DeFi20: Uniswap

A deep dive into Uniswap's dominance in the DEX landscape — volume/fee/revenue share, top pools by TVL and yield, and the new UNIfication fee-switch/burn mechanism that turns protocol usage into deflationary UNI value accrual. Figures below combine all Uniswap deployments (V1/V2/V3/V4/Auctions).

Uniswap's (all versions combined) share of total DEX volume, fees, and revenue over the trailing year — computed as Uniswap's protocol-level flow divided by the market-wide DEX category total each day.

The absolute figures behind the share charts above — Uniswap's monthly volume, fees, and revenue in USD terms, unnormalized by category totals, aggregated across all Uniswap deployments since launch.

Daily DEX volume divided by TVL — a proxy for how hard Uniswap's liquidity (across all versions) is working.

Where liquidity concentrates across Uniswap V2/V3/V4 deployments, and which active pools (TVL ≥ $1M, excluding exploited pools) currently offer the highest APY.

Uniswap's TVL trend above is the cleanest available proxy for net capital inflows/outflows at this time — a token-level net-flow decomposition hit data-quality issues on a subset of long-tail pool tokens during recent weeks (extreme outlier deltas from thin/illiquid pairs), so we're showing the stock (TVL) rather than a noisy derived flow series.

In November 2025, Uniswap governance approved UNIfication [1][3] — a proposal to finally turn on the long-dormant Uniswap protocol fee switch and route captured fees into a programmatic UNI burn. Mechanics: a share of LP fees is diverted into an on-chain 'TokenJar'; UNI holders can only withdraw their proportional share by permanently burning an equivalent amount of UNI in a companion contract called 'Firepit' — directly linking protocol usage to UNI supply reduction. The proposal also included a one-off retroactive burn of 100M UNI from the treasury (~10% of original 1B supply), estimating what would have burned had the switch been on since launch [4]. Rollout started with Ethereum mainnet v2/v3 pools, then expanded: by mid-June 2026 the fee switch went live across eight Layer 2s including Base, Arbitrum and OP Mainnet [5], adding an estimated ~$27M in annualized burn-eligible revenue — UNI rallied roughly 15-22% intraday on the L2 expansion news [5]. As of mid-January 2026, cumulative burns (ex. the 100M retroactive burn) had reached ~100.17M UNI (~$557M) [4], with post-UNIfication organic burns tracking an annualized pace of ~4-5M UNI/year [4].

Approximated as reported market cap ÷ price (CoinGecko methodology) — treat as directional, not exact, since circulating-supply classification methodology can shift over time. Total UNI supply currently stands around 893M tokens, with ~550M scheduled-unlock tokens fully vested per DefiLlama's tracked unlock schedule.