UNI is the native token of the Uniswap decentralized exchange (DEX), which was launched in September 2020 by Hayden Adams. Uniswap is built on the Ethereum blockchain and allows users to trade cryptocurrencies without the need for a centralized exchange.

When Uniswap was launched, UNI tokens were not initially distributed to the public. Instead, they were distributed to past users of the platform and liquidity providers. The token was later made available for public trading on various cryptocurrency exchanges.

UNI saw its first significant price increase in late 2020, as the popularity of decentralized finance (DeFi) exploded. The token's price surged from around $1 in late September to an all-time high of over $8 in early November.

In February 2021, UNI experienced another significant price surge, reaching an all-time high of over $35. This surge was driven by a number of factors, including the growth of the DeFi space and the announcement of a new version of Uniswap, called Uniswap V3.

Since then, the price of UNI has fluctuated, but has remained one of the top DeFi tokens in terms of market capitalization. As of March 2023, the price of UNI is around $15, with a market cap of over $8 billion.