Uniswap’s Strong Comeback in August 2025
After a period of uncertainty in the decentralized exchange (DEX) sector, Uniswap has successfully regained its position as the leading platform, marking what seems to be a significant recovery in August 2025.
The platform achieved a trading volume of $111.8 billion, reflecting a 28.3% increase month-on-month, making it the second occasion this year that it has crossed the $100 billion threshold.
As per the most recent report from CoinGecko, this revival enabled Uniswap to bounce back from its June low, when its market share dipped to 19.4% as PancakeSwap overtook it during a surge spurred by the Binance Alpha 2.0 launch. A rewards program significantly enhanced PancakeSwap’s activity, allowing it to reach record daily trading volumes of approximately $5 billion and a peak market share of 64.5% in June.
However, August yielded a different outcome as PancakeSwap’s trading volume dropped to $92.0 billion, marking a steep 44.7% decline from July. This downturn reduced its market share to 29.5%, enabling Uniswap to reclaim the leading position.
Aerodrome maintained its position as the third-largest DEX in August with a market share of 7.4%. The platform recorded nearly $23 billion in trading volume, representing a 28% month-on-month increase. The remaining top ten decentralized exchanges collectively made up 27.3% of the market.
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Meanwhile, the DEX ecosystem is evolving swiftly, with new entrants like Hyperliquid making impressive strides. Hyperliquid’s trading volume skyrocketed 129.3% month-on-month to $21.4 billion, boosting its market share to 6.9% and positioning it as the fourth-largest DEX. In doing so, it outpaced several platforms based on Solana.
While it still trails behind Uniswap and PancakeSwap, Hyperliquid’s ascent illustrates the intensifying competition within the DEX landscape.
Although Uniswap has reinforced its market dominance, its governance token, UNI, has not fared as well. It exhibited notable volatility in the past month, reaching a local peak above $12 in mid-August before undergoing successive corrections.
The token demonstrated strong upward momentum throughout August but has since experienced pressure from sellers, with its price stabilizing in the $9-10 range into early September.
Regardless of the ups and downs, Bitwise CIO Matt Hougan remarked that at a valuation of $6 billion, UNI is relatively modest by global financial standards, comparing it to Storebrand, which is a mid-sized insurance firm in Norway. He emphasized that despite its prominence in the DeFi sector, its valuation remains relatively small within the broader financial landscape.
