Glossary
UNI
Uniswap's governance token — distributed in a September 2020 retroactive airdrop to every prior user, controls protocol fees, treasury, and contract upgrades.
UNI launched in September 2020 as Uniswap's governance token, with 400 UNI airdropped to every Ethereum address that had used the protocol before that date. The airdrop was worth ~$1,200 at launch and as much as ~$15,000 at peak.
The token controls treasury spending, fee parameters, governance process changes, and contract upgrades. The long-running "fee switch" debate — whether to turn on protocol fees that accrue to UNI holders — has driven much of the token's narrative. As of 2026 UNI sits among the highest-cap governance tokens in DeFi.