Uniswap is one of the largest decentralized exchanges with a liquidity balance of over 3 billion USD and daily trading volume of over 700 million USD. It is designed as a system of smart contracts on the Ethereum blockchain, and is a new model of liquidity provision, so called automated market making. This paper analyzes data on all 19 million Uniswap interactions from 2018 to the current time. For this new market, we characterize equilibrium liquidity pools and provide evidence that they are stable. The paper compares this automated market maker to Binance and establish absence of arbitrage and show conditions under which the AMM dominates a limit order market.