Uniswap's trading volume surged to $116.6 billion monthly, even as the market cap of its native token, UNI, fell to $6.8 billion. The decentralized exchange has introduced updates such as v4, UniswapX, and the Uniswap Wallet to enhance user experience and expand its reach across multiple blockchain networks. A new proposal, UNIfication, aims to link trading fees to token buybacks, potentially increasing UNI's value and impacting DeFi token economics. Despite the drop in UNI's market cap, Uniswap's trading activity has nearly tripled from 2023 to 2025, highlighting its growing influence in the DeFi space.