This podcast episode delves into the development, evolution, and future of Uniswap, a leading decentralized exchange protocol. It covers the innovative features introduced over its iterations, from Uniswap v1 to v4, exploring the benefits and challenges of each iteration. The episode highlights the role of Uniswap's simplicity and decentralization in its initial success and discusses the challenges of fee optimization and the potential of custom logic through hooks. Moreover, it examines the governance and licensing changes implemented in Uniswap v4, considering its implications for the protocol's ownership and longevity. Finally, the episode explores the regulatory landscape for DeFi and Uniswap's role in shaping it, addressing concerns about centralization and the potential for increased compliance.