Uniswap Extends DEX Dominance as Monthly Volume Passes 70 Billion USD

Uniswap’s monthly trading volume has crossed 70 billion USD, and the gap behind it is widening

Uniswap says it processed more than 70 billion USD in trading volume over the past month, a total the protocol claims exceeds the combined volume of the next three decentralized exchanges in its cited ranking. The figure, attributed to DeFiLlama Research and announced by Uniswap on Sept. 13, is the clearest evidence yet that decentralized spot trading has re-concentrated around a single protocol after two years of fierce competition from Solana-based venues.

The claim covers activity across all versions of Uniswap and the dozens of blockchains where its smart contracts operate. It does not represent revenue earned by Uniswap Labs or the market value of the UNI governance token — distinctions that matter enormously when interpreting headline volume numbers.

v4 has overtaken v3

The version-level breakdown is the most interesting part of the data. DeFiLlama attributed close to 38 billion USD of the 30-day total to Uniswap v4, the hook-based architecture launched to let developers attach programmable logic to liquidity pools. Another roughly 32 billion USD went through Uniswap v3, the concentrated-liquidity version deployed across more than 40 chains, while the venerable v2 still handled more than 1.2 billion USD.

That puts v4 ahead of v3 in the current monthly snapshot for the first meaningful stretch — a milestone for a version that was once dismissed as too complex for everyday liquidity providers. The data does not establish full migration: v3 and v4 continue to serve different pools, assets and integrations, and v3’s concentrated ranges remain the tool of choice for sophisticated market makers on Ethereum, where the largest share of the version’s liquidity remains locked.

Robinhood Chain is quietly doing heavy lifting

Perhaps the most striking contributor is a network that did not exist a year ago. Robinhood Chain, the trading platform’s L2 built for retail flow, has become a major source of Uniswap activity after Uniswap Labs deployed v2, v3, v4 and UniswapX there in July, from the chain’s first day of public operation.

DeFiLlama’s Sept. 13 snapshot showed Robinhood Chain processing roughly 1.35 billion USD in total DEX volume over 24 hours and 12.19 billion USD over seven days. Uniswap accounted for approximately 262 million USD of the daily total and close to 4 billion USD of the weekly figure — meaning Uniswap is capturing roughly a third of the fastest-growing chain in DeFi. On Ethereum itself, total DEX trading ran at about 681 million USD over 24 hours and 8.5 billion USD over seven days, where Uniswap competes with Curve, PancakeSwap, SushiSwap and other automated exchanges.

Activity from Base, Arbitrum, BNB Chain, Polygon and OP Mainnet fills out the rest of the multichain total. Each deployment runs its own pools, but analytics providers group the results under a single protocol banner.

A moving snapshot, not a crown

Uniswap did not identify the three competitors it claims to outrank combined, and DEX rankings are notoriously methodology-dependent — grouping protocol versions, counting spot swaps only, and combining chains can shuffle the leaderboard. DeFiLlama itself defines DEX volume as spot token swaps, keeping perpetual-focused venues in a separate category precisely to avoid mixing metrics.

The sector’s history counsels humility. Raydium surpassed Uniswap in one monthly comparison in January 2025 during peak Solana meme-coin mania, and PancakeSwap held a higher 30-day total during parts of that year. The November 2024 record of 38 billion USD across Ethereum scaling networks was celebrated as a milestone; the latest figure sits more than 80 percent above it, though the two measurements cover different date ranges and possibly different chain sets.

Volume is not revenue — but the fee switch connects them

The number traders should not do is multiply 70 billion USD by a fee rate. Uniswap’s governance-approved fee mechanism directs part of the trading charges from selected pools to the protocol, not from every pool or every dollar of volume, so headline volume cannot be converted into protocol revenue with simple arithmetic.

That said, the connection between volume and token value has never been tighter. Governance Proposal 100, passed in July, expanded the fee mechanism to v4 pools across seven networks and reportedly raised measured daily protocol revenue from roughly 114,000 USD to 325,000 USD. Captured fees route through TokenJar contracts and can fund UNI purchases and token burns — converting trading activity into supply reduction for the first time in the protocol’s history.

The liquidity pipeline keeps widening too. A June agreement brought 150 million USD in Spark stablecoin liquidity to v4, with plans to move the assets into a programmable DualPool hook that parks idle stablecoins in yield-bearing vaults between trades and shifts capital into the pool only when a swap occurs, using USDS as the first quote asset with USDT and PYUSD planned next.

UNI shrugs

The market’s initial reaction was muted. UNI traded near 6.21 USD in the latest session, down roughly 2 percent, moving between approximately 6.17 and 6.55 USD during the day. No verified evidence connects the decline to the volume announcement; the broader crypto market remained choppy ahead of the Federal Reserve’s mid-September meeting.

For now, the 70 billion USD month stands as a trailing snapshot of dominance rather than a permanent title. But with v4 momentum, Robinhood Chain distribution and a fee switch finally converting volume into value, Uniswap’s lead looks less like a cyclical peak and more like a structural one.