dex protocol review

Uniswap V3

Concentrated liquidity pools used for market depth, oracle observations, liquidations, and routing.

partialmedium

TVL

$4.60B

Protocol reported or analyst-entered value.

Exposure

$3.20B

Mapped collateral and market exposure.

Dependencies

0 critical dependencies.

Markets

3 monitor signals configured.

Protocol facts

Static fields from the typed research record.

ProductsConcentrated liquidity, TWAP observations, Routing

ChainsEthereum, Arbitrum One, Base, OP Mainnet, Polygon PoS

Categorydex

Review statuspartial

Collateral, oracle, cap, and liquidation parameters by market.

2 rows

Market	Chain	Collateral	Oracles	LTV	Liquidation	Supply cap	Borrow cap	Utilization
Major Ethereum pools	Ethereum	WETH USDC USDT WBTC wstETH	oracle:ethereum:uniswap-v3:twap	0%	0%	$2.40B	$0	57.0%
Base major pools	Base	WETH USDC cbETH weETH	oracle:base:uniswap-v3:twap	0%	0%	$820.0M	$0	61.0%

Findings separate the observed evidence from the analyst outcome.

Severity	Dimension	Finding	Outcome	Evidence	Sources
medium	oracle	TWAPs require liquidity and observation review	Oracle data can become stale or manipulated.	Protocols using Uniswap TWAPs inherit pool-liquidity and observation-window assumptions.	Uniswap docs

Inbound and outbound trust assumptions touching this protocol.

Severity	Direction	Edge type	Dependency path	Analyst label
high	outbound	accepts collateral	Uniswap V3 -> WBTC	Uniswap V3 Major Ethereum pools accepts WBTC as collateral or core liquidity
high	outbound	accepts collateral	Uniswap V3 -> weETH	Uniswap V3 Base major pools accepts weETH as collateral or core liquidity
medium	outbound	accepts collateral	Uniswap V3 -> USDC	Uniswap V3 Major Ethereum pools accepts USDC as collateral or core liquidity
medium	outbound	accepts collateral	Uniswap V3 -> USDT	Uniswap V3 Major Ethereum pools accepts USDT as collateral or core liquidity
medium	outbound	accepts collateral	Uniswap V3 -> wstETH	Uniswap V3 Major Ethereum pools accepts wstETH as collateral or core liquidity
medium	outbound	accepts collateral	Uniswap V3 -> USDC	Uniswap V3 Base major pools accepts USDC as collateral or core liquidity
medium	inbound	depends on	Morpho Blue -> Uniswap V3	Morpho liquidation and oracle review includes Uniswap liquidity surfaces
low	outbound	settles on	Uniswap V3 -> Ethereum	Uniswap V3 deployment inherits Ethereum settlement risk
low	outbound	accepts collateral	Uniswap V3 -> WETH	Uniswap V3 Major Ethereum pools accepts WETH as collateral or core liquidity
low	outbound	accepts collateral	Uniswap V3 -> WETH	Uniswap V3 Base major pools accepts WETH as collateral or core liquidity
low	outbound	accepts collateral	Uniswap V3 -> cbETH	Uniswap V3 Base major pools accepts cbETH as collateral or core liquidity

Public operational signals and review cadence.

Status	Monitor	Signal	Cadence
planned	Admin and guardian changes	Owner, guardian, Safe signer, threshold, and emergency role changes.	15 min after ingestion
planned	Oracle freshness	Heartbeat breaches, stale rounds, and large reference-market deviations.	5 min after ingestion
manual	Liquidity and cap shock	Supply cap utilization, borrow cap utilization, TVL drops, and liquidity depth changes.	Daily analyst review

Highest-severity paths that could transmit risk into or out of this protocol.

11 paths

Severity	Direction	Edge type	Dependency path	Analyst label
high	outbound	accepts collateral	Uniswap V3 -> WBTC	Uniswap V3 Major Ethereum pools accepts WBTC as collateral or core liquidity
high	outbound	accepts collateral	Uniswap V3 -> weETH	Uniswap V3 Base major pools accepts weETH as collateral or core liquidity
medium	outbound	accepts collateral	Uniswap V3 -> USDC	Uniswap V3 Major Ethereum pools accepts USDC as collateral or core liquidity
medium	outbound	accepts collateral	Uniswap V3 -> USDT	Uniswap V3 Major Ethereum pools accepts USDT as collateral or core liquidity
medium	outbound	accepts collateral	Uniswap V3 -> wstETH	Uniswap V3 Major Ethereum pools accepts wstETH as collateral or core liquidity
medium	outbound	accepts collateral	Uniswap V3 -> USDC	Uniswap V3 Base major pools accepts USDC as collateral or core liquidity
medium	inbound	depends on	Morpho Blue -> Uniswap V3	Morpho liquidation and oracle review includes Uniswap liquidity surfaces
low	outbound	settles on	Uniswap V3 -> Ethereum	Uniswap V3 deployment inherits Ethereum settlement risk
low	outbound	accepts collateral	Uniswap V3 -> WETH	Uniswap V3 Major Ethereum pools accepts WETH as collateral or core liquidity
low	outbound	accepts collateral	Uniswap V3 -> WETH	Uniswap V3 Base major pools accepts WETH as collateral or core liquidity
low	outbound	accepts collateral	Uniswap V3 -> cbETH	Uniswap V3 Base major pools accepts cbETH as collateral or core liquidity