May 7
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Uniswap has processed over $2 trillion in trading volume, holds $3.3 billion in TVL, and is deployed on 42 chains — how did a smart contract written by a former mechanical engineer become the world's largest decentralized exchange? In this deep dive, we fully break down Uniswap's core mechanics: how the AMM automated market maker replaces traditional order books with a simple formula x×y=k, how liquidity providers (LPs) earn trading fees, why "impermanent loss" is a hidden cost every LP must understand, and Uniswap's four revolutionary upgrades from V1 to V4 — concentrated liquidity, the Hooks plugin system, singleton architecture, and flash accounting. Whether you want to become an LP earning passive income, or understand the foundational logic of DeFi — this is the ultimate guide you need.