Uniswap Now Represents 23% Of The Total DeFi Space

The exchange now controls 23.22% of all capital in DeFi. Curve Finance holds second place among decentralized exchanges with $845.3 million locked, while Balancer sits third with $289.4 million.

Uniswap's numbers show $3.29 billion in liquidity, a 1.86% increase from prior measurements, with a 24-hour trading volume of $253 million, up 4.47% in the same span. Ether accounts for $1.5 billion of that locked capital. The network now holds 3.275 million ETH out of 8.5 million total ETH deployed across all DeFi protocols.

Ryan Watkins from Messari noted on Twitter that the protocol's core economics remain sound despite trading activity cooling over the past two months. "Uniswap's volumes have come down quite a bit since September, but even still its fundamentals are very strong," Watkins wrote. He observed that the platform's worst-performing day in the past three months still saw $135 million in volume. At the current 5 basis point fee rate, sustaining that level for a full year would generate about $25 million in annual earnings.

UNI token distribution to liquidity providers concludes next Tuesday, November 17, and market participants worry the end of rewards could trigger an exodus. The token traded at $3.08 as of writing, up 10.43% over 24 hours. Uniswap did not announce new incentive plans, leaving less than a week until farming ends, though the protocol could launch fresh liquidity mining programs for ETH/UNI or stablecoin pairs to retain capital. The end of farming represents a price discovery moment for UNI, testing whether the protocol retains its appeal without the incentive layer.