How Uniswap UNI Supply Works and Who Can Change It
UNI began with a fixed supply and no default minting; circulating supply grows through vesting unlocks, and UNI holders vote on any inflation.
Vahe HakobyanEditor-in-chief
Updated Oct 6, 20263 min readFact-checked
On this page
- The launch sent most UNI to the community, with the rest vesting.
- Etherscan shows total supply; governance docs hold the allocation terms.
- In December 2025, holders approved a burn paid from protocol fees.
You can follow Uniswap's UNI supply through the token contract on Etherscan, the original allocation terms, and the governance record.
Before you start: UNI supply basics
Uniswap is a protocol for swapping tokens that runs on Ethereum, and UNI is its governance token. When UNI launched in September 2020, the token contract set a fixed supply with no default unlimited minting. You do not need UNI to use Uniswap.
How UNI supply changes over time
Supply changes in stages, and none of them happen on their own. The launch allocation sent most UNI to the community, while team members, investors, and advisors received tokens that vested.
- 1Read the launch allocationMost UNI went to the community. Team members, investors, and advisors received tokens with vesting schedules that decided when their tokens could move.
- 2Track the vesting unlocksThe locked tokens released over four years, so circulating supply grew as they became tradable. The total did not change.
- 3Follow the supply votesHolders propose and vote on supply changes. The launch terms let a perpetual inflation rate begin years after launch, if holders vote for it. In December 2025, governance approved the UNIfication proposal, which added a burn paid from protocol fees.
What to do after you check supply
Save what you found and where you found it. The token contract and the governance record settle supply questions after every vote.
Frequently asked questions
No hard cap is written into the contract. Supply stays fixed until holders vote for a change such as inflation.
UNI holders do, through proposals and votes. The Uniswap Foundation, started in 2022, can propose ideas but cannot change supply on its own.
Total supply counts every token the contract has issued, including tokens still locked in vesting. Circulating supply counts the tokens that can trade.
An unlock moves tokens out of a vesting contract on a set date, and the circulating figure rises as the contract's balance falls.
