Uniswap is picking up activity, taking over the volumes on multiple alternative chains. RWA token trading and routing from MetaMask are boosting the DEX and increasing its share of overall decentralized trading.
Uniswap activity is growing in terms of market share. The increased usage of Uniswap also attracted attention to the $UNI token. $UNI broke from local lows of $2.40 at the beginning of June, rising up to $3.02.
Uniswap DEX volume stabilized, and total value locked remained over $3.1B, according to DeFi Llama. However, the exchange has been taking over other DEX and concentrating traffic with a promise of profit-sharing.
What is driving the demand for Uniswap?
Uniswap is now responsible for over 52% of trades routed from MetaMask users. The main reason are the best price quotes and low transaction failure rates. By dollar volumes, the automated trading of Uniswap captured 21.3% of value.
According to on-chain data, Uniswap volume originates from 134,876 wallets, signaling a wider retail outreach. Uniswap wallet activity was around 10 times larger than OKX decentralized trading. Top 10 wallets only dominated 5.4% of swaps, compared to 48% of swaps for OKX. As a result, Uniswap established its position as a retail hub, rather than a whale venue.
Removing top 100 wallet trading, Uniswap taps 32.9% of trading, according to the exchange’s own estimation.
Other estimates put the share of Uniswap at 67.3% of Ethereum DEX trading, and a total o 84.6% of all swaps on Arbitrum. Uniswap has also taken over Aerodrome on the Base chain, with a 46.6% market share.
Another reason is the role of the $UNI token, which now reflects fee generation. Protocol revenue is now used to buy and burn $UNI. As a result, $UNI may follow a path similar to Hyperliquid’s HYPE. Standard Chartered has set a 2030 target price of $100, while Bitwise has filed for a spot $UNI ETF.
Uniswap onboards RWA tokens
The recently increased interest in equities added demand for Uniswap services. The DEX aims to tap the trend of real assets moving on-chain and retain its first-mover advantage.
Uniswap already offers selected tokenized securities through its web app, wallet, and through API access. The DEX will carry versions of SpaceX (SPCX), Apple (Nasdaq: AAPL), Tesla (Nasdaq: TSLA), Nvidia (Nasdaq: NVDA), and more.
Uniswap reported immediate interest in tokenized equities, with $9.1B in volumes in the first days after the launch, coming from 140K participating wallets. Uniswap will also offer fixed income, yield-bearing instruments, and other on-chain traditional financial assets.
Tokenized RWA will have stricter requirements for traders, with mandatory KYC and whitelisting, as well as restricted jurisdictions.
The recent Uniswap performance also hinges on advanced features from V4 hooks, with the potential for transfer limits, allow lists, geo-gating, and dynamic fee structure.
Uniswap recovered despite the lowered sentiment for most crypto assets, based on the convenience and speed of trading. Uniswap reflects the adaptability of on-chain apps and their ability to attract both crypto-native retail and institutions by successfully securing sufficient liquidity and trading speed.
