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 Revenue Methodology

## 1. Overview

Revenue measures the portion of swap fees and blockchain gas fees that the Uniswap protocol retains, as determined by its protocol take rate. It represents the earnings generated by the protocol before operating expenses and token incentives. For Uniswap V2, Uniswap V3, and Uniswap V4, revenue is generated when the protocol fee switch is activated, redirecting a portion of the swap fees from liquidity providers to the protocol. For Unichain, revenue is derived from a portion of the transaction gas fees collected on the network.

## 2. Data sources

- **Blockchain events**: `PairCreated` events and `setFeeTo` function calls from `Factory` contracts, `Swap` events from `Pair` contracts, `PoolCreated` events from `Factory` contracts, `SetFeeProtocol` and `Swap` events from `Pool` contracts, `Initialize`, `ProtocolFeeUpdated`, and `Swap` events from `PoolManager` contracts, and transaction execution parameters from Unichain, covering Ethereum, Arbitrum, Base, Polygon, and 11 other chains
- **External data**: End-of-day price feeds for traded assets and native gas assets, and asset metadata

## 3. Step-by-step calculation

### Component A: Uniswap V2 fee and revenue split tracking

- **Purpose**: Determine the protocol revenue share for Uniswap V2 pools
- **Logic**: `PairCreated` events from `Factory` contracts are parsed to identify active trading pairs. Protocol fee activation is tracked via `setFeeTo` function calls from `Factory` contracts. When the fee recipient address is set to a non-zero address, the protocol fee is enabled, establishing a revenue split of 1/6 (approximately 16.67%) of the total 0.30% swap fee. This split is applied to all trades occurring after the activation timestamp.
- **Key fields**: `block_timestamp`, `feeTo` (fee recipient address)

### Component B: Uniswap V3 fee and revenue split tracking

- **Purpose**: Determine the protocol revenue share for Uniswap V3 pools
- **Logic**: `PoolCreated` events from `Factory` contracts are parsed to identify active pools and their respective fee tiers. Protocol fee updates are tracked at the individual pool level via `SetFeeProtocol` events from `Pool` contracts. The revenue split is calculated as the inverse of the new protocol fee value, defining the protocol's fractional share of the swap fees.
- **Key fields**: `block_timestamp`, `feeProtocol0New` (new protocol fee setting)

### Component C: Uniswap V4 fee and revenue split tracking

- **Purpose**: Determine the protocol revenue share for Uniswap V4 pools
- **Logic**: `Initialize` events from `PoolManager` contracts are parsed to identify active pools and their associated assets. Protocol fee updates are tracked via `ProtocolFeeUpdated` events from `PoolManager` contracts, where directional fee rates are packed in pips. The protocol's revenue split is calculated by dividing the active directional protocol fee rate (determined by the swap direction) by the swap fee.
- **Key fields**: `block_timestamp`, `protocolFee` (packed protocol fee rates)

### Component D: Swap volume and fee calculation

- **Purpose**: Calculate the total swap fees and protocol revenue generated from trades across Uniswap V2, Uniswap V3, and Uniswap V4
- **Logic**: `Swap` events from `Pair` contracts (for Uniswap V2), `Pool` contracts (for Uniswap V3), and `PoolManager` contracts (for Uniswap V4) are parsed to extract trade amounts. Traded amounts are normalized by decimal precision using asset metadata. To prevent distortion from price manipulation, the daily trading volume for each swap is calculated using the lesser USD value of the two traded assets, valued using end-of-day price feeds. Protocol revenue for each trade is calculated by multiplying the trading volume by the pool's fee tier and the active protocol revenue split.
- **Key fields**: `token0_amount`, `token1_amount`, `fee_tier`, `revenue_split`

### Component E: Unichain gas fee and revenue tracking

- **Purpose**: Calculate the protocol revenue generated from Unichain transaction fees
- **Logic**: Transaction execution parameters are parsed from Unichain to calculate total gas fees. The total gas fee is computed as the sum of the L2 gas fee (gas used multiplied by gas price) and the L1 gas fee (L1 gas used multiplied by L1 gas price and the L1 fee scalar), with both components normalized by decimal precision. Total gas fees are converted to USD using end-of-day price feeds. Unichain protocol revenue is calculated by applying a fixed 85% take rate to the total gas fees.
- **Key fields**: `gas_used`, `gas_price`, `l1_gas_used`, `l1_gas_price`, `l1_fee_scalar`

### Component F: Final aggregation and filtering

- **Purpose**: Aggregate daily revenue across all products and apply governance activation filters
- **Logic**: Daily revenue is aggregated by chain, product, and timestamp. Revenue is only recognized after the respective protocol fee switch activation dates (December 27, 2025, for Uniswap V2 and Uniswap V3, and July 27, 2026, for Uniswap V4). Denylisted trading pairs with limited price feed support are excluded from the final dataset.
- **Key fields**: `timestamp`, `product_id`, `chain_id`, `revenue`

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

UniswapUNI

Revenue

Revenue

Competitive landscape

Chain breakdown