | 5 | Governance only – lacks utility and value capture |
| 4. Security & Audits | 9 | Top-tier audits, active bug bounties |
| 5. Community & Adoption | 9 | Massive adoption, DeFi ecosystem essential |
| 6. Liquidity & Volume | 9 | Deep, healthy markets across chains |
| 7. Market Cap vs TVL | 7 | ~$6.4B market cap vs ~$4.2B TVL = good support ratio |
| 8. Legal & Governance | 8 | Public structures, DAO, slight centralization in voting |
| 9. Compliance Check | 5 | Active SEC case adds serious regulatory uncertainty |
| 10. User Reputation | 8 | Positive UX & community, only real gripe is token utility |
| 11. Public Trust | 9 | Very strong brand, public team, clean history |
🔹 Final Score: 8.2 / 10
🔍 Conclusion:
Uniswap is still the cornerstone of decentralized trading. Despite lacking strong token value capture, it scores high across trust, transparency, adoption, and innovation. If legal risks are navigated, UNI could evolve into a stronger asset – especially with future token utility proposals under discussion in the DAO.
