Uniswap V4 processed $601.2 million in trading volume over the past 24 hours, climbing to third place in the decentralized exchange rankings and surpassing Aerodrome Slipstream's $527.1 million, according to data tracked by DefiLlama. The jump marks a rise from fifth place the previous day.
Uniswap V4 launched in September 2024 as the protocol's first major version upgrade in three years. The release introduced customizable liquidity pools and granular hooks that allow developers to layer custom logic atop core swap mechanics, a departure from V3's fixed pool structure. The upgrade arrived amid intensifying competition from newer DEX designs and protocols optimized for specific blockchain ecosystems.
Aerodrome, which V4 displaced in the rankings, is the leading DEX on the Base network and uses concentrated liquidity with veTokenomics incentives tied to governance and emissions. Aerodrome has maintained consistent volume leadership on Base but operates within a narrower chain-specific user base. Uniswap functions across multiple chains including Ethereum, Arbitrum, Optimism and Polygon, giving it access to a larger addressable pool of traders and liquidity providers.
Daily DEX volume rankings fluctuate based on market conditions, arbitrage flows, and token launch activity. A single day's ranking does not necessarily indicate a sustained trend. Historical volume data shows Uniswap's flagship V3 protocol regularly occupies positions one through three across all chains combined, though ranking individual protocol versions separately is less common in public reporting.
Uniswap V4 has gained adoption since its mainnet deployment. The customizable hooks feature has attracted builders experimenting with novel pool types, though the version has yet to capture the liquidity concentration or daily volume of the original V3 in sustained fashion. Volume composition across Uniswap's four active versions varies by underlying token pairs and market activity in any given day.
V4 handled more volume than Aerodrome on a single day. The question is whether V4 can sustain this throughput as new pools and hooks mature or whether the ranking stems from temporary arbitrage or promotional activity tied to specific token events.
