Uniswap Hits $73 Billion Monthly Trading Volume, Outpacing Ethereum in Fee Revenue

# Uniswap (UNI) Sees Spike in Trading Volume and Fees Amid Price Plateau Uniswap (UNI), a premier decentralized finance (DeFi) platform, is garnering attention as it reaches yearly highs in trading volume and fee revenue, even though its price remains well below its all-time highs. As of October 26, Uniswap trades at $6.50, marginally above its yearly low of $4.92. As per DeFi analytics platform DeFi Llama, Uniswap handled over $73 billion in trading volume this month, a notable rise from the $53.2 billion recorded in April. This represents the most substantial monthly increase since February, when the platform conducted $78 billion in transactions. Most of Uniswap's trading activity took place on the Ethereum (ETH) blockchain, followed by Arbitrum, Unichain, and Base. Interestingly, Unichain, launched earlier this year, recorded over $14 billion in trading volume, surpassing Cardano (ADA), which processed $4.9 billion. Uniswap's fee revenue has surged as well. Data from TokenTerminal indicates that the platform has generated over $380 million in fees this year, surpassing Ethereum's $275 million within the same period. # Uniswap’s UNI Token Faces 65% Decline From 2022 Peak Amid Growing Competition and Whale Sell-Offs Despite strong metrics, Uniswap’s UNI token is trading 65% below its December 2022 peak due to growing market pressures from intensified competition and significant sell-offs by whales. Competitors like PancakeSwap and Raydium are eating into Uniswap’s market share, with PancakeSwap alone handling almost $100 billion in trades this month. Additionally, data from Santiment reveals a decrease in whale-held UNI supply, from a high of 850 million tokens in December 2022 to 748 million. This decline in whale activity may indicate bearish sentiment. # Emerging Broadening Pattern Suggests Potential Price Upside for Uniswap Technical analysis indicates that Uniswap’s price is forming a "broadening pattern," suggesting a potential bullish reversal. A breakout above the pattern's upper boundary could push UNI to its November 2022 high of $19.24—a 200% surge from current levels. Conversely, if UNI breaks below the lower boundary, the bullish outlook would be invalidated, suggesting further downside risk. Investors should closely watch as market dynamics and technical factors converge to shape Uniswap's future trajectory.