Uniswap has processed more than $300 million in swaps on Arc since the Circle-developed Layer 1 opened its public mainnet on September 16. Uniswap said it accounted for 84% of all DEX volume on Arc during the measured launch period, establishing the protocol as the largest decentralized trading venue on the young network according to its own September 20 snapshot.
In its official announcement, Uniswap highlighted the combination of cumulative swap volume and market share only days after Arc went public. The milestone extends Uniswap’s day-one deployment across V2, V3, V4 and UniswapX, all of which launched with support through the Uniswap Web App, Wallet and API. Arc uses USDC for gas and was designed by Circle around stablecoin payments and financial-market activity.
Arc moves on Uniswap 🦄
$300M+ swapped since launch, making up 84% of all DEX volume on the chain pic.twitter.com/8tctLNHY6B
— Uniswap (@Uniswap) September 20, 2026
Uniswap Captures Early Arc Trading Activity
The 84% share points to considerable concentration during Arc’s opening phase, but it represents a short observation window on a network that had been live for only several days. Early market share can reflect where initial liquidity, pools and routing infrastructure are available rather than a durable competitive position. As additional DEXs attract liquidity and more assets begin trading, Arc’s venue mix can change materially.
Current third-party data continues to show significant activity on Arc. DeFiLlama records hundreds of millions of dollars in recent DEX volume on the network and identifies Uniswap as its largest decentralized exchange by activity and TVL. Those live metrics support Uniswap’s position as Arc’s leading DEX, but they should not be used to reproduce the exact 84% figure because the measurement windows continue to move.
Volume quality also requires qualification. A September 21 Bitquery analysis identified five Uniswap v4 transactions involving two newly created tokens that generated approximately $59.8 million in counted swap volume across September 19 and 20. The same small group of wallets repeatedly bought and sold against liquidity they had largely supplied themselves, producing large gross swap figures while ending with comparatively small net capital movements.
Gross Volume Does Not Equal Organic Demand
Bitquery found that the five transactions contained 160 individual swaps, with repeated buys and sells taking place inside the same transactions. Because Uniswap v4 uses flash accounting and settles the net balance at the end, large amounts can be swapped back and forth without requiring equivalent fresh capital for every recorded trade. That activity still counts as executed swap volume, but it demonstrates why headline DEX volume does not automatically measure unique users, new liquidity or organic demand.
The finding does not negate Uniswap’s early lead. It instead changes how the launch-period numbers should be interpreted. Uniswap has clearly become Arc’s primary execution venue during the network’s opening days, but cumulative volume alone cannot establish the depth or durability of that position. Wallet participation, liquidity depth, repeat trading and volume excluding circular activity will provide a more informative picture as Arc matures.
The next meaningful milestone will be whether Uniswap retains a similarly large share after launch-driven activity normalizes. Sustained volume across established assets, deeper liquidity and a broader base of independent traders would provide stronger evidence of durable market leadership than the first $300 million in gross swaps alone. Arc’s expanding DEX ecosystem will also show whether liquidity remains concentrated around Uniswap or begins distributing across competing venues.