Uniswap is a public good owned and governed by UNI token holders.
The Uniswap protocol is a peer-to-peer system designed for exchanging cryptocurrencies. The protocol is implemented as a set of persistent, non-upgradable smart contracts; designed to prioritize censorship resistance, security, self-custody, and to function without any trusted intermediaries who may selectively restrict access. The Uniswap Protocol is a public good owned and governed by UNI token holders.
The community is governed by its token holders, represented by trusted delegates.
Governance decisions are initiated as proposals, providing insights into the priorities of the community.
Proposals that advance to a vote are accepted or rejected by the community’s delegates.
This document contains forward-looking statements, including anticipated regulatory outcomes, governance upgrades, treasury actions, and fee-switch economics. Actual results may differ materially due to legislative shifts, market volatility, community votes, or smart-contract failures. No duty to update these statements is assumed.
The U.S. Securities and Exchange Commission ("SEC") closed its inquiry into Uniswap Labs in February 2025 without enforcement action. Future administrations or other agencies may reopen investigations or pursue new theories of liability notwithstanding this reprieve. Global regulators may not recognize a DUNA; activities conducted under this wrapper could still trigger securities-, commodities-, AML-, or tax-law obligations in other jurisdictions.
A Wyoming DUNA provides limited liability only to the extent Wyoming law is respected by the forum hearing a dispute. Foreign courts and U.S. federal agencies are not bound to honor that limitation. The DUNA framework is novel and untested at scale; material aspects may be revised by future Wyoming legislative sessions or challenged in court.
The UNI token does not automatically convey a right to protocol cash flows. Turning on the "fee switch" requires a separate on-chain vote and may expose UNI holders and the DAO to additional regulatory scrutiny. Token-holder incentives may diverge from broader ecosystem interests, leading to extractive proposals that erode protocol competitiveness. The DAO treasury (~$6 billion, majority in UNI) is highly concentrated; market shocks or liquidity drains could impair runway. Deploying treasury assets through the DUNA could generate U.S. federal, state, or foreign tax liabilities at the DUNA level even if no distributions are made to token holders.
Smart-contract code is open-source and may contain vulnerabilities. Upgrades carry non-zero risk of governance capture or execution error. Cross-chain deployments (e.g., Unichain, Base) increase surface area for bridge exploits and consensus failures. UNI and related derivatives are subject to extreme volatility, thin order books on certain pairs, and potential delistings on centralized venues. Liquidity provider ("LP") incentives can change rapidly, affecting swap pricing and protocol volume.
Neither the DAO nor this document provides tax advice. Token holders should consult qualified advisers regarding income recognition, cost-basis tracking, and potential self-employment or excise taxes arising from governance participation.
Delegates, service providers, and authors of this document may hold UNI or have commercial relationships with Uniswap Labs, the Uniswap Foundation, or third-party vendors. Positions may change without notice.
Nothing herein constitutes an offer to sell, or the solicitation of an offer to buy, any token, security, or other financial instrument in any jurisdiction.
