Uniswap Review: What It Is, How It Works, and Why It Still Leads DeFi

When you want to trade crypto without a bank or broker, Uniswap, a decentralized exchange built on Ethereum that lets users swap tokens directly from their wallets. Also known as a fully automated market maker, it doesn’t hold your money or set prices — the crowd does. That’s the core idea behind DeFi, a system of financial apps that run on blockchains without central control. Unlike centralized exchanges like Binance or Coinbase, Uniswap runs on smart contracts. You connect your wallet, pick two tokens, and click swap. No sign-up. No KYC. No middleman.

How does it actually work? Uniswap uses something called an AMM, automated market maker — a math formula that sets prices based on how much of each token is in a pool. If more people buy ETH using USDC, the price of ETH goes up automatically. Anyone can add liquidity to these pools and earn fees from trades. That’s why thousands of small tokens exist on Uniswap — if you can list it, people can trade it. This openness is why Uniswap handles more daily volume than most centralized exchanges, even today.

But Uniswap isn’t perfect. Gas fees on Ethereum can make small trades expensive. Slippage can eat into profits on volatile tokens. And while it’s open to anyone, that also means scams and fake tokens are everywhere. You’re responsible for your own safety. That’s why so many users compare it to SushiSwap, a fork of Uniswap that added rewards for liquidity providers, or PancakeSwap, a faster, cheaper version running on BSC. Each has trade-offs: speed, cost, rewards, or token variety.

What you’ll find in the posts below are real-world takes on Uniswap and its neighbors — not marketing fluff, but what happens when you actually use them. From fee comparisons to liquidity traps, from token scams to passive income tricks, these reviews show what works, what doesn’t, and what you should avoid in 2025.