Uniswap Reclaims Crown Amid DEX Market Volatility and PancakeSwap Decline

After a turbulent few months within the decentralized alternate (DEX) house, Uniswap has managed to reclaim its place because the market chief in what seems to be a robust 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 12 months it has surpassed the $100 billion mark.

Uniswap Strikes Again

Based on the most recent report shared by CoinGecko, this resurgence allowed Uniswap to get better 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 report day by day buying and selling volumes of round $5 billion and a peak market share of 64.5% in June.

Nevertheless, August informed a special story as PancakeSwap’s buying and selling quantity plummeted to $92.0 billion. This was a pointy 44.7% decline from July, which diminished 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 improve. The remaining prime 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 factors. 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 mentioned for its governance token, UNI, which skilled important volatility over the previous month, forming a neighborhood prime above $12 in mid-August earlier than struggling back-to-back corrections.

The token confirmed sturdy upward momentum via August however has confronted promoting strain in latest weeks, with the worth consolidating within the $9-10 vary via early September.

Regardless of the turbulence, Bitwise CIO Matt Hougan noted that UNI at $6 billion is modest by international 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.