Uniswap is the big dog in the decentralized exchange game with over 1tn in trading volume on the board. The Uniswap Protocol itself provides liquidity and trading for ERC20 tokens on Ethereum, but, unlike a centralized exchange, it cuts the need for a trusted intermediary that can charge fees or require know your customer (KYC) information. Its native token, UNI, enables community ownership and active stewardship of the protocol through governance.