Uniswap v4 and v3 together handled 47.2% of stablecoin trading on decentralized exchanges over 30 days, in a market worth $161.4 billion. Version 4 leads in stable-to-stable swaps, where it offers lower fees than v3.
Stablecoins changed hands to the tune of $161.4 billion on decentralized exchanges over the past 30 days. Uniswap v4 and v3 together accounted for 47.2% of that trading.
Where the volume is going
According to Dune Analytics, v4 has become a leading venue for stable-to-stable swaps, meaning trades where one dollar token is exchanged for another. Uniswap v4 processes between $11 billion and $14 billion a month in those trades, while v3 handles roughly $1 billion to $2 billion monthly.
Those swaps make up roughly 45% to 53% of v4's total volume. The two figures measure different things, however. The 47.2% share covers stablecoin trading on DEXes broadly, while the $11 billion to $14 billion range counts only swaps where both sides are stablecoins.
Lower fees on v4
Pricing is one difference. V4 offers flexible fees ranging from 0.0005% to 0.0008% on major stable pairs, while v3's lowest fee tier sits at 0.01%. V4 also introduced more efficient routing options that help optimize how trades get executed.
Across v2, v3 and v4 combined, Uniswap recorded more than $70 billion in DEX trading volume over 30 days, according to DeFiLlama, a total that surpassed the next three DEXes combined.
What it means for traders and LPs
For traders, the clearest implication is cheaper execution on large stablecoin swaps. Lower fees on v4 can mean better margins for strategies that move size, such as arbitrage between dollar tokens or treasury rebalancing.
For liquidity providers, ultra-low fees attract volume, but each trade pays them less. Their returns depend on whether the extra volume makes up for thinner per-trade income.
Concentration carries its own risk: any technical issue or governance change at Uniswap could ripple across a large share of onchain dollar trading.
Source: Crypto Briefing
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