Uniswap Leads the DEX Market with Over $70 Billion in Volume

Uniswap processed over $70 billion in trading volumes over the past month, surpassing the combined volume of the next three decentralized exchanges in the ranking. This was reported by the protocol itself on September 13, citing data from DeFiLlama Research. The statement covers the activity of all Uniswap versions and blockchains where its smart contracts operate, but does not reflect the revenue of Uniswap Labs or the market value of the UNI token.

According to DeFiLlama data on September 13, the volume of v4 was about $38 billion over 30 days, v3 was approximately $32 billion, and v2 added over $1.2 billion. In total, this brings the figure above the $70 billion mark. Minor discrepancies are possible due to small deployments and different data update times. The volume reflects the dollar value of swaps processed by the protocol but does not show how much traders earned, how much liquidity providers retained, and what income UNI holders received. Individual pools direct part of the fees to the protocol according to governance settings.

V3 allows capital to be concentrated in selected price ranges, v4 uses a shared contract architecture and programmable hooks. In the current snapshot, v4 has moved ahead of v3, but both versions continue to serve different pools and integrations. DeFiLlama lists v3 contracts on more than 40 networks; contributions come from Base, Arbitrum, BNB Chain, OP Mainnet, and Robinhood Chain. On Robinhood Chain, on September 13, the network processed about $1.35 billion over 24 hours and $12.19 billion over seven days, of which Uniswap provided approximately $262 million and about $4 billion, respectively. In July, Uniswap Labs launched v2, v3, v4, and UniswapX on this network.

On Ethereum, DeFiLlama recorded about $681 million over 24 hours and $8.5 billion over seven days. Uniswap competes there with Curve, PancakeSwap, and SushiSwap. Uniswap did not name the three competitors whose combined volume it surpassed. Rankings depend on methodology: grouping versions, accounting for only spot swaps, and combining data across networks. Raydium surpassed Uniswap in January 2025, PancakeSwap held a higher 30-day volume for part of the year.