✅ All code is open source
✅ Critical logic cannot be modified
✅ Never critically hacked or exploited
✅ Token voting only affects non-critical logic
Uniswap's core logic cannot be altered by anyone, so no trust is required or requested. This does not include the assets that you actually trade on Uniswap, however, as those may require large amounts of trust that is unrelated to the Uniswap project itself.
Uniswap v2 is the most trustless DeFi product on the list.
Not only does Uniswap v2 not have any admin keys, but its smart contracts are not upgradeable at all. They are immutable, autonomous, and can never be altered or stopped.
There is a token (UNI) voting DAO, however the DAO does not have any power over the core Uniswap v2 smart contracts. UNI voters mainly have control over the UNI economy, as well as the determination of how Uniswap v2’s trading fees are divided up between liquidity providers and token holders. Those powers do not create any trust issue between the protocol and end-users.
Even though Uniswap v2 itself is trustless and immutable, many of the tokens and assets that are traded on Uniswap are not. Think of Uniswap as decentralized pipes which centralized assets can and do flow through.