Fractured Liquidity on Uniswap: ETH Is Spread Across V2, V3, V4, and Now Even Zero-Fee Competition
· 10 min read
If you provide liquidity on Uniswap today, you are no longer choosing between "good pool" and "bad pool." You are choosing between versions, fee tiers, hooks, and routing behavior that can all compete for the same order flow.
That is the real state of Uniswap in 2026: ETH and other blue-chip tokens are fragmented across v2, v3, and v4 at the same time, and the trader-facing router is optimized for best execution, not for sending volume to the pool you personally funded.