UNI V2, V3, and V4 Explained
When people search for uni v2, uni v3, or uni v4, they are usually talking about versions of the Uniswap protocol, not different versions of the UNI token. The UNI token is the governance token of the Uniswap ecosystem, while Uniswap V2, V3, and V4 are protocol versions with different liquidity and pool mechanics.
The confusion often comes from phrases like "uni v2 token" or "uni v2 token price." Those phrases can mean different things depending on context. This guide explains the naming clearly, shows what changed from V2 to V3 to V4, and helps you tell whether you are looking at the UNI token, a protocol version, or an LP position. If you want the token basics first, see what is UNI token.
UNI token vs Uniswap versions: the key distinction
The most important distinction is simple. UNI is a token. Uniswap V2, V3, and V4 are protocol versions.
UNI is an ERC-20 governance token associated with the Uniswap ecosystem on Ethereum. It is a fungible token, meaning one UNI is interchangeable with another UNI. By contrast, V2, V3, and V4 describe different generations of Uniswap smart contracts and pool design.
That means a protocol upgrade does not automatically create a new UNI coin. There is not a separate "UNI V2 coin," "UNI V3 coin," or "UNI V4 coin" in the normal sense. When users say "Uniswap V3," they usually mean the version of the trading and liquidity protocol, not a different governance asset.
A quick way to think about it is this: if something trades under the ticker UNI, it usually refers to the governance token. If something mentions V2, V3, or V4, it usually refers to how a Uniswap pool or liquidity system is designed. If something mentions an LP token, pool share, or position NFT, it is not the same thing as the UNI token.
What changed from Uniswap V2 to V3 to V4
Uniswap V2 is the classic two-token automated market maker design most people associate with early Uniswap. It uses the constant-product model, often written as x × y = k, where the changing balance of the two assets determines the price. In V2, liquidity is spread across the full price curve, so providers do not choose a specific active range. That makes V2 easier to understand, but it can leave capital less concentrated around the prices where most trading actually happens.
Uniswap V3 kept the AMM structure but changed how liquidity is allocated. Instead of placing capital across the full curve, liquidity providers can choose a defined price range where their liquidity is active. This is called concentrated liquidity. V3 also introduced multiple fee tiers, so the same token pair can exist in separate pools with different fee settings. The result is a more precise system, but also a more complex one for liquidity providers.
Uniswap V4 moves toward a more modular pool framework. Its headline feature is hooks, which are custom logic components that can run at defined moments in a pool's lifecycle, such as around swaps or liquidity changes. In practical terms, V4 is less about creating a single new pricing rule and more about allowing pool behavior to be customized without putting every feature directly into one fixed core design.
What people usually mean by "UNI V2 token"
The phrase "uni v2 token" is ambiguous, which is why it causes so much confusion. In practice, people usually mean one of three things:
- Uniswap V2 as a protocol version. They are using "token" loosely and really mean the V2 version of Uniswap.
- A V2 LP token. In Uniswap V2, liquidity providers receive a fungible token that represents their share of a specific V2 pool.
- The UNI token, named incorrectly. Some users say "UNI V2 token" when they actually mean the UNI governance token.
The second meaning is especially important. A V2 LP token is not the same thing as UNI. It is a pool-share token tied to a particular liquidity pool. Its value depends on the assets in that pool and the holder's share of it.
Does "UNI V2 token price" mean the UNI price?
Not always. This is one of the biggest terminology traps.
If someone means the UNI governance token, then they are talking about the market price of UNI. If they mean a V2 LP token, then they are talking about the value of a liquidity position, which is a different thing entirely. If you need that distinction first, compare it with the UNI token price page.
| Term someone uses | What it may actually mean |
|---|---|
| UNI price | Market price of the UNI governance token |
| UNI V2 token price | Sometimes a mistaken name for UNI price, but sometimes the value of a V2 LP token |
| uni-v2 token value | Often the value of a V2 liquidity-pool share rather than the UNI token |
A V2 LP token does not have the same meaning as a standard token ticker. It represents a claim on underlying pool assets. Its value changes with the pool composition, the relative prices of those assets, and the holder's percentage share. So when you see "uni v2 token price," you should first ask whether the person means UNI market price or LP position value.
V2 LP tokens vs V3 positions vs V4 pool logic
One reason this naming issue persists is that liquidity positions are represented differently across Uniswap versions.
In V2, a liquidity provider receives a fungible LP token. That token represents a share of a specific V2 pool and can be thought of as a pair-token receipt for deposited liquidity.
In V3, the situation changes. Because liquidity can be placed in custom price ranges, positions are no longer naturally interchangeable in the same way. As a result, V3 liquidity positions are represented as NFT positions rather than simple fungible LP tokens. That is a major reason V2 and V3 should not be interpreted as the same type of "token."
In V4, the protocol becomes more modular, and pool behavior can depend on hooks and pool-specific design choices. That means the exact user experience may vary more from one pool to another. V4 does not mean there is a new version of the UNI token. It means the protocol infrastructure for pools and liquidity can be more customizable.
How to tell whether you are looking at UNI, a V2 LP token, or a protocol version
When a wallet, interface, or block explorer uses confusing labels, context usually tells you what you are looking at.
If you see the ticker UNI and a normal fungible token balance, you are usually looking at the governance token. If you see references to a specific pool pair, a pool share, or liquidity provision, you may be looking at a V2 LP token. If you see language about positions and NFTs, that points more toward V3 liquidity. If the context is discussing pool architecture, hooks, or protocol changes, then V4 is probably being used as a version label rather than an asset name.
A simple verification checklist helps:
The main mistake to avoid is assuming that every item with "Uniswap" or "V2" in the name is the UNI token.
What swappers and liquidity providers actually need to care about
If you only want to hold or swap into UNI, you usually do not need to treat V2, V3, and V4 as different UNI coins. What matters more is that you are getting the correct token and not confusing it with an LP position or a version label. If your next step is acquiring the token itself, you can read how to swap into UNI.
If you are a swapper, the version matters because different pools may have different liquidity structures, fee tiers, and routing behavior. For you, V2, V3, and V4 mostly affect how a swap is executed, not what the UNI token is.
If you are a liquidity provider, the version matters much more. In V2, you receive fungible LP tokens. In V3, you manage range-based NFT positions. In V4, pool behavior may depend more heavily on custom pool logic. So for LPs, understanding the version is essential because it changes how positions work and how value is represented.
The simplest way to remember the difference
The easiest shorthand is this: UNI is the token, while V2, V3, and V4 are protocol versions.
A second shorthand can help too. V2 is the classic full-curve AMM model. V3 is concentrated liquidity with fee tiers. V4 is customizable pool infrastructure with hooks. None of those version names means there is a separate UNI V2 coin or UNI V3 coin.
FAQ
Is UNI V2 a different coin from UNI?
Usually, no. In most cases, 'UNI V2' is not the name of a separate coin. It is either a reference to Uniswap V2 as a protocol version or a mistaken way of referring to UNI.
What is the difference between UNI and Uniswap V3?
UNI is the governance token. Uniswap V3 is a version of the Uniswap protocol that introduced concentrated liquidity and multiple fee tiers.
Does Uniswap V4 change the UNI token?
Uniswap V4 changes protocol architecture and pool customization options. It does not automatically create a new version of the UNI token.
What does 'Uniswap V2 token' mean?
It can mean different things depending on context. Often it means Uniswap V2 loosely, a V2 LP token, or an incorrect label for UNI.
Why do people search for 'uni v2 token price'?
Because the terminology is confusing. Some people mean the market price of UNI, while others are actually asking about the value of a V2 LP token or liquidity share.
Are V2 and V3 LP positions the same?
No. V2 LP positions are typically represented by fungible LP tokens. V3 positions are represented by NFTs because each position can use different price ranges.
If I only want UNI, should I care about V2, V3, or V4?
Only to the extent that version labels can create confusion. If your goal is simply to hold UNI, the main thing is to make sure you are getting the UNI token rather than an LP position or misreading a protocol version label.