Uniswap extends its leading position in DEX, with transaction volume exceeding US$70 billion

Uniswap's monthly trading volume exceeded US$70 billion, surpassing the combined total of the top three decentralized exchanges.

During the latest monthly statistical cycle, Uniswap handled more than US$70 billion in decentralized exchange (DEX) transactions. The agreement states that its transaction volume exceeds the combined of the next three DEXs. According to DeFiLlama, recent transaction volume for Uniswap v3 is approximately US$32 billion, while activity volume for v4 is close to US$38 billion.

Multi-chain deployment and automated liquidity pools

Uniswap operates on multiple blockchain networks, allowing traders to directly exchange assets through automated liquidity pools. The UNI token fell to approximately US$6.21 in recent global market trading sessions, a drop of approximately 2%.

Uniswap said on September 13 that the comparative data came from DeFiLlama Research and believed the result was evidence that a large number of decentralized spot transactions were still conducted through its protocols. The statement covers activity on all blockchains on which each version of Uniswap and its smart contracts run. It should be noted that this does not represent the revenue earned by Uniswap Labs or the market value of UNI governance tokens.

Version contributions and data dynamic updates

Combined with tracking volumes for Uniswap v2, v3 and v4, DeFiLlama's latest figures show monthly totals of more than $70 billion. As the data continues to be updated, the exact totals change as old trading days exit the 30-day measurement period and new activity enters.

Uniswap's official tweet said: "The flow of world value depends on," and emphasized that its monthly trading volume has exceeded the sum of the other three major DEXs.

Dominance of v3 and v4

According to data displayed during a visit to DeFiLlama on September 13, the transaction volume of Uniswap v4 in the past 30 days was close to US$38 billion, while the transaction volume of v3 in a similar period was approximately US$32 billion. Uniswap v2 contributed more than $1.2 billion, bringing the combined figure for the three versions to exceed the $70 billion level cited in the protocol. Small differences in deployment or update times may cause slight deviations between the total of the version levels and the Uniswap published figures.

Trading volume represents the total value of the agreement converted into U.S. dollars and does not indicate the trader's profits, the amount retained by the liquidity provider, or the revenue flowing to UNI holders. Each transaction can incur fees for the liquidity provider, and under the settings approved by governance, some pools will direct a portion of the fees to the agreement.

Uniswap v3 remains active because it allows liquidity providers to concentrate capital within a selected price range. v4 uses a shared contract architecture and programmable hooks that developers can use to add custom pooling capabilities. Recent v4 growth has allowed the new version to overtake v3 in the current monthly snapshot. The data does not establish that all traders have migrated to v4 because the two versions continue to serve different pools, assets and integrations.

Across dozens of blockchain networks

The total number of Uniswap covers deployments on Ethereum and many extended networks. DeFiLlama lists v3 contracts running on more than 40 chains, with Ethereum accounting for the largest share of locked liquidity in this version.

Activities on Base, Arbitrum, BNB Chain, Polygon, OP Mainnet and Robinhood Chain together constitute the consolidated data for the agreement. Each deployment processes redemption through its own pool, and the analytics provider attributes these results to the Uniswap protocol.

Robinhood Chain has recently become a source of Uniswap activities. According to reports, the network's average daily DEX transaction volume reached approximately US$945 million on August 25, with Uniswap serving as its main public automated market maker. A September 13 snapshot from DeFiLlama showed that Robinhood Chain processed approximately $1.35 billion in total DEX transaction volume in 24 hours and $12.19 billion in seven days. At the time of measurement, Uniswap accounted for approximately US$262 million of the chain's daily traffic and nearly US$4 billion of the seven-day total.

Uniswap Labs launched v2, v3, v4 and UniswapX on Robinhood Chain in July. The integration allows the protocol to appear in Uniswap Web applications, wallets and APIs from the first day of public operation of the network.

On Ethereum, DeFiLlama recorded total DEX transaction volume of approximately US$681 million in the latest 24 hours and US$8.5 billion in seven days. Uniswap competes there with Curve, PancakeSwap, SushiSwap and other automated exchanges.

Dynamic nature of competitor comparisons

Uniswap said its monthly transaction volume exceeded the combined volume of the other three DEXs, but the agreement did not explicitly name the three competitors in its post. Rankings may vary depending on how analysis providers group protocol versions, only count spot swaps, or merge activity along the support chain.

DeFiLlama defines DEX transaction volume as the value of spot token conversions processed by the agreement. Perpetual contract trading is presented separately to prevent derivatives focused venues and spot exchanges from being confused in the same indicator.

Competition in the DEX space changes over time. Raydium overtook Uniswap in a monthly comparison in January 2025, while PancakeSwap maintained a higher 30-day total for part of the year. Uniswap cited the latest data to put its protocol back at the top of the selected spot DEX rankings.

Early monthly records provide another comparative perspective. Previous reports pointed out that Uniswap had reached US$38 billion on the Ethereum expanded network. The latest figure is more than 80% higher than the total, although the two measurements cover different dates and may not contain the exact same set of chain and protocol versions. Therefore, Uniswap's current competitor comparisons should be viewed as snapshots of lag periods that can only be verified based on the methodology, protocol grouping, and timestamps used in the underlying rankings.

Agreement fees connect transaction volume to UNI supply

Uniswap Governance has approved a fee mechanism to direct a portion of transaction fees from selected pools to the agreement. This setting does not cover each pool or dollar of trading volume reported, so agreement revenue cannot be calculated by multiplying monthly trading volume by a rate.

In July this year, Governance Proposal 100 extended the mechanism to v4 pools on seven networks. The related changes increased Uniswap's measured daily agreement revenue from approximately $114,000 to $325,000 at the time.

The captured fees are routed through TokenJar contracts and can be used under the governance system to purchase UNI or destroy tokens. Liquidity providers continue to receive what is allocated to them based on settings in their pool.

Product Expansion and Market Performance

Uniswap Labs has been expanding products linked to protocol liquidity. A June agreement brought $150 million in Spark stablecoin liquidity to v4, and plans to combine it with a programmable DualPool hook developed by Uniswap Labs to move those assets into it.

Spark's design places idle stablecoins in interest-bearing vaults between transactions and moves required capital into the v4 pool when conversions occur. Uniswap said USDS will be the first quoted asset and plans to support liquidity in USDT and PYUSD.

In the most recent trading session, UNI traded at approximately US$6.21, down approximately 2% from the previous close. The intraday fluctuation range of the token is approximately US$6.17 to US$6.55, and there is currently no conclusive evidence that the price decline is related to Uniswap's monthly trading volume announcement.