Uniswap Official: V4 Now Handles Nearly Half of Protocol Trading Volume, with Over $44 Billion in Trading Volume in the Past 30 Days
October 14 — Uniswap’s official account disclosed that its V4 version now handles nearly half of all trading volume on the Uniswap protocol, with trading volume exceeding $44 billion in the past 30 days alone.
According to the 30-day market share chart it provided, V4 ranks first with a 49.9% share, followed closely by V3 at 44.9%. Together, they account for more than 94% of the protocol’s trading volume, while the earlier V2 version has just 5.2%.
These figures mark a milestone: since its official launch in early 2025, V4 has overtaken the previous leading version, V3, in less than two years.
It is worth noting that V3’s market share was built over five years. V4, by contrast, has captured nearly half the market in a much shorter time, showing that the new protocol architecture is more than just a technical concept—it is backed by real market demand for trading.
The Uniswap V4 protocol rebuilt the surrounding structure on top of V3’s mathematical core. V3’s signature “concentrated liquidity” mechanism has been fully retained, while V4 changes how liquidity pools are organized and settled, as well as the limits of their extensibility.
Simply put, V3 uses a separate contract for each pool, making it costly in gas to create new pools. V4 instead manages all pools through a unified system, reducing gas costs for deployment and multiple transactions while retaining V3’s concentrated liquidity mechanism and improving capital efficiency.
Additionally, V3 pool rules are fixed, and on-chain code execution logic cannot be customized. V4, however, supports embedding custom code when creating pools, trading, and adjusting liquidity. This enables programmable pools and features unavailable in V3, such as dynamic fees and MEV protection.
What’s more, V3 trades must be routed through WETH, whereas V4 supports direct trading with native ETH, avoiding the gas cost of conversion. Combined with flash accounting for batch settlement, this further reduces fees on multi-hop swaps.
However, V4’s Hook plugins are third-party contracts, and their security is not covered by a unified guarantee from Uniswap’s core code. Users need to understand what the Hook attached to a pool actually does when choosing one, creating a new hurdle for V4 users.
V3 still has deeper TVL and a more established user base, while V4 is attracting new users and enabling new use cases. V3 continues to handle the bulk of existing trading activity, so the two versions are likely to coexist over the long term.
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