Uniswap Reclaims Crown Amid DEX Market Volatility and PancakeSwap Decline

After a turbulent few months within the decentralized change (DEX) area, Uniswap has managed to reclaim its place because the market chief in what seems to be a powerful comeback in August 2025.

The platform recorded a buying and selling quantity of $111.8 billion, up 28.3% month-on-month, representing the second time this yr it has surpassed the $100 billion mark.

Uniswap Strikes Again

In accordance with the newest report shared by CoinGecko, this resurgence allowed Uniswap to get well from its June low, when its market share had fallen to 19.4%, overtaken by PancakeSwap amid the latter’s surge pushed by the Binance Alpha 2.0 launch. The rewards program boosted PancakeSwap’s exercise, which helped it obtain document each day buying and selling volumes of round $5 billion and a peak market share of 64.5% in June.

Nevertheless, August instructed a distinct story as PancakeSwap’s buying and selling quantity plummeted to $92.0 billion. This was a pointy 44.7% decline from July, which lowered its market share to 29.5% and allowed Uniswap to retake the highest spot.

Aerodrome secured its place because the third-largest DEX in August whereas capturing 7.4% market share. It recorded virtually $23 billion in buying and selling quantity, which marks a 28% month-on-month enhance. The remaining high 10 decentralized exchanges collectively accounted for 27.3% of the market.

In the meantime, the DEX ecosystem continues to evolve quickly, with newcomers like Hyperliquid making notable positive aspects. Hyperliquid’s August quantity surged 129.3% month-on-month to $21.4 billion, pushing its market share to six.9% and elevating it to the fourth-largest DEX. Within the course of, it surpassed a number of Solana-based platforms.

Whereas nonetheless far behind Uniswap and PancakeSwap, Hyperliquid’s rise evidences the more and more aggressive nature of the DEX sector.

UNI’s Unstable Trajectory

Uniswap strengthened its market dominance, however the identical can’t be stated for its governance token, UNI, which skilled vital volatility over the previous month, forming a neighborhood high above $12 in mid-August earlier than struggling back-to-back corrections.

The token confirmed sturdy upward momentum by means of August however has confronted promoting strain in current weeks, with the value consolidating within the $9-10 vary by means of early September.

Regardless of the turbulence, Bitwise CIO Matt Hougan noted that UNI at $6 billion is modest by world requirements, and in contrast it to Storebrand, which occurs to be a mid-sized Norwegian insurance coverage agency. He added that regardless of its DeFi prominence, its valuation stays comparatively small within the broader monetary panorama.