Uniswap v2 (Blast) Crypto Exchange Review: Limited but Low-Cost DeFi Option

Uniswap v2 on Blast isn’t what you think it is. If you’re looking for a full-featured crypto exchange with dozens of tokens, deep liquidity, and advanced trading tools, you’ll be disappointed. But if you want to swap one token on a blockchain with near-zero fees and earn yield on your idle assets, it might just work - for now.

What Is Uniswap v2 (Blast)?

Uniswap v2 (Blast) is a version of the Uniswap decentralized exchange protocol running on the Blast Layer 2 network. It launched in early 2024 and uses the same core technology as the original Uniswap v2: an Automated Market Maker (AMM) that swaps tokens using a simple formula - x * y = k. No order books. No middlemen. Just smart contracts that match buyers and sellers automatically.

But here’s the twist: unlike Uniswap on Ethereum or Arbitrum, which support hundreds or thousands of tokens, Uniswap v2 on Blast currently supports only one trading pair. As of December 2024, that’s it. No ETH/USDT. No WBTC/DAI. Just one pair. That’s not a bug - it’s the current state of the ecosystem.

The Blast network itself is designed to give users native yield on their idle ETH and stablecoins. That’s why some developers chose to deploy Uniswap v2 here - not because it’s the best version, but because it’s simple, audited, and fits the early-stage needs of the chain.

How It Works: Simple, But Restricted

Using Uniswap v2 on Blast is easy if you’ve used any Uniswap before. Connect your wallet - MetaMask, Trust Wallet, or Coinbase Wallet - switch to the Blast network, and you’ll see the familiar swap screen. You pick the token you want to sell, the token you want to buy, and hit swap. The interface hasn’t changed since 2020.

But because there’s only one trading pair available, your options are extremely limited. You can’t swap ETH for USDT. You can’t trade any other token. You’re locked into whatever pair the Blast team chose to launch with. Most users report this feels like using a fully loaded smartphone with only one app installed.

Transaction fees are the real highlight. On Ethereum mainnet, a simple swap can cost $5-$15 during peak times. On Blast, thanks to its Layer 2 design, swaps cost between $0.01 and $0.05. That’s 99% cheaper. For small, frequent traders or those just testing the waters, that’s a game-changer.

Pros: Low Fees, Native Yield, Familiar Interface

• Ultra-low transaction costs - Swaps cost pennies, making it ideal for micro-trading or testing DeFi without risk.
• Native yield on idle assets - Unlike other chains, Blast automatically earns interest on deposited ETH and stablecoins. If you provide liquidity here, you earn trading fees and yield - something no other Uniswap deployment offers.
• Fast confirmations - Transactions settle in 2-3 seconds, not 15+ like on Ethereum.
• Proven security - The code is the same as Uniswap v2, which was audited by Trail of Bits, OpenZeppelin, and Certora in 2020. No known exploits.
• Easy wallet integration - Works with all major non-custodial wallets. No new software needed.

Cons: One Trading Pair, Low Liquidity, No Advanced Features

• Only one trading pair - This isn’t a temporary glitch. It’s the current reality. You can’t trade anything else unless the Blast team adds more.
• High slippage - With tiny liquidity pools, even small trades can move the price significantly. A $100 swap might cost you 5% in slippage.
• No concentrated liquidity - Unlike Uniswap v3, you can’t pin your liquidity to a specific price range. Your capital is spread thin across the whole curve, making it inefficient.
• No fee tiers - All trades pay 0.30%. No 0.05% option for stablecoin pairs or 1% for volatile tokens.
• Not built for professionals - No limit orders, no charting tools, no margin trading. This isn’t a trading platform - it’s a basic swap tool.

How It Compares to Other DEXs

Let’s put this in perspective.

On Ethereum mainnet, Uniswap v3 handles $193 million in daily volume with over 2,000 trading pairs. On BNB Chain, PancakeSwap does $1.2 billion daily with 1,200+ pairs. Uniswap v2 on Blast? Less than $50,000 daily volume. One pair. Hundreds of users, not tens of thousands.

It’s not competing with those platforms. It’s not trying to. It’s a niche tool for people already on Blast who want to swap tokens without paying Ethereum fees. Think of it like a gas station inside a new housing development - it’s there because the neighborhood is growing, not because it’s the biggest station in town.

Other DeFi apps on Blast - like Radiant Capital and Squid - have already captured most of the TVL and user activity. Uniswap v2 is playing catch-up, and right now, it’s losing.

Who Should Use It?

Uniswap v2 (Blast) isn’t for everyone. Here’s who it’s actually for:

• New Blast users - If you’re just getting into Blast and want to try swapping your native tokens without paying high fees, this is a safe, simple option.
• Yield seekers - If you want to earn passive income on your idle crypto and don’t mind limited trading options, this gives you two benefits: swap access + yield.
• Developers testing the ecosystem - If you’re building something on Blast and need to test token swaps, this gives you a reliable, low-cost environment.

It’s not for:

• Traders who want multiple tokens or deep liquidity.
• People looking for advanced features like limit orders or leverage.
• Those who expect high trading volume or fast price movements.

How to Get Started

Here’s how to use Uniswap v2 on Blast right now:

1. Install a wallet that supports Blast: MetaMask, Trust Wallet, or Coinbase Wallet.
2. Add the Blast network manually. Use these settings:
   - Network Name: Blast
   - New RPC URL: https://rpc.blast.io
   - Chain ID: 81457
   - Symbol: ETH
   - Block Explorer: https://blastscan.io
3. Deposit ETH or a stablecoin (like USDT or USDC) onto Blast using a bridge like the official Blast Bridge or third-party options like Synapse.
4. Go to the Uniswap v2 interface on Blast: https://app.uniswap.org/#/swap?chain=blast
5. Connect your wallet and select your one available trading pair.
6. Swap and confirm. That’s it.

Warning: If you don’t add the Blast network correctly, you’ll end up on Ethereum mainnet and waste gas. Double-check your network settings before sending funds.

Future Outlook: Will It Grow?

Right now, Uniswap v2 on Blast feels like a prototype. It’s functional, but barely useful. Experts agree it’s not meant to be the endgame.

Uniswap Labs is focused on v3 and v4. The v2 version on Blast is likely a stopgap - a way to get users on the chain before a better version arrives. There are already proposals in Uniswap’s governance forum to expand token listings on Blast, but nothing concrete yet.

If Blast’s ecosystem keeps growing - and it has, with over $1.2 billion in TVL by end of 2024 - then Uniswap v3 could arrive here in 2025. That would change everything. Concentrated liquidity, multiple fee tiers, and hundreds of trading pairs would make this a real contender.

But until then? It’s a low-fee, low-option swap tool. Don’t expect miracles. But if you’re already on Blast and want to make a quick swap without paying $10 in fees, it’s the best option you’ve got.

Final Verdict

Uniswap v2 (Blast) is not a crypto exchange in the traditional sense. It’s a minimal, no-frills swap tool built for a specific purpose: to let Blast users trade tokens with near-zero fees while earning yield on their liquidity.

It’s not powerful. It’s not flexible. It’s not even close to being competitive with other DEXs. But it’s cheap, secure, and simple - and in the early days of a new blockchain, that’s sometimes enough.

If you’re a casual user, a yield farmer, or a developer testing the Blast ecosystem, it’s worth trying. If you’re a trader looking for depth, options, or volume - walk away. There are better places to trade.

The real question isn’t whether Uniswap v2 on Blast works - it’s whether Blast will grow fast enough to justify upgrading it to v3. If it does, this could become something important. If not, it’ll fade into obscurity like dozens of other early-chain experiments.