> ## Documentation Index
> Fetch the complete documentation index at: https://docs.theblockchainlibrary.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Uniswap V2 Core

> The Uniswap V2 whitepaper introduces a significant evolution of the Automated Market Maker (AMM) model by transitioning from an ERC-20 to ERC-20 token exchange

# Uniswap V2 Core

The Uniswap V2 whitepaper introduces a significant evolution of the Automated Market Maker (AMM) model by transitioning from an ERC-20 to ERC-20 token exchange

## Abstract

The Uniswap V2 whitepaper introduces a significant evolution of the Automated Market Maker (AMM) model by transitioning from an ERC-20 to ERC-20 token exchange mechanism to a generalized constant product formula approach. The core architecture relies on liquidity pools represented by liquidity provider (LP) tokens, which enable decentralized price discovery without an order book. A primary contribution of V2 is the introduction of direct token-to-token swaps, eliminating the reliance on ETH as an intermediary asset, thereby reducing gas costs and execution slippage. The protocol implements a sophisticated oracle mechanism by tracking the cumulative price of assets, allowing external smart contracts to query time-weighted average prices (TWAP). Additionally, V2 introduces flash swaps, permitting users to withdraw liquidity momentarily to perform arbitrage or other capital-efficient operations, provided the liquidity is returned within the same transaction. This paper established the standard for decentralized liquidity provisioning and remains a foundational text in understanding modern DeFi architecture.

**Authors:** Hayden Adams

**Publication:** Project Whitepaper

**Publication date:** 2020-01-01

## Key findings

* Eliminated the requirement for ETH as an intermediary in token swaps by enabling direct ERC-20 pair pools.
* Introduced TWAP oracles that allow on-chain price discovery resistant to simple price manipulation.
* Implemented flash swaps as a native primitive, allowing for uncollateralized loan transactions within a single block.
* Refined the constant product market maker (CPMM) to support generalized liquidity provision through LP token minting.

## Citation

Hayden Adams (2020). Uniswap V2 Core. Project Whitepaper. [https://uniswap.org/whitepaper.pdf](https://uniswap.org/whitepaper.pdf)

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***

**Canonical knowledge ID:** `research:uniswap-v2-core`