Uniswap v4 is now processing almost half of the protocol’s trading volume, putting the latest architecture slightly ahead of v3 in Uniswap’s own 30-day snapshot. Uniswap reported more than $44 billion in v4 volume, equivalent to 49.9% of trading across v2, v3 and v4, marking the first time the latest version has become the protocol’s largest individual execution layer by volume.
The same snapshot placed v3 at 44.9% and v2 at 5.2%. Uniswap’s official developer documentation shows that v4 volume is derived from indexed onchain swap activity and can be queried at protocol, pool and daily levels. The metric therefore measures executed trading activity, not capital deposited, unique traders or net inflows into v4.
Independent data provides a useful second reference point. DeFiLlama’s Uniswap v4 dashboard currently records approximately $39.72 billion in rolling 30-day v4 DEX volume, while its combined Uniswap dataset shows about $79.76 billion. The difference from Uniswap’s $44 billion snapshot illustrates why rolling volume figures should always be tied to their observation window rather than treated as fixed totals.
Hooks Move From Architecture to Live Markets
The shift toward v4 matters because the protocol was designed around a substantially more modular pool architecture. Hooks allow developers to attach customized logic to individual markets, including dynamic fees and other behaviors, while Uniswap’s singleton PoolManager coordinates the underlying pools. Nearly half of protocol volume now passing through v4 means that this architecture is handling material production trading rather than remaining primarily a developer framework.
Uniswap Labs has continued expanding that model. Its official October 14 VolatilePair announcement introduced dynamic buy and sell fees for volatile markets, beginning with ETH/USDC, while its StablePair design applies specialized fee behavior to assets expected to trade near a common reference value. V4 increasingly allows different categories of liquidity to operate under market-specific rules instead of forcing every pair into the same AMM configuration.
That specialization is already visible in production. A recent USDG/USDC StablePair deployment on Arbitrum uses dynamic fees specifically for correlated stablecoins. Tokenized securities have also become a significant v4 segment, with v4 previously accounting for 40.7% of tokenized-stock DEX volume in a separate 30-day dataset.
Volume Leadership Does Not Mean Full Migration
Uniswap’s 49.9% figure establishes where trades were executed during the measured period, but it does not show that half of Uniswap’s liquidity, users or capital has migrated to v4. The same pool liquidity can turn over repeatedly through market making, arbitrage and directional trading, generating substantial gross volume without equivalent new deposits.
Current independent figures reinforce that distinction. DeFiLlama places v4 TVL at approximately $1.34 billion compared with roughly $3.88 billion across Uniswap overall. V4’s share of trading volume is therefore materially larger than its share of total value locked, showing why volume and liquidity should not be treated as interchangeable measures.
The limitation has appeared in individual markets as well. After Uniswap surpassed $300 million in early Arc swaps, transaction-level analysis showed that repeated swaps could generate large gross turnover with much smaller net capital movements. Volume remains evidence that execution is occurring, but it cannot independently establish organic demand, liquidity depth or the number of economically distinct users.
The latest distribution nonetheless marks a meaningful internal shift for Uniswap. V3 remains close behind, while v4 is increasingly hosting specialized stablecoin, volatile-asset and tokenized-market designs. The defensible conclusion is that v4 has become Uniswap’s largest individual version by the protocol’s latest 30-day volume snapshot; whether that position persists will be visible only across subsequent measurement periods.