UNISWAP is a decentralized exchange (DEX), which creates an automatic market business (AMM) model. AMM's introduction of users can trade with the liquidity pool provided by its product formula, thereby providing a continuous source of liquidity. The V3 version of the exchange provides services for the second -level solution of Ethereum. The first version of the AMM model appeared in the V1 version of the exchange, and the V2 version allows different ERC-20s to transactions, not the exchange between ETH and ERC-20 tokens. As a result, the slippery point is reduced, which is conducive to the development of the exchange. In addition, it introduces the cost of agreement to continue to develop. In the V2 version, the packaged Ether instead of the local Ether is available for the first time as the tokens. The improvement of the V3 version includes providing a unique price curve for liquidity providers, enabling them to concentrate their capital to expected prices to improve capital efficiency. Another feature is that if the price changes significantly and exceeds the price range of LP, capital will be removed.