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Uniswap v1 paired each token with ETH, v2 added direct ERC-20 token pairs, and v3 let liquidity providers concentrate funds within chosen price ranges. The changes affect routing and execution for traders, and the way liquidity providers earn fees and manage risk.
Uniswap v1, v2, and v3 at a glance
| Version | Pairing and pools | Liquidity model | LP position | Main change |
|---|---|---|---|---|
| v1 | Each token traded against ETH; token-to-token swaps generally routed through ETH | Full-range | Early exchange-share design | Demonstrated permissionless pool-based trading |
| v2 | Any two ERC-20 tokens can pair directly | Full-range | Fungible ERC-20 LP tokens | Direct token pairs, flash swaps, and improved time-weighted price data |
| v3 | Direct token pairs; multiple pools for a pair can use different fee tiers | LPs choose a price range | Individualized ERC-721 NFT positions | Concentrated liquidity and customizable fee tiers |
Uniswap’s support guide dates v1’s launch to November 2018, v2’s to May 2020, and v3’s to May 2021. These are separate protocol versions, not simply different labels for the same pool: Uniswap’s version guide.
How Uniswap pools work
Uniswap is a decentralized exchange protocol that uses smart-contract pools rather than a conventional order book. A pool holds two assets. Traders swap against its balances, and arbitrage trading helps align the pool’s price with prices elsewhere. In the basic constant-product model used by v1 and v2, the token quantities are represented as x × y = k. A trade changes the balance ratio; the larger the trade relative to available liquidity, the more it moves the execution price. V3 applies the constant-product idea within selected price ranges. See Uniswap’s explanation of how the protocol works.
- Trader: Swaps one token for another.
- Liquidity provider (LP): Supplies assets to a pool and may receive a share of its swap fees.
- Pool: The smart-contract market for a token pair.
- Price impact: The change in execution price caused by a trade’s effect on pool balances.
- Impermanent loss: The potential for an LP position to be worth less than simply holding the deposited assets, as relative prices change.
- Active liquidity: In v3, liquidity whose selected range includes the current market price and can therefore participate in swaps.
What changed from v1 to v2?
V1 used ETH as the bridge asset
In v1’s core design, each token had an exchange against ETH. A trade between two non-ETH tokens generally took two legs, such as Token A → ETH → Token B. That route could mean two swaps, added fee costs and slippage, and ETH exposure for LPs who wanted to provide liquidity between two other assets.
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V2 introduced direct ERC-20 pairs
V2 allowed a pool to pair any two ERC-20 tokens directly—for example, USDC and DAI—rather than requiring a route through ETH. A direct pool can reduce route length and costs when it has adequate liquidity; it is not automatically better if that pool is shallow. The Uniswap v2 white paper describes the move from ETH as v1’s bridge currency to direct token pairs.
V2 added building blocks for swaps and price data
V2 standardized pair contracts created by a factory and used router contracts to coordinate swaps and liquidity operations. It also added flash swaps: a transaction can receive tokens before paying, as long as it returns the required assets or completes a valid repayment path before that transaction ends.
For oracle use, v2 records cumulative prices that can be used to calculate a time-weighted average price (TWAP), improving on reliance on a momentary spot price. A TWAP is not manipulation-proof in every application; its safety depends on factors such as the observation window, liquidity, market conditions, and how the consuming protocol uses it. Details of the pair, flash-swap, and oracle designs are in the v2 white paper.
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What changed from v2 to v3?
V2 spreads liquidity across the full price curve
A v2 LP’s liquidity remains available across the full price range. This avoids choosing and maintaining a range, but some of the supplied capital can sit far from the current trading price and contribute little immediate depth there.
V3 lets LPs choose a range
A v3 LP chooses lower and upper price boundaries. The position earns swap fees only while the market price is within that range. For example, an LP might set a stablecoin pair’s range at $0.99–$1.01. If the price stays inside, the position can put more of its capital near the active market than a full-range position. If the price moves outside, the position becomes inactive and stops earning fees until the price returns or the LP changes the position. The concentrated-liquidity documentation explains the mechanics and trade-off.
Concentration can increase capital efficiency while a position is active; it does not guarantee higher returns. A position can become one-sided as price moves beyond its range, and concentrated liquidity does not eliminate impermanent loss.
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V3 positions are individualized NFTs
A v2 LP token is a fungible share of a particular pool. V3 positions can differ by price range, fee tier, liquidity amount, and accrued fees, so they are represented as ERC-721 nonfungible tokens through the NonfungiblePositionManager. The position model is described in Uniswap’s protocol concepts.
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V3 has multiple fee tiers for a token pair
V3 can have separate pools for the same pair at different fee tiers. The current documented standard tiers are 0.01%, 0.05%, 0.30%, and 1.00%; governance can enable additional configurations. Fee availability can depend on the pool and deployment. See Uniswap’s v2-to-v3 migration guide.
More tiers give LPs ways to match fees to a pair’s characteristics, but can divide liquidity among pools. A lower fee tier alone does not guarantee better trade execution.
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How fees and LP accounting differ
A swap fee is the charge associated with a pool trade; LPs may receive some of it, while a protocol fee is a separate governance-controlled share that can be directed to protocol-controlled contracts. The configuration can differ by version, pool, and time.
- V2: The historical standard total swap fee was 0.30%. Under the current fee configuration described in Uniswap’s protocol-fee documentation, that total may be split into 0.25% for LPs and 0.05% for the protocol. The protocol share is configurable, not an immutable property of every v2 pool or past trade.
- V3: The pool’s fee depends on its tier. Any applicable protocol-fee deduction can affect what LPs receive.
- Fee accounting: V2 swap fees increase pool reserves and are reflected in LP-share economics. V3 fees accrue separately as claimable balances associated with positions; they must be collected or otherwise managed rather than automatically becoming position liquidity in the same way.
For current details, consult Uniswap’s documentation on fee accounting and the protocol fee.
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Most traders should compare expected execution, not select a version by number alone. A route’s result depends on pool depth, trade size, fee, number of hops, price impact, network costs, and whether the token and pool are supported by the interface or routing system.
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- A v3 pool with a lower fee can still give worse execution than a deeper pool at another tier if its available liquidity is limited.
- A direct v2 pair can avoid an extra hop, but only if it has enough liquidity for the trade.
- Several v3 pools for the same pair create more routing options, but also divide liquidity and can make route evaluation more complex.
- V2’s full-range model can still provide useful depth; it is not inherently inferior for every trade.
V1 is principally a legacy system rather than a default for modern trading or a new integration. The current Uniswap developer glossary identifies v1 as unsupported by the Uniswap API; that does not establish that every v1 deployment is unavailable through every means. Check the chain, interface, and route support relevant to your transaction: Uniswap developer glossary.
What the version differences mean for liquidity providers
V2: full-range liquidity with simpler position management
V2 does not require an LP to select or rebalance a price range, and fungible LP tokens make pool ownership easier to represent and integrate. Fees increase reserves. The trade-off is that liquidity is spread across the full curve, and LPs still face changing asset values, impermanent loss, smart-contract risk, and token-specific risks.
V3: potentially more efficient, but requires range decisions
V3 can put more capital where an LP expects trading to happen and offers fee-tier choices. In return, the LP must choose a range and decide whether to monitor, collect fees, or reposition. If price exits the range, the position stops earning swap fees and can end up entirely in one asset. Depending on the selected range and current price, supplying liquidity may require one token or both. These mechanics are described in the concentrated-liquidity guide.
Range management may add transaction costs and complexity; any automation or management service also brings its own costs and risks. A narrow range can be productive when the market behaves as expected but may become inactive after a price move. Neither v2’s passive range nor v3’s concentrated range removes LP risk.
Which version should you use?
| Your use case | Practical starting point | What to weigh |
|---|---|---|
| Swapping tokens | Compare available routes and pools rather than choosing solely by version | Expected execution, liquidity depth, fee, price impact, route hops, network costs, and support |
| Providing liquidity without range management | V2’s full-range model may be simpler to operate | Capital is distributed across the full curve; market and impermanent-loss risks remain |
| Providing liquidity around an expected price band | V3 may suit an LP willing to manage a concentrated position | Inactive-range risk, asset mix changes, fee collection, rebalancing, and costs |
| Learning protocol history | Study v1 as the ETH-paired baseline, then v2 and v3 for the architectural changes | V1 is a legacy design, not a default new-user recommendation |
| Building a new integration | Start with current official developer documentation, including v4 | Choose contracts and interfaces for the intended chain, use case, and maintenance needs |
Where v4 fits
V4 launched in January 2025, after the versions compared here. It is not simply v3 under a new number: Uniswap’s protocol overview describes a singleton architecture, hooks, flash accounting, and flexible fee behavior, while retaining concentrated-liquidity concepts. Developers assessing a new integration should consult the current Uniswap protocol overview rather than assume v2 or v3 is the default.
Uniswap’s support material describes multiple versions as deployed protocol versions that can function independently on Ethereum, subject to the blockchain and deployment conditions. That is distinct from whether a particular interface, API, chain, or route supports them. See the version guide and developer glossary.
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