CoinDesk’s UNX Index represents a real-time, USD-equivalent spot rate for Uniswap. The index value is algorithmically calculated once every second based on observed trading activity on leading Uniswap exchanges. The index has been in operation since September 28, 2021 and was launched publicly on October 1, 2021.
The UNX Index is designed as a reference rate to track liquidity while also adjusting for deviations caused by anomalies and manipulation attempts at individual exchanges. While the precise formula underlying the index is currently proprietary, the key elements of the algorithm are outlined below.
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