UNI
Uniswap · Spot DEX
Score qualifies for T2; held by Value engine 2.5 (needs 3).
Key facts
- Circulating 624.6M, 62%
- Locked or unvested 262.2M, 26%
- Not yet issued 113.2M, 11%
- Max 1.00B
Market data: CoinGecko, Oct 24, 2026. Scores reviewed Oct 23, 2026.
Assessment
Uniswap's engine is cash flow: since the Dec 2025 fee switch and Prop 100 (Jul 27, 2026), protocol revenue buys and burns UNI across v4 on 7 chains, through contracts that move only by on-chain UNI vote. Issuance is zero; only the governance Timelock can mint, capped at 2% a year, after a holder vote. Pools are immutable and fee contracts sit behind a multi-day vote and timelock on Ethereum. Insiders took 40% of the 1B supply with no public sale, and the DAO treasury of ~260M UNI funds a 20M/yr growth budget. Revenue is the lever: realized revenue was $58.9M over the trailing year and is annualizing about $129M.
How value reaches holders
UNIfication (Dec 2025) + Governance Prop 100 (Jul 27, 2026) expanded buyback-and-burn to v4 across 7 chains: $58.9M of protocol revenue over the trailing year, annualizing ~$129M over the last 90 days (DefiLlama), plus a one-time 100M UNI transfer to a dead address (on-chain totalSupply is still 1B); ~12M UNI/yr ongoing at ~$7.21 (~1.4% of supply)
Score anatomy
Demand
30 / 45: the stronger of two routes, plus adoptionWhy would anyone hold it: does value reach the token, and is the network or product used today?
Plumbing at 50%+, or 100% via contract but governance-revocable
Realized protocol revenue $58.9M over the trailing year (DefiLlama, fee switch live since Dec 2025), annualizing ~$129M over the last 90 days: band 3 until the full year clears $100M.
$25-100M/yrhigh confidenceHow this is scored
Governance token; only ~$6M of UNI is posted as collateral at third-party lenders (Compound, Dolomite), under 0.2% of market cap.
Trading onlyhigh confidenceHow this is scored
Uniswap did $705B of DEX volume TTM (21% share) and 26% of the last 30 days vs PancakeSwap 9%; volume -34% YoY vs market -31%, fees $935M TTM: the reference spot DEX
Reference: the category's default by a wide margin, the venue, network or asset others are measured againsthigh confidenceHow this is scored
Two routes, the stronger counts
Soundness
23 / 40Can a long-term holder trust the rules: supply, float, distribution and control?
Zero issuance: totalSupply is still exactly 1B (burns sit at a dead address); only the governance Timelock can mint, capped at 2% a year, after an on-chain UNI vote (read Oct 23, 2026).
Under 1%/yr net without a hard cap, a hard cap with halvings issuing 1-3%/yr, or zero issuance where binding on-chain token governance could vote to mint morehigh confidenceHow this is scored
Float 70% (624.6M of 886.9M after the 100M burn); the DAO treasury holds ~260M UNI with no schedule and funds a 20M/yr growth budget.
0.5-1.5% per month, or large foundation or treasury holdings without a schedulehigh confidenceHow this is scored
Team 21.27%, investors 18.04% (a16z, Paradigm, USV), advisors 0.69%: 40% of 1B; 15% user airdrop and a 43% treasury that moves only by on-chain Governor vote; no sale to the public
Insiders received 25-50%, or one organization directs 10-30%high confidenceHow this is scored
Uniswap pools are immutable; fee switch and burn contracts move only by on-chain UNI vote (~1.8-day delay, ~5.6-day vote, 2-day timelock, read Oct 23, 2026), mostly on Ethereum (base 5)
Attack cost $100M-1B with the top entity under 35%, or contracts immutable or upgradeable only by on-chain vote with a 7+ day exit window on a base layer scoring 4+high confidenceHow this is scored
Durability
9 / 15Is it big, proven and reachable by institutions?
$4.4B market cap (band 4), $532.8M/day median volume (band 5), no flags.
Major: $1-10B market cap and $50M/day+How this is scored
Launched Sep 17, 2020 (6.1 years); fell 96% from $45 (May 2021); no $50M+ exploit of Uniswap contracts.
5-8 years and survived an 80%+ drawdownhigh confidenceHow this is scored
Bitwise filed a US spot UNI ETF S-1 on Feb 5, 2026 (still pending); 21Shares Uniswap ETP (AUNI) and Valour Uniswap trade in Europe.
OTC trust, non-US product, or a pending US filinghigh confidenceHow this is scored
What would move it up
To reach T2 Strong, one gate is still open:
- Value engine 2.5needs 3(open)
- Score 62gate 55(met)
- Adoption 5gate 3(met)
- Supply 4gate 2(met)
- Security 3gate 2(met)
- Distribution 1gate 1(met)
- Float and unlocks 3gate 1(met)
- Scale 4gate 3(met)
Tier outlook
Could move up ↑medium likelihood
- Revenue reaches the $100M-1B band once trailing realized revenue clears $100M (~$90M annualized in Jul 2026)
- Holder routing holds at 4 only while governance leaves the Prop 100 burn in place
- Float weighed by the DAO's ~260M UNI and its 20M/yr growth budget against the burn
- Access rises to 3 if the Bitwise spot UNI ETF filed Feb 5, 2026 is approved
Compare with
How the ranking works and how UNI compares: see the full ranking. This entry as JSON:
GET https://tokens.10102.io/api/v1/tokenomics?symbol=UNI