Uniswap has lost its position as the leading decentralized exchange. The protocol shed over $1 billion in liquidity in the past 24 hours, a 44% decline in total value locked. Maker now leads with $2.
Uniswap has lost its position as the leading decentralized exchange. The protocol shed over $1 billion in liquidity in the past 24 hours, a 44% decline in total value locked.
Maker now leads with $2.34 billion locked, while WBTC took second place with $2.07 billion. SushiSwap captured the capital fleeing Uniswap, with its TVL surging from $332 million to $571 million—a 69.14% jump in one day.
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Uniswap's liquidity mining program ended today, November 17. The program had paid liquidity providers in UNI tokens for locking capital in the protocol's pools. When it expired, providers withdrew 1.3 million ETH—worth $600 million—from the platform. Analysts had flagged this risk a week prior, noting that without clear direction on future incentives, capital would leave.
The Uniswap community is pushing a new farming incentive proposal to stem the bleeding. Cooper Turley drafted the measure and explained its purpose: "The goal of this proposal is to maintain the status quo, using reduced incentives as a means to continue distribution as we look to optimize allocations in the medium term."
The proposal reduces rewards to half the previous level. For the next two months, four pools—WBTC/ETH, USDC/ETH, USDT/ETH, and DAI/ETH—will each receive 1.25 million UNI tokens monthly. That totals 10 million UNI, or 4.6% of the token's current supply. The previous program allocated 2.5 million UNI per pool each month.
The proposal must clear two voting stages. Snapshot voters need to approve it with 25,000 yes-votes within 72 hours. A consensus check poll then requires 50,000 favorable votes within five days. If both pass, the protocol moves to a formal governance vote that demands 40 million votes to enact.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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