Uniswap Hits $116.6B October Volume as DeFi Activity Accelerates
Uniswap posted its highest monthly volume since launch with $116.6 billion traded in October, a surge concentrated in the protocol's V3 and V4 implementations. Activity was strong on Ethereum and increasingly on layer-2 networks such as Base and Arbitrum, where lower fees have helped broaden on-chain liquidity and make AMM trading more efficient for users.
The milestone matters because it underscores sustained demand for decentralized exchanges and the growing role of L2s in scaling liquidity. Higher volumes can translate into better price discovery and potentially greater fee accrual for liquidity providers and governance stakeholders if protocol economics shift. Traders, LPs and competing DEXs will be watching whether the trend persists through lower volatility periods and how it shapes adoption of V4 features and cross-network liquidity strategies.