Uniswap Closes in on $100M Monthly Fees as V4 Upgrade Sparks Fresh On-Chain Growth

Uniswap is once again showing why it remains the largest decentralized exchange in crypto. According to DefiLlama, the protocol generated $99.06 million in fees over the past 30 days, placing it among the highest revenue-generating crypto projects. Only stablecoin issuers Tether and Circle earned more during the same period, with a combined $676 million in fees.

The milestone also pushed Uniswap’s lifetime protocol fees to $5.72 billion, reinforcing its long-standing position at the top of the DeFi sector.

V4 Fee Switch Marks a Big Change

Much of the recent attention has come after Uniswap V4’s fee switch officially went live.

The upgrade introduces a new revenue model where a portion of protocol fees can now be directed toward buying and burning UNI tokens. This reduces circulating supply over time while giving the token a more direct connection to the protocol’s growing revenue.

The market reacted quickly. Between July 29 and July 31, UNI climbed nearly 19%, moving from around $3.83 to $4.54 before settling near $4.09.

Users and Whales Didn’t Leave After the Rally

While prices cooled slightly, blockchain data suggests network activity remained elevated.

Data shared by Santiment showed:

• New wallet addresses jumped to 510 on July 30 and 582 on July 31, nearly double the typical 250–320 daily range seen throughout July.
• Daily active addresses reached 2,341 and 2,457, well above the month’s normal 1,300–1,700 level.
• Whale transactions above $100,000 climbed to 142 on July 30, making it one of the busiest large-holder activity days of the month.

According to Santiment, this matters because the increase in network activity continued even after UNI’s price stopped climbing, pointing to sustained user participation instead of a one-day trading frenzy.

Why It Matters

Higher protocol fees mean more value is flowing through the Uniswap ecosystem. Combined with the newly activated buy-and-burn model, the protocol now has a stronger link between platform usage and the UNI token itself.

The data also shows that both retail users and large investors became more active immediately after the V4 rollout, indicating growing interest in the upgraded protocol rather than short-term speculation alone.

With nearly $100 million in monthly fees, $5.72 billion in lifetime revenue, and stronger on-chain participation following the V4 upgrade, Uniswap continues to set the pace for decentralized exchanges as August begins.