Uniswap is a decentralized trading mechanism with UNI as its internal governance coin. UNI is an ERC-20 token, which means it runs on Ethereum.
ERC-20 only specifies a set of criteria for tokens, as well as security concerns mostly connected to the Ethereum network's strength. Congestion, for example, might raise the cost of the gas used to conduct transactions, resulting in delays and unusually high transaction costs that affect all players.
On November 2, 2018, Uniswap V2 was released, including additional features such as ERC-20 pairings, price oracles, flash swaps, and more. On May 5, 2021, the most recent version, Uniswap V3, was released on the mainnet. It has improved infrastructure, higher capital efficiency for liquidity providers, and better execution for traders. Prior to the mainnet launch of V3, the Uniswap price reached an all-time high (ATH) of $44.97. The UNI to AUD and UNI to EUR price combinations have sparked a lot of attention since their inception.