Uniswap is the first automated market-making trading protocol built on the Ethereum blockchain. In the blockchain world, there is a need to reshape centralized business models in a decentralized manner; exchanges are just one part of this. Meanwhile, centralized exchanges face risks such as regulatory power, hacking, and the potential for the exchange itself to run away, especially since asset control is not in the hands of ordinary users. For the concept of eliminating intermediaries and the need for trust in third parties, decentralized exchanges are an essential part of the more decentralized world. Before Uniswap introduced the AMM automated market-making model, the DEX (decentralized exchange) field continued traditional order book market-making and over-the-counter trading models, and was unable to support a large number of users in terms of trading speed, trading depth, etc., while also lacking incentive models $UNI #UNI .