Uniswap V2 on the Base network has experienced a significant decline in trading volume following the introduction of fees. Daily trading volumes have decreased from a previous range of $55 million to $100 million to a current range of $24 million to $35 million. Notably, 90% of this volume has not contributed fees to the protocol, as it largely stems from rug pull projects. Backtesting reveals that over 95% of Uniswap V2 activity on Base is associated with scams.