Uniswap has now shown a shift in traffic with significant growth from Base users. The addition of smart wallets and lower fees makes Uniswap now more accessible to retail traders.
Uniswap is available on Ethereum and leading L2 scaling blockchains, so it accommodates a large influx of users, stablecoins, and ERC-20 tokens. Recently, the user profile of the platform is changing. Monthly active users from Base account for a much larger proportion, with a growing trend compared to past months.
Daily active users | Source: Token Terminal
The inclusion of Base increases Uniswap’s overall market share, contributing to the DEX’s trading recovery. This decentralized exchange has reached 10 million monthly active users, thanks to bot activity.
Uniswap dominates trading volume, driven by the Ethereum and other ecosystems chain. chain New L2 like Base | Source: TokenTerminal
Uniswap also leads the charge, with the exception of DEX Aerodrome – a competitor also present on the Base blockchain. Aerodrome is also a more efficient DEX in terms of revenue.
Uniswap Labs sees daily earnings between $200K and $400K. This result is recorded from the number of daily active wallets up to 460K interacting with the exchange. Uniswap also leads in direct deposits.
The exchange faces competition for riskier trades and specialized protocols, but remains the most widely used swap service. With the exception of the Solana ecosystem and DEX Raydium, Uniswap is a suitable listing for many tokens.
Uniswap is also experiencing a boom in new liquidity pool launches, some with funds as low as 1 ETH. Most pairs pair with different forms of WETH and are extremely volatile.
Despite the positive developments, UNI trades at $9.89, still down 50% from its yearly peak. However, the price has increased more than 100% in the past 12 months as users return to DEXs and have more tools to monetize old and new tokens.
Uniswap joins the campaign Base to attract more users
The development of Uniswap on Base is part of the chain’s campaign to attract new mainstream users. Base makes a significant evolution of smart wallets, which aim to resemble Internet logins, albeit with the same level of security as self-custody wallets. Uniswap is currently affiliated with Moonpaya new service that links new Base accounts to the exchange.
Until recently, Uniswap was instrumental in supporting the Ethereum ecosystem. However, it has largely blocked retail traders and those just looking to learn about cryptocurrencies due to its extremely high fees, even for small-scale transactions.
Uniswap recovers value locked to $5.67 billion after an active token generation season. Uniswap V3 delivers daily trading volume of over $877 million on Ethereum, $80 million on Polygon, and $57 million on Optimism. The Uniswap V3 application on Base has surpassed smaller blockchains with a daily volume of over $163 million.
Volume has also accelerated growth, even surpassing 2021 bull market levels. Growing L2 activity and broader adoption are also helping Uniswap despite some market downturns in 2024.
Source: Uniswap
Uniswap V4 launching this summer?
Uniswap announced its upcoming V4 a year ago. This June, the DEX again did not share an exact date but set expectations for a launch in the summer or fall months.
The main effect of V4 will be like an exchange with an order book. Decentralized commands do not need permission, but they can easily fall victim to frontrunning bots, MEV bot activity, or sandwich attacks. Uniswap aims to optimize liquidity and become friendlier to newcomers who expect more predictable liquidity without unexpected losses.
The next version of Uniswap will support on-chain limit orders and timing functionality to spread out large orders. The other big difference is that all pools will be unified and controlled by Pool Manager, which can control liquidity from multiple orders. The exchange will also only move the net balance and not all assets during the swap. The goal is to limit gas usage and fees, while maintaining actual transactions on-chain.
You can see UNI prices here.
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