Uniswap has processed more than $70 billion in trading volume over the past month, exceeding the combined volume attributed to the next three decentralized exchanges in its cited ranking.
Uniswap said on Sept. 13 that the comparison came from DeFiLlama Research, describing the result as evidence that a large portion of decentralized spot trading continues to pass through its protocol.
The claim covers activity across multiple versions of Uniswap and the blockchains where its smart contracts operate. It does not represent revenue earned by Uniswap Labs or the market value of the $UNI governance token.
Current DeFiLlama data supports a monthly total above $70 billion when the tracked volumes for Uniswap v2, v3 and v4 are combined. Since the figures update continuously, exact totals can change as older trading days leave the 30-day measurement period and new activity enters it.
Uniswap has processed $70B+ in volume over the past month
More than the next three DEXs combined
The world’s value moves on 🦄 pic.twitter.com/ak426mmX1x
— Uniswap (@Uniswap) September 12, 2026
Uniswap v4 and v3 account for most of the volume
DeFiLlama’s Uniswap v4 page showed close to $38 billion in trading volume over the preceding 30 days when accessed on Sept. 13. The analytics platform attributed roughly $32 billion to Uniswap v3 during a similar period.
Uniswap v2 contributed more than $1.2 billion, placing the combined figure for the three versions above the $70 billion level cited by the protocol. Smaller deployments or differences in update timing can produce slight variations between the version-level sum and Uniswap’s published figure.
Volume represents the dollar value of swaps processed by the protocol. It does not show how much profit traders made, how much liquidity providers retained or how much revenue reached $UNI holders. Each trade can generate fees for liquidity providers, while selected pools direct part of their fees to the protocol under governance-approved settings.
Uniswap v3 remains active because it lets liquidity providers concentrate capital within chosen price ranges. Version 4 uses a shared contract architecture and programmable hooks, which developers can use to add customized pool functions.
Recent v4 growth has moved the newer version ahead of v3 in the current monthly snapshot. The data does not establish that every trader has migrated to v4 because the two versions continue to serve different pools, assets and integrations.
Uniswap volume spans dozens of blockchain networks
Uniswap’s total covers deployments across Ethereum and numerous scaling networks. DeFiLlama lists v3 contracts on more than 40 chains, with Ethereum representing the largest portion of the version’s locked liquidity.
Activity from Base, Arbitrum, BNB Chain, Polygon, OP Mainnet and Robinhood Chain contributes to the combined protocol figures. Each deployment processes swaps through its own pools, while analytics providers group the results under the Uniswap protocol.
Robinhood Chain has recently become one source of Uniswap activity. As crypto.news reported, the network reached approximately $945 million in daily DEX volume on Aug. 25, with Uniswap serving as its main public automated market maker.
DeFiLlama’s Sept. 13 snapshot showed Robinhood Chain processing roughly $1.35 billion in total DEX volume over 24 hours and $12.19 billion during seven days. Uniswap accounted for approximately $262 million of the chain’s daily volume and close to $4 billion of its seven-day total at the time of measurement.
Uniswap Labs launched v2, v3, v4 and UniswapX on Robinhood Chain in July. The integration placed the protocol in the Uniswap web application, wallet and API from the network’s first day of public operation.
On Ethereum, DeFiLlama recorded approximately $681 million in total DEX trading over the latest 24-hour period and $8.5 billion over seven days. Uniswap competes there with Curve, PancakeSwap, SushiSwap and other automated exchanges.
The rival comparison remains a moving snapshot
Uniswap said its monthly volume exceeded the next three DEXs combined, but the protocol did not identify the three competitors in its post. Rankings can differ depending on whether an analytics provider groups protocol versions, counts spot swaps only or combines activity across supported chains.
DeFiLlama defines DEX volume as the value of spot token swaps processed by a protocol. Perpetual futures trading is presented separately, preventing derivatives-focused venues from being mixed directly with spot exchanges in the same metric.
Competition within the DEX sector has changed over time. Raydium surpassed Uniswap in one monthly comparison during January 2025, while PancakeSwap held a higher 30-day total during parts of that year. The latest data cited by Uniswap places the protocol back at the top of the selected spot DEX ranking.
An earlier monthly record offers another comparison. Crypto.news reported in November 2024 that Uniswap reached $38 billion across Ethereum scaling networks. The latest figure is more than 80% above that total, though the two measurements cover different dates and may not include an identical set of chains and protocol versions.
Uniswap’s current competitor comparison should therefore be read as a trailing-period snapshot. It can be verified only against the methodology, protocol groupings and timestamp used for the underlying ranking.
Protocol fees connect volume with $UNI supply
Uniswap governance approved a fee mechanism that directs part of the trading charges from selected pools to the protocol. The settings do not cover every pool or every dollar of reported volume, so monthly trading volume cannot be multiplied by one fee rate to calculate protocol revenue.
In July, Governance Proposal 100 expanded the mechanism to v4 pools across seven networks. Crypto.news reported that the changeaised Uniswap’s measured daily protocol revenue from approximately $114,000 to $325,000 at the time.
Captured fees are routed through TokenJar contracts and can fund $UNI purchases and token burns under the governance system. Liquidity providers continue to receive the portion assigned to them under each pool’s settings.
Uniswap Labs has kept expanding the products connected to the protocol’s liquidity. A June agreement brought $150 million in Spark stablecoin liquidity to v4, with plans to move the assets into a programmable DualPool hook developed with Uniswap Labs.
Spark’s design places idle stablecoins in yield-bearing vaults between trades and moves the required capital into a v4 pool when a swap occurs. Uniswap said USDS would serve as the first quote asset, with support planned for USDT and PYUSD liquidity.
$UNI traded near $6.21 during the latest market session, down roughly 2% from the previous close. The token moved between approximately $6.17 and $6.55 during the day, with no verified evidence connecting the price decline to Uniswap’s monthly volume announcement.
