Uniswap V4 generated $1.9 million in fees over the past 24 hours, moving ahead of Canton's $1.8 million and climbing to the fifth-ranked protocol by daily fee volume, according to on-chain data from DefiLlama. The shift marks Uniswap V4's ascent from sixth place the previous day.
Uniswap V4 launched in September 2024 as an upgrade to the dominant decentralized exchange, introducing customizable liquidity pools and a singleton architecture designed to reduce gas costs. The protocol's climb in fee rankings reflects growing adoption among liquidity providers and traders using its new feature set.
Canton, a rollup focused on privacy-preserving transactions, has maintained consistent fee volume across its operations. The two protocols now sit within a single rank of each other, with Uniswap V4's modest lead reflecting daily volatility typical of DeFi fee tables.
Fee rankings measure activity and usage but do not account for network differences or cost structures. Protocols with lower transaction costs may generate higher volumes of transactions while generating lower absolute fees, whereas more expensive networks may concentrate activity into higher-value trades.
Uniswap's V3 release in 2021 introduced concentrated liquidity and fee-tier flexibility; V4 extends this model to allow developers to define custom pools with their own mechanics. The protocol remains the largest DEX by volume across Ethereum and multiple Layer 2 networks.
