Uniswap has set a record with over 915 million transactions in 2025 and a trading volume surpassing $1 trillion. This achievement solidifies its position as the undisputed leader of DeFi.
However, in stark contrast to this explosive growth, the value of the UNI token remains stagnant. This leaves many investors wondering: why does a protocol generating billions in revenue annually fail to deliver value to token holders?
Network Strength and Record-Breaking Trading Volume
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Uniswap (UNI) is experiencing a remarkable year, with the number of transactions (swaps) on its platform reaching 915 million in 2025 alone.
The third quarter of this year is poised to become the highest trading volume ever, with approximately $270 billion in transactions, with more than a week left in the quarter.
The exchange’s total trading volume has surpassed the $1 trillion mark for the entire year, an impressive milestone for any DEX.
Uniswap’s trading volume. Source: Token Terminal
This growth reflects the maturation of the DeFi ecosystem and an increasingly clear regulatory environment.
These factors enable protocols like Uniswap to operate securely and attract more users.
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Massive Revenue, Yet UNI Price Remains Sluggish
Uniswap Labs earns an impressive $50 million annually, while the protocol’s total transaction fees reach $1.65 billion annually. Despite this, the revenue has not translated into value for the UNI token.
The primary reason is that Uniswap lacks mechanisms for buybacks or direct profit distribution to holders.
Uniswap’s fees. Source: Clemente on X
In fact, with a market capitalization of around $5.7 billion, many investors are questioning UNI’s purpose and true value in the current environment.
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Experts and the community note that UNI is increasingly considered a “meaningless” token.
It fails to reflect the platform’s massive revenue and is hampered by opaque token distribution mechanisms and conflicts of interest between the core development team and investors.
“We’re not bear posting Uniswap. We’re bear posting $UNI. Just a complete nonsense token in today’s market & changing regulatory environment. Everything you and your VCs stand for is irrelevant. Turn on revenues & buybacks, or don’t bother having a token.” A user on X commented.
Echoing these sentiments, another X user noted that the token-holding mechanism does not incentivize value.
The altcoins lacks a connection to the exchange’s business performance. It also suffers from opaque token unlocks. All of these factors keep UNI’s price low despite the platform’s growth.
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This creates a clear gap between the platform’s and token’s values, making it difficult for investors to see the benefits of holding UNI.
Experts propose three strategic directions for the UNI token to catch up with Uniswap’s true value.
First, bring high-quality assets on-chain to increase liquidity and attract users. Second, tie the token’s value to business performance, for example, through buybacks or distributing a portion of transaction fees to holders.
Lastly, reform the token supply mechanism to ensure transparency and balance the interests of developers and the community.
At the time of writing, BeInCrypto data shows UNI is trading at $8.09, down 82% from its 2021 ATH.
