Uniswap Shatters Records with $116.6 Billion October Volume, UNI Token Surges Over 70%

Uniswap, the leading decentralized exchange (DEX), achieved a historic milestone in October 2025 by recording $116.6 billion in trading volume, its highest monthly figure since launch. This performance surpassed previous peaks from bull-market periods in 2021 and 2023, as reported by Token Terminal, cementing Uniswap's status as a cornerstone of decentralized finance (DeFi).

The growth was concentrated across Uniswap's V3 and V4 protocols, with significant contributions from networks like Ethereum, Base, Arbitrum, and Polygon. These integrations lowered transaction costs and expanded on-chain liquidity, enabling higher-frequency trading and attracting both retail and institutional participants.

A key driver of the surge was a 70% price increase in the UNI token, fueled by a governance proposal to burn 100 million UNI tokens. This sparked heightened whale activity, with daily transactions involving large UNI holders reaching a four-year high. Analysts attribute the volume explosion to cross-chain liquidity expansion, improved efficiency from Uniswap V4's modular architecture, and renewed institutional interest in decentralized trading.

If this trend continues, Uniswap could exceed $1 trillion in annual trading volume for the first time, positioning it as a critical infrastructure layer in the global tokenized economy and signaling DeFi's growing competitiveness with centralized exchanges.