Uniswap v3 and v4 Capture 47.2% of Stablecoin DEX Volume

Overview of Uniswap's Market Share

According to Crypto Briefing, Uniswap v3 and v4 combined for 47.2% of stablecoin DEX trading volume recently. The total trading volume across all platforms reached $161.4 billion. However, the specific chains and tokens included in this calculation remain unspecified, making it difficult to assert a definitive market share.

Trading Volume Breakdown

Crypto Briefing estimates that the monthly trading volume for stablecoin swaps on Uniswap v4 ranges between $11 billion and $14 billion, while v3 sees around $1 billion to $2 billion. It is important to note that stablecoin swaps refer to trades where both assets involved are stablecoins; this definition may differ from the total stablecoin trading volume that includes transactions involving one stablecoin and one non-stablecoin asset.

Fee Structure

Uniswap's documentation explains that in v4, liquidity providers can set fees anywhere from 0% to 100% in increments of 0.0001%. Dynamic fees can also be applied through hooks. In contrast, v3 has standard fee tiers of 0.05%, 0.30%, and 1%, with a potential for a 0.01% tier to be activated via governance decisions. While fees can be varied across pools, actual trading costs may also be influenced by price impacts and network fees.

Market Context

A proposal on the Uniswap governance forum projected that Uniswap held approximately 36% of stablecoin trades on the Ethereum mainnet, compared to 34% for Fluid. This figure reflects a specific market scenario and cannot be directly compared to the recent DEX trading volume data. Therefore, while the reported 47.2% indicates significant activity, it is not sufficient alone to gauge market dominance or trading costs.