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 Total value locked Methodology

## 1. Overview

Total value locked (TVL) is measured as the total USD value of assets deposited in Uniswap liquidity pools. It is used as a leading indicator for revenue-generating activity, such as trading and fee generation, by reflecting the depth of liquidity available on the platform. Deposits are tracked across Uniswap V2, Uniswap V3, and Uniswap V4. Because assets can be withdrawn by depositors at any time, TVL represents the active capital committed to the protocol.

## 2. Data sources

- **Blockchain events**: `Sync` events from `Pair` contracts (Uniswap V2); `Mint`, `Collect`, `Swap`, and `Flash` events from `Pool` contracts (Uniswap V3); and asset transfer flows to and from `PoolManager` singleton contracts (Uniswap V4), covering Ethereum, Arbitrum, Optimism, Polygon, and 11 other chains
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Uniswap V2 reserve tracking

- **Purpose**: Track daily asset balances for Uniswap V2 pools
- **Logic**: Daily reserves are determined by extracting the last `Sync` event from `Pair` contracts for each pool on any given day. The raw reserve amounts (representing asset 0 and asset 1) are normalized by the decimal precision of their respective assets using asset metadata. Daily net flows are calculated as the difference between the current day's reserve balance and the previous day's reserve balance, defaulting to the current day's balance if no prior activity exists. Denylisted trading pairs are excluded to prevent distortion from low-liquidity assets with unreliable price feeds
- **Key fields**: `timestamp`, `chain_id`, `pool_address`, `asset0_address`, `asset1_address`, `reserve0`, `reserve1`

### Component B: Uniswap V3 liquidity flow aggregation

- **Purpose**: Calculate daily net asset flows for Uniswap V3 pools
- **Logic**: Daily net flows are aggregated from multiple pool activities. Deposits are captured via `Mint` events (positive flows), withdrawals are captured via `Collect` events (negative flows), and trades are captured via `Swap` events (positive or negative flows). Flash loans are captured via `Flash` events, where the asset amounts are multiplied by the pool's fee tier to represent the retained fee flow. Raw amounts are normalized by decimal precision and summed daily per pool and asset. Pre-regenesis reserve snapshots are incorporated for Optimism. Denylisted trading pairs are excluded
- **Key fields**: `timestamp`, `chain_id`, `pool_address`, `amount0`, `amount1`, `fee_tier`

### Component C: Uniswap V4 singleton balance tracking

- **Purpose**: Track daily net asset flows for Uniswap V4
- **Logic**: Because a singleton architecture is utilized by Uniswap V4, where all liquidity is held in a single `PoolManager` contract per chain, flows are tracked at the asset level rather than per pool. Daily net flows of ERC-20 assets and native assets into and out of the `PoolManager` contract are extracted. Raw transfer values are reconstructed from quotient and remainder buckets, normalized by decimal precision, and aggregated to determine the daily net flow per asset. Specific excluded assets are filtered out on certain chains
- **Key fields**: `timestamp`, `chain_id`, `asset_address`, `value`, `amount`

### Component D: Cumulative TVL calculation and zero-floor guard

- **Purpose**: Compute the running balance of assets in Uniswap pools
- **Logic**: Daily net flows from Uniswap V2, Uniswap V3, and Uniswap V4 are combined. A running cumulative sum of these daily flows is calculated per chain, product, pool, and asset. To prevent data anomalies from producing negative balances, a zero-floor guard is applied, ensuring the cumulative asset balance is never less than zero. Missing days are filled forward using the last known balance
- **Key fields**: `timestamp`, `chain_id`, `product_id`, `pool_address`, `asset_address`, `tvl`

### Component E: USD conversion and final aggregation

- **Purpose**: Convert asset balances to USD and aggregate to the protocol level
- **Logic**: Cumulative daily asset balances are multiplied by end-of-day asset prices. The USD values are then aggregated across all assets, pools, products, and chains to produce the total value locked for the Uniswap protocol. Gaps are zero-filled, and chain availability filters are applied to align with active reporting chains
- **Key fields**: `timestamp`, `chain_id`, `product_id`, `tvl`

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

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

UniswapUNI

Total value locked

Total value locked

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