Uniswap leads the decentralized exchange (DEX) space with unmatched trading volume and steady user growth. As of March 2025, it dominates with over $3.7 billion in 24-hour volume, dwarfing competitors like PancakeSwap ($1.1 billion). Its Automated Market Maker (AMM) model drives high liquidity and user engagement, with Unichain recently surpassing $1 billion in volume. User growth remains robust, with 43.8k daily traders on Unichain alone, fueled by low fees and permissionless trading. Despite $UNI token stagnation, Uniswap’s ecosystem strength solidifies its DeFi leadership.