Uniswap V3, Uniswap V4, and Aerodrome Slipstream: What's the Difference?
Uniswap V3, Uniswap V4, and Aerodrome Slipstream all use concentrated liquidity: you pick a price range, and your capital only works inside it. The logic of a position is the same across all three. The differences lie in the architecture, in how fees are set, and above all in where the returns come from.
What the three have in common
- A position has a lower and an upper price bound.
- Inside the range, the position earns; outside it, it sits 100% in one of the tokens and stops earning.
- Each position is an NFT with its own characteristics.
- Prices are organized into ticks.
Uniswap V3: the original concentrated liquidity model
Launched in 2021, V3 introduced concentrated liquidity. Each pair can have pools with different fee tiers — 0.01%, 0.05%, 0.3%, and 1% — and the LP chooses which one to join. Returns come from trading fees, which accumulate in the position until you collect them.
Uniswap V4: a single contract and hooks
Launched in 2025, V4 keeps V3's range mechanics, with two main changes:
- Single contract (singleton): all pools live in one contract, which lowers the cost of creating pools and of swaps that route through several of them.
- Hooks: extensions each pool can have, with their own rules — for example, fees that change with volatility.
For LPs, the extra step is understanding the pool's hook: it can change fees and behavior. Two V4 pools for the same pair can work in different ways.
Aerodrome Slipstream: concentrated liquidity with AERO
Slipstream is Aerodrome's concentrated liquidity model, on the Base network. Its range mechanics are similar to V3's. The big difference is the rewards system:
- Trading fees: the position earns fees, just like on Uniswap.
- Staked in the gauge: on top of fees, the position receives AERO emissions.
In many pools, AERO rewards make up most of the return. That's why looking only at the fees of a staked Slipstream position significantly underestimates what it earns.
Quick comparison
- Network: V3 and V4 on multiple networks; Slipstream on Base.
- Fees: V3 with fixed tiers per pool; V4 with fixed tiers or dynamic fees via hooks; Slipstream with a fee set per pool.
- Source of returns: V3 and V4 from trading fees; Slipstream from fees and, when staked, AERO as well.
- Position: an NFT in all three.
What about Aerodrome Basic?
Basic isn't concentrated liquidity: its liquidity covers every price, so there's no such thing as "out of range." Comparing a Basic position with a Slipstream one calls for care — capital efficiency and risk are different.
What to compare across positions on different protocols
- Capital deposited and current value
- Total yield: fees + rewards
- Time in range
- Result compared with holding the tokens (pool vs. hold)
- Return over the period, accounting for deposits and withdrawals
The SafeVault Performance Tracker puts Uniswap V3, V4, and Aerodrome positions side by side using the same metrics. AERO rewards count as yield across all of them — so a staked Slipstream position shows its full yield: fees plus AERO.
Frequently asked questions
Can I migrate a position from V3 to V4?
Not directly. You need to withdraw your liquidity from V3 and open a new position on V4, paying network fees.
Is staking on Slipstream worth it?
Staking adds AERO emissions to your yield. The things to watch are AERO's price, which fluctuates, and the fact that only in-range liquidity receives emissions.
Do ticks work the same way in all three?
The concept is the same. The spacing between usable ticks varies by pool.
Conclusion
V3, V4, and Slipstream share the same price-range idea, but they aren't the same product. V4 adds hooks and a single contract; Slipstream adds AERO rewards.
To compare results, measure each position's full yield — fees and rewards — not just what shows up as fees.
