Uniswap processed more than $70 billion in trading volume over the past month, according to Uniswap on Sept. 13. The total exceeded the next three decentralized exchanges combined. DeFiLlama Research supplied the comparison figures.
What Drove Uniswap Above $70B in Monthly DEX Volume?
This sum includes the transaction volumes for various versions of the protocol and blockchains that support them. This metric is not related to the income received by Uniswap Labs. This sum is not connected to the market value of the UNI governance token.
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DeFiLlama data currently shows a monthly volume above $70 billion. These figures take into account the transaction volumes on v2, v3, and v4 platforms. It is important to note that the exact volume may vary due to the replacement of old transaction days by new ones within the window of 30 days.
DeFiLlama showed that the 30-day trading volume of v4 reached close to $38 billion on Sept. 13. The 30-day trading volume of v3 was at around $32 billion during the same period of time. The 30-day trading volume of v2 exceeded $1.2 billion.
The figures show that the overall volume is higher than the one shown in the protocol. There may be some minor differences between the total volume numbers and the live analytics.
Transaction volume means the dollar amount of transactions conducted via the platform. Trading volume does not show the income that traders and liquidity providers get. It also does not mean the revenue that goes to UNI holders.
Why Did v4 Move Ahead of v3 in the Latest Snapshot?
v4 has become a winner based on the latest monthly metrics. This does not mean all traders have made the switch yet. Both v3 and v4 have their own places of operation and different integrations.
Version 3 is being used, as it allows liquidity providers to aggregate their liquidity in certain price intervals. This could lead to greater capital efficiency of chosen markets. Applications are using existing v3 liquidity pools.
Version 4 uses a common contract framework and programmable hooks. Programmers can use them in order to implement unique functionality for their pools.
The latest version has started to receive more action lately. However, the metric only represents what is happening right now. This cannot guarantee that v4 will continue to dominate the next month’s ranking.
Where Is Cross-Chain Trading Activity Coming From?
Protocol activity exists on the Ethereum blockchain and several scaling networks. According to DeFiLlama, the v3 contracts can be found on more than 40 chains. Ethereum accounts for the largest share of locked liquidity for that particular version.
Several networks, including Base, Arbitrum, BNB Chain, Polygon, OP Mainnet, and Robinhood Chain, generate the volume. Swaps take place via liquidity pools unique for each network, and analytics services aggregate those into the protocol total.
Robinhood Chain has also become another platform generating DEX activities. On Aug. 25, the network generated more than $945 million in daily DEX volume. This protocol worked as its primary automated market maker.
In the latest snapshot taken by DeFiLlama on September 13, Robinhood Chain reported about $1.35 billion in DEX trading volume within 24 hours. The 7-day trading volume was about $12.19 billion. The protocol accounted for around $262 million of 24-hour volume and $3.9 billion within 7 days.
Uniswap Labs rolled out its v2, v3, v4, and UniswapX on Robinhood Chain in July. These products were accessible via the web application, wallet, and API of the platform. The integration became live since the launch date of the network.
The other big market for DEX trading was Ethereum. In the latest snapshot, DeFiLlama noted that the 24-hour DEX trading volume is around $681 million. In addition, the 7-day trading volume is close to $8.5 billion.
Other competitors include Curve, PancakeSwap, SushiSwap, and other automated exchanges. Market leaders have shifted among different time periods in recent times. The latest comparison therefore reflects a current snapshot rather than a permanent ranking.
Raydium outperformed Uniswap in terms of one-month performance in January 2025. Moreover, the 30-day volume of PancakeSwap was higher than Uniswap’s at some point in the same year.
How Do Fees, Governance, and UNI Fit Into the Picture?
A past record month serves as helpful reference data. The protocol has seen $38 billion in volume on Ethereum scaling networks in November 2024. The recent figure is almost 80% higher compared to the previous one.
The current competitor comparison should be viewed as a trailing-period snapshot. Rankings change as older trading days leave the measurement window. Results also depend on methodology, protocol classification, and the data provider’s timestamp.
Governance has also brought changes to selected trading fees. The approved parameters enable the allocation of pool fees to the protocol itself. The fee policy does not apply to all pools or all dollars traded through them.
The fee policy expansion was completed with Governance Proposal 100 for v4 pools on seven networks in July. The protocol revenue measured daily increased from $114,000 to $325,000. The monthly trading volume cannot be multiplied by the single fee rate to get the estimated revenue.
What Spark’s $150M v4 Liquidity Means for Uniswap
The June deal also secured $150 million worth of Spark stablecoin liquidity in v4. The deal entails an automatically programmable DualPool hook built in collaboration with Uniswap Labs. According to Spark, USDS will be the initial quoted asset, followed by USDT and PYUSD.
According to the Spark design, idle stablecoins are stored in yield-generating vaults in between trades. Needed capital can then be moved from the vault to a v4 pool during a swap. This makes a connection between capital management and trading liquidity.
High protocol utilization didn’t translate into a same-day profit for UNI. At press time, the governance token was changing hands at around $6.24 on Sept. 13, 2026. The price dropped slightly by 2.55% over the past 24 hours, CoinMarketCap data shows.
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This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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