Uniswap V4 exceeded Uniswap V3 in 24-hour trading volume for the first time, recording $2.16 billion against V3's $2.09 billion, according to on-chain data tracked by DefiLlama. V4 held the number two position on the previous day.
The shift marks a departure in liquidity distribution across Uniswap's two active versions. V3, which launched in May 2021, has dominated DEX volume rankings since its release and maintained its position as the protocol's primary trading venue. V4, deployed in June 2024 with novel features including customizable hooks and concentrated liquidity, has grown steadily but remained secondary to its predecessor until this snapshot.
Uniswap V4 introduced architectural changes designed to reduce capital requirements for liquidity providers and expand the types of trading logic builders could implement on top of the protocol. The version allows developers to write hooks, code that executes at defined points in a swap transaction, enabling features like custom fees, dynamic pricing, and integrated limit orders. V3's concentrated liquidity model, which let LPs specify price ranges for their capital, set the template for modern DEX design but lacks the customization layer V4 added.
Trading volume on decentralized exchanges fluctuates daily based on market conditions, token launches, and incentive programs. A single 24-hour reading does not necessarily indicate sustained dominance, and volume leadership can shift between versions depending on which assets trade most actively. Uniswap controls roughly 60 percent of DEX volume across both versions combined, according to recent data.
The $70 million gap between V4 and V3 represents a 3.3 percent margin. Whether V4 sustains volume leadership above V3 will depend on whether developers continue deploying hooks-based strategies that attract traders and whether liquidity providers shift capital to V4's customizable model in the weeks ahead.
