Liquidity providers deposit funds into Uniswap and receive trading fees from traders (supply-side fees).

Uniswap is a non-custodial exchange protocol built on Ethereum. Uniswap was founded by Hayden Adams and launched in 2018.

UNI tokenholders own and govern the protocol. They do not currently take a cut of the total trading fees paid by traders (revenue). Uniswap's investors include Paradigm, a16z, USV, etc.

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Uniswap

# Uniswap Fees Methodology

## 1. Overview

Fees measures the total value paid by users to execute swaps, perform flash loans, and transact across Uniswap V2, Uniswap V3, Uniswap V4, and Unichain. These fees are paid by traders to compensate liquidity providers for price risk and capital provision, and by transaction signers to cover network execution costs on Unichain. The metric is utilized as a key indicator of the economic activity and value generation across the Uniswap ecosystem.

## 2. Data sources

- **Blockchain events**: `PairCreated` events from `Factory` contracts and `Swap` events from `Pair` contracts for Uniswap V2; `PoolCreated` events from `Factory` contracts, `Flash` events from `Pool` contracts, and `Swap` events from `Pool` contracts for Uniswap V3; `Initialize` and `Swap` events from `PoolManager` contracts for Uniswap V4; and transaction execution data on Unichain, covering Ethereum, Arbitrum, Optimism, Polygon, and 11 other chains
- **External data**: End-of-day price feeds for assets and asset metadata for decimal normalization

## 3. Step-by-step calculation

### Component A: Uniswap V2 swap fee calculation

- **Purpose**: Calculate fees generated from swaps on Uniswap V2 pools
- **Logic**: `Swap` events are parsed from `Pair` contracts. The change in asset balances for each swap is calculated by subtracting the outgoing amount from the incoming amount for both assets in the pool. Trading pairs on denylisted addresses are excluded. The asset amounts are normalized by decimal precision and converted to USD using end-of-day price feeds. To prevent price manipulation distortions, the swap volume is determined by taking the lesser USD value of the two swapped assets. Swap fees are then calculated by multiplying this swap volume by the pool's fee tier.
- **Key fields**: `block_timestamp`, `amount0_in`, `amount0_out`, `amount1_in`, `amount1_out`, `fee_tier`

### Component B: Uniswap V3 swap and flash loan fee calculation

- **Purpose**: Calculate fees generated from swaps and flash loans on Uniswap V3 pools
- **Logic**: `Swap` and `Flash` events are parsed from `Pool` contracts. For swaps, the absolute asset amounts are extracted, normalized by decimal precision, and converted to USD. The swap volume is defined as the lesser USD value of the two assets to mitigate price manipulation. For flash loans, the absolute amounts of both assets are extracted, normalized, converted to USD, and summed to determine the total flash loan volume. Both swap and flash loan volumes are multiplied by their respective pool fee tiers, which are extracted from `PoolCreated` events from `Factory` contracts, to calculate the total fees. Pools associated with denylisted trading pairs are excluded.
- **Key fields**: `block_timestamp`, `amount0`, `amount1`, `fee_tier`

### Component C: Uniswap V4 swap fee calculation

- **Purpose**: Calculate fees generated from swaps on Uniswap V4 pools
- **Logic**: `Swap` events are parsed from `PoolManager` contracts. The asset amounts are extracted, inverted to align with the contract-side perspective, normalized by decimal precision, and converted to USD. The swap volume is calculated as the lesser USD value of the two assets. Swap fees are calculated by multiplying the swap volume by the pool's fee tier, which is extracted from the `Swap` event. Pools associated with denylisted trading pairs are excluded.
- **Key fields**: `block_timestamp`, `amount0`, `amount1`, `fee_tier`

### Component D: Unichain gas fee calculation

- **Purpose**: Calculate transaction gas fees on Unichain
- **Logic**: Transaction execution data is parsed from Unichain. The L2 gas fee is calculated by multiplying the gas used by the gas price. The L1 gas fee is calculated by multiplying the L1 gas used, L1 gas price, and the L1 fee scalar. Both fee components are normalized by decimal precision, summed to obtain the total gas fee in the native gas asset, and converted to USD using end-of-day price feeds.
- **Key fields**: `block_timestamp`, `gas_used`, `gas_price`, `l1_gas_used`, `l1_gas_price`, `l1_fee_scalar`

### Component E: Final aggregation and normalization

- **Purpose**: Aggregate all fee components into a unified daily metric
- **Logic**: The calculated fees from Uniswap V2, Uniswap V3, Uniswap V4, and Unichain gas fees are aggregated by day, chain, and product. Gaps in the daily time series are filled with zeros to ensure continuity. Freshness and archival filters are applied to exclude data from chains that are no longer active or approved, ensuring accurate institutional-grade reporting.
- **Key fields**: `timestamp`, `chain_id`, `product_id`, `fees`

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total value users pay to use a protocol (gross fees, user-paid fees).

UniswapUNI

Fees

Fees

Competitive landscape

Chain breakdown