Bubble
Uniswap UNI
Uniswap (UNI) was trading at $3.69, ranked #30 by market cap at $2.31B, with 24h volume of $92.20M.
Data snapshot: 2026-07-22 18:00 UTC.
Uniswap is the largest decentralized exchange in crypto, launched in 2018 on Ethereum using an automated market maker model that lets anyone trade tokens directly from liquidity pools instead of a traditional order book. UNI, its governance token, was distributed to early users in 2020 and lets holders vote on protocol upgrades and treasury decisions. Uniswap's contribution was structural rather than commercial: the constant-product formula let anyone create a market for any pair without an order book or a market maker, and almost every automated market maker since has been a variation on it. Later versions let liquidity providers concentrate capital in a chosen price range, which raised capital efficiency and also made providing liquidity an active position rather than a passive one. UNI governs the protocol. The long-running question about it — whether fee revenue should flow to token holders — is the single biggest factor in how it is valued.
What is an automated market maker?
A pool of two assets priced by a formula rather than by matching buyers and sellers. Anyone can trade against the pool, and anyone can supply liquidity to it.
What is concentrated liquidity?
Providers choose a price range for their capital instead of spreading it across all prices. That earns more fees when price stays in range and nothing when it leaves.
Does UNI earn protocol fees?
Whether and how fee revenue reaches token holders has been a long-running governance question rather than an automatic feature. It is the main variable in how UNI is valued.
What is impermanent loss?
The gap between holding two assets and supplying them to a pool. When their relative price moves, the pool's rebalancing leaves the provider worse off than simply holding, before fees.
Market cap decides how big a bubble is drawn, so rank is what places UNI on the map relative to the rest of its sector.
| Rank | Coin | Market cap |
|---|---|---|
| #10 | Hyperliquid (HYPE) | $13.09B |
| #30 | Uniswap (UNI) | $2.31B |
| #39 | Aster (ASTER) | $1.68B |
| #84 | Jupiter (JUP) | $654.60M |
| #337 | CoW Protocol (COW) | $72.34M |