Uniswap Surpasses 7 Million Daily Swaps, But Fee Revenue Lags

Uniswap's decentralized exchange (DEX) has broken its own record for trading volume, processing over 7 million swaps in one day. According to Uniswap founder Hayden Adams, this translates to roughly 81 swaps per second across various chains.

The milestone comes after a rapid expansion of protocol fees, with v4 fees activated on July 27 and now covering around 229,000 pools across 10 out of 12 authorized chains. However, the data does not indicate that most of these swaps occurred in fee-enabled pools or show how much protocol revenue they generated.

The $44 million earned by liquidity providers over 30 days is significantly higher than the roughly $4 million accruing to the protocol during the same period. Uniswap Labs reported that protocol fees had funded about 7.5 million UNI in burns since December, worth around $25.6 million at the valuation used.