CryptoSlate
Uniswap processed more than 7 million swaps over a 24-hour window, founder Hayden Adams said Tuesday, confirming a record pace of roughly 82 swaps per second across the protocol's chains. The figure was flagged first by Blockworks Research analyst Marc Arjoon and marks the DEX's two busiest days by swap count to date.
The milestone lands on a fee footprint that is finally coming online. A July 7 governance discussion put fees live across all v2 and v3 pools on 11 chains, and a July 27 vote added Robinhood Chain plus activated v4 fee controllers on Ethereum, Arbitrum, Base, BNB Chain, Polygon, Optimism and Robinhood Chain. Five other chains were deferred to a later proposal.
Why it matters
Blockworks reported on Aug. 12 that v4 fees had been activated across roughly 229,000 v4 pools, with 10 of 12 authorized chains already generating protocol fees and nearly all pools across Uniswap versions contributing some portion of swap fees to the UNI burn.
The catch is that swap count is not volume. Seven million swaps does not tell you how many dollars changed hands, how many unique users were active, or how much of the activity routed through fee-enabled pools. Available public Uniswap and Blockworks pages do not join the Sept. 1 swap count with fee status, volume and protocol fees over the same window.
Market impact
By the numbers the protocol does disclose, value capture is still small relative to throughput. Blockworks' Aug. 12 primer measured about $44 million in fees earned by liquidity providers over 30 days and roughly $4 million accruing to the protocol. V2 and v3 produced $3.64 million of that total, while v4 added about $300,000 during its first two weeks.
Uniswap Labs said in a July 18 update that monthly protocol fees climbed from about $3.1 million in February to $5.1 million in June, funding roughly 7.5 million UNI in burns worth about $25.6 million since December at the valuation it used. Record activity could widen that base, but until the swap-by-swap fee-status split is published, value capture is best measured in dollars accrued and UNI burned, not as a percentage of headline throughput.
Frequently asked questions
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How many swaps did Uniswap process in its record day?
Uniswap processed more than 7 million swaps over a 24-hour window, founder Hayden Adams confirmed Tuesday, citing Blockworks Research analyst Marc Arjoon. That works out to roughly 82 swaps per second across chains, the protocol's two busiest days by swap count.
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Does swap count equal trading volume on Uniswap?
No. The 7 million figure counts swaps, not unique users or the dollar value traded. Public Uniswap and Blockworks pages do not currently join the Sept. 1 swap count with fee status, volume and protocol fees over the same window.
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How much of Uniswap's volume now flows through fee-enabled pools?
Most of it, by Blockworks' Aug. 12 reading: v4 fees were activated across roughly 229,000 v4 pools, with 10 of 12 authorized chains generating protocol fees and nearly all pools across Uniswap versions contributing some portion of swap fees to the UNI burn.
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How much in protocol fees has Uniswap actually earned?
Blockworks' Aug. 12 primer measured about $44 million in fees to liquidity providers over 30 days and roughly $4 million accruing to the protocol. V2 and v3 produced $3.64 million of the protocol total, while v4 added about $300,000 during its first two weeks.
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How has Uniswap's monthly protocol fee revenue trended?
Uniswap Labs said in a July 18 update that monthly protocol fees rose from about $3.1 million in February to $5.1 million in June, funding roughly 7.5 million UNI in burns worth about $25.6 million since December at the valuation it used.
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