Uniswap leads the decentralized exchange (DEX) landscape with unmatched trading volume and user growth. In 2023, it recorded over $100 billion in monthly volume, dominating with a 66.1% share of DEX spot trading in Q2. By December 2024, its 30-day volume hit $106 billion, far surpassing competitors like PancakeSwap ($96.4 billion). User growth is notable, with 3.9 million addresses interacting by 2022, bolstered by its user-friendly interface and v4 innovations like “hooks.” Despite this, UNI’s price lags, suggesting volume and adoption outpace token valuation, cementing Uniswap’s DeFi dominance.