Uniswap's Ethereum Layer 2 network, Unichain, has experienced a significant decline in total value locked (TVL) following the conclusion of the Merkl incentive program. According to L2Beat data, Unichain's TVL has dropped from a peak of $1.45 billion to $350 million over the past four months, marking a decrease of $1.1 billion. Currently, the composition of Unichain's TVL includes 63.7% in ETH and liquid staking tokens (LST), 26.6% in stablecoins, and 7.12% in BTC and other LSTs. This shift highlights the impact of incentive programs on network engagement and asset allocation within the ecosystem.