Canton generated $2.0 million in 24-hour fees on Thursday, overtaking Uniswap V4's $1.8 million to rank fifth among decentralized exchanges by daily fee volume, according to on-chain data from DefiLlama.
The move represents a single-day climb for Canton from seventh place the day prior. The $200,000 gap between the two protocols marks the first time Canton has surpassed Uniswap V4 in this metric since the latter's launch.
Uniswap V4, which rolled out in November 2025, introduced a hooks architecture meant to enable custom liquidity strategies and lower barriers to pool creation. Early adoption metrics included significant capital deployment across new pool types, though trading volume and fee generation have remained volatile across the first eight months of operation.
Canton, an Ethereum-based decentralized exchange launched earlier this year, has accelerated fee volume in recent weeks. The protocol operates a different mechanism for liquidity provisioning and trade execution than Uniswap's model, focusing on specific trading pairs and market microstructure optimization.
Both protocols operate across Ethereum's base layer and multiple rollup chains. Uniswap V4 has deployed instances on Arbitrum, Optimism, and Polygon, while Canton's deployment footprint differs by exchange and rollup.
Fee ranking shifts of this magnitude typically result from changes in trading volume, average transaction size, or both. A single 24-hour period does not establish a sustained ranking; the data point measures a snapshot taken at one moment on Thursday.
Canton held fees above Uniswap V4 on Thursday. The number that decides whether this persists is whether Canton maintains that position across the next seven days of data pulls from DefiLlama.
