After months of turbulence in the decentralized exchange (DEX) space, Uniswap was able to regain its position as a market leader in what appears to be a strong comeback in August 2025.
The platform recorded a trading volume of $1118 billion, up 28.3% per month.
Uniswap fights back
According to the latest report shared by Coingecko, this revival allowed Uniswap to recover from its June lows. This fell to 19.4% from the June low, overtaken by the Pancay Swap, amid the latter surge driven by the launch of the Binance Alpha 2.0. The Rewards programme has supported Pancakeswap’s activities. This helped us achieve a record trading volume of around $5 billion and a peak market share of 64.5% in June.
However, August spoke about another story as Pancakeswap’s trading volume plunged to $92 billion. This was a sharp decline of 44.7% since July, reducing market share to 29.5%, allowing UNISWAP to gain top position.
Aerodrome secured its position as the third largest DEX in August, while capturing a market share of 7.4% in August. It recorded a trading volume of nearly $23 billion. This shows a monthly increase of 28%. The remaining top 10 decentralized exchanges collectively accounted for 27.3% of the market.
Meanwhile, the Dex ecosystem continues to evolve rapidly, with newcomers like high lipids making significant profits. Hyperliquid’s August volume surged from 129.3% to 129.3% a month to $21.4 billion, boosting market share to 6.9% and increasing its fourth-largest DEX. In the process, we surpassed several Solana-based platforms.
Still far behind Uniswap and Pancakeswap, Hyperliquid’s rise proves the increasingly competitive nature of the DEX sector.
Uni’s Volatile Orbit
Uniswap has strengthened its market advantage, but the same cannot be said about Uni, a governance token that has experienced significant volatility over the past month.
The tokens showed strong upward momentum through August, but have faced sales pressure in recent weeks, with prices consolidated between $9-10 by early September.
Despite the turbulence, Bitwise Cio Matt Hougan pointed out that Uni is a $6 billion modest and compared it to StoreBrand, a medium-sized Norwegian insurer. He added that despite its standoutness, its valuation remains relatively small in the broader financial environment.
