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ETH 
UNI Lorenzo Valente: Uniswap transaction volume and revenue remain strong, with limited Unichain adoption
Lorenzo Valente said that despite Unichain's limited adoption and network activity, Uniswap maintained strong transaction volume and revenue. Valente pointed out that Uniswap V4 currently accounts for approximately half of agreement activity, while fee switches generate significant UNI token destruction.
As tokenized stocks and other assets move closer to the agreement, Uniswap's weekly revenue has exceeded US$1 million. Lorenzo Valente of Ark Invest said that despite weak activity on Unichain, Uniswap has become one of the stronger classic crypto projects in this cycle. In a post shared this week, Valente highlighted the resilience of Uniswap trading volume, revenue growth, the adoption of Uniswap V4 and the activation of fee switches, while noting that tokenized stocks are also approaching the agreement.
Unichain lags behind and its core platform performs steadily
According to Valente, Unichain has struggled to gain market attention since its launch. He said the Layer 2 network currently generates approximately $5000 to $7000 per month in REV (protocol revenue). In addition, Unichain processes approximately 3000 transactions per day, with a total locked value (TVL) of close to US$30 million. Valente believes activity on the network remains limited.
However, he compared those numbers with Uniswap's core automated market maker business. According to him, the agreement still handles about $15 billion in trading volume per week. Valente added that at the peak of the market in 2021, Uniswap handled approximately US$20 billion to US$25 billion in weekly trading volume, showing a relatively stable level of activity.
V4 adoption and revenue continue to grow
According to Valente, every major upgrade of Uniswap has gained user adoption. V2 surpassed V1, and V3 later became the dominant version.
Recently, V4 overtook V3 and currently accounts for approximately half of agreement activity with V3. The latest version also introduces a fee switch for the protocol. Valente said Uniswap currently generates more than $1 million in weekly revenue on Ethereum, Base and Robinhood Chain. This equates to approximately $5 million per month, or an annualized operating rate of nearly $60 million.
He also pointed out that based on operating speeds over the past seven days, the V4 fee switch currently destroys approximately US$90 million worth of UNI annually.
The chart shows key price levels
Meanwhile, during the analysis period, UNI traded at US$3.88. The token is still below its 50-day moving average of $4.04, but above its 200-day moving average of $3.64. 
The chart shows support is between $3.05 and $3.20 after recovering from around $2.40 in June. At the same time, resistance is around $4.04, followed by the $4.20 to $4.40 range, where recent selling pressure has occurred.
