DEXes · Review
ActiveUniswap V2 Review 2026: Multi-Chain AMM Swaps and Liquidity
Uniswap V2 is the constant-product automated market maker version of Uniswap, still holding about $938 million in TVL across 17 chains. It is a widely used, permissionless swap venue, but liquidity providers carry impermanent loss risk.
By the DappsAtlas editorial team · Updated
DappsAtlas score
8.0/10
Excellent
Our verdict on Uniswap V2
8.0/10Uniswap V2 suits users who want a simple, non-custodial way to swap tokens on major EVM chains and who understand AMM mechanics. Its main strengths are deep liquidity, wide chain coverage and a long-established design. The main caveats are impermanent loss for liquidity providers, the risk of fake tokens in permissionless pools, and the fact that fees are not published publicly, so check them in the interface before trading.
Score breakdown
How Uniswap V2 scores
- Security
- 8.0/10
- Ease of use
- 8.0/10
- Fees
- n/a
- Features
- 7.0/10
Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.
What is Uniswap V2?
Uniswap V2 is a decentralized exchange protocol described by DefiLlama as a fully decentralized protocol for automated liquidity provision on Ethereum. It lets users swap tokens from their own wallets using pooled liquidity rather than an order book.
DefiLlama lists about $938 million in total value locked, up 2.3% over the past seven days. It is tracked across 17 chains, including Ethereum, Base, Arbitrum, Optimism, Polygon, BNB Chain, Avalanche and Unichain. The protocol has been listed on DefiLlama since October 2022 and has two audits listed.
The official interface describes the platform as a place to swap crypto on Ethereum, Base, Arbitrum, Polygon, Unichain and more. the public information available give little detail beyond this, so fee levels, governance and V2-specific changes are not covered here.
How Uniswap V2 works
Uniswap V2 uses liquidity pools. Each pool holds reserves of two tokens, supplied by liquidity providers. When you swap, you add one token to the pool and take the other out, and the pool's price adjusts based on its reserves.
The pricing follows a constant-product rule: the product of the two reserves stays the same before fees. Larger trades relative to pool size move the price more, which is why deep pools give better rates. This design is widely documented as the basis of V2.
Liquidity providers receive LP tokens for their share of a pool and earn a portion of swap fees. They can lose value relative to holding the tokens if prices diverge, a risk known as impermanent loss.
6 features
Key features
01
Automated market maker pools
Trades execute against pooled token reserves, so swaps work without an order book or counterparty matching.
02
Permissionless pool creation
Anyone can create a pool for a token pair and anyone can trade, without listing approval.
03
Multi-chain availability
DefiLlama lists 17 chains, including Ethereum, Base, Arbitrum, Optimism, Polygon and Unichain.
04
Liquidity provision
Users deposit token pairs into pools and earn a share of swap fees, represented by LP tokens.
05
Non-custodial trading
Users trade from their own wallets through the Uniswap interface rather than depositing with a custodian.
06
Broad token coverage
Because it is a long-running protocol, many tokens and integrations support V2-style pools.
Pros and cons
What we like
- Large liquidity base, with roughly $938 million TVL listed on DefiLlama.
- Available on 17 chains, giving users many network options.
- Non-custodial: trades are made from your own wallet.
- Permissionless pools let new tokens trade without a listing process.
- Two audits are listed, and the protocol has a long public track record.
- Has its own token, UNI, tied to the wider Uniswap ecosystem.
Watch out for
- Liquidity providers face impermanent loss when token prices diverge, which can outweigh fee income.
- V2 pools spread liquidity across the full price range, so capital is used less efficiently than in concentrated-liquidity designs.
- Swap fee levels and gas costs are not given publicly, so users must check them in the interface before trading.
- Anyone can create a pool for any token, so scam and low-quality tokens exist and users must verify contract addresses themselves.
- Smart-contract risk remains despite audits, and public sources list only two audits with no further detail.
- Public sources say little about governance, the team or recent changes specific to V2.
Uniswap V2 fees
The project does not publish a fee schedule for Uniswap V2. In the classic V2 design, swappers pay a percentage fee on each trade that goes to liquidity providers, but readers should confirm the current rate in the interface before trading.
Users also pay network gas fees on whichever chain they use, and these vary with congestion. Slippage and price impact can matter more than the headline fee in thin pools. The swap screen shows estimated costs before you confirm.
Is Uniswap V2 safe?
Uniswap V2 is non-custodial, so the main risks are smart-contract flaws, malicious tokens and user error rather than exchange insolvency. DefiLlama lists two audits, but the project does not name the auditors or findings, and an audit does not guarantee safety.
Because pool creation is permissionless, fake or honeypot tokens can appear. Verify contract addresses, use the official interface, and be careful with wallet approvals. No hacks or incidents are mentioned publicly. This is not financial advice.
6 steps
How to get started with Uniswap V2
- 1
Install or open a compatible self-custody wallet and secure the recovery phrase offline.
- 2
Fund the wallet with the native gas token of the chain you plan to use, such as ETH on Ethereum or Base.
- 3
Open the official Uniswap interface and confirm the URL before connecting your wallet.
- 4
Select the network, choose the tokens to swap and verify each token's contract address.
- 5
Review the quoted price, price impact, fees and slippage setting, then confirm the transaction in your wallet.
- 6
If you want to provide liquidity, start small and learn how impermanent loss works first.
Who Uniswap V2 is for
Uniswap V2 is for DeFi users who want to swap tokens from their own wallet and for liquidity providers who accept impermanent loss in exchange for fee income. It is less suited to beginners who are not yet comfortable verifying token contracts, managing gas and handling wallet approvals.
Uniswap V2 FAQs
What is Uniswap V2?
Uniswap V2 is a decentralized exchange protocol that lets users swap tokens directly from their wallets using liquidity pools instead of an order book. It is the second major version of Uniswap and is tracked as a DEX.
Which blockchains does Uniswap V2 support?
DefiLlama lists Uniswap V2 on Ethereum, Base, Polygon, Robinhood Chain, Arbitrum, BNB Chain, X Layer, World Chain, Optimism, Monad, Arc, Avalanche, Unichain, Tempo, Zora, Ink and Celo. Availability of specific pools varies by chain.
Does Uniswap V2 have a token?
Yes. DefiLlama lists UNI as the protocol's token. The project does not describe its utility in detail, but UNI is widely known as the Uniswap governance token.
Is Uniswap V2 safe?
The protocol is non-custodial, so you keep your own keys, and DefiLlama lists two audits. Risks remain, including smart-contract bugs, fake tokens and impermanent loss for liquidity providers. Only trade or provide liquidity with funds you can afford to lose.
How do I provide liquidity on Uniswap V2?
Liquidity providers deposit two tokens into a pool and receive LP tokens representing their share. They earn a portion of swap fees, but can lose value versus simply holding if prices move. Check the fee rate and pool depth in the interface first.
Compare
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Guides
Guides that mention Uniswap V2
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dApp basics
Biggest Ethereum Gas Users: OpenSea, MetaMask and UniswapEthereum gas rankings in past years put OpenSea, MetaMask and Uniswap near the top. This guide explains what those rankings measure, why the names shift over time, and how you can check current gas use yourself.
DeFi
Biswap User and Volume Growth: How to Read the 69% ClaimBiswap has been linked to a claim of higher new-user activity and a 69% rise in trading volume. This guide explains what that kind of figure measures, how to check it yourself, and what it does and does not tell you about the exchange.
DeFi
ClaimSwap on Kaia: What Active Wallet Growth Means in 2026ClaimSwap is an automated market maker exchange on the Klaytn network, which is now part of Kaia. This guide explains what active wallet growth figures measure, why they can mislead, and how to check activity and trade safely.
DeFi
ClaimSwap on Klaytn and Kaia: How the DEX Works in 2026ClaimSwap is an automated market maker exchange on Klaytn, which is now part of Kaia. This guide explains how it works, what a claim about wallet growth can and cannot tell you, and how to check activity yourself.
How we checked
Sources
Last updated . Spotted an error? Tell us and we will correct it.