Unichain, the native Layer 2 blockchain of Uniswap, has surpassed Ethereum to become the dominant chain for Uniswap v4, accounting for approximately 75% of total trading volume — according to data from Dune Analytics compiled by Entropy Advisors. Meanwhile, Ethereum now accounts for less than 20% of the market share.
This shift began to accelerate in mid-April 2025, thanks to the rapid development of Unichain and strategic incentive programs. Notably, Ethereum still holds the leading position in trading volume for Uniswap v3 — the more popular version with current users.
Launched in January 2025, Uniswap v4 is the latest version of this decentralized exchange (DEX), offering standout features such as: customizable code (hooks), dynamic fees, gas savings, and native ETH support. Unichain is fully focused on operating Uniswap v4 and does not support v3 as a core part of its ecosystem.
Unichain's leading position in Uniswap v4 largely comes from a $45 million liquidity incentive program, which has led to a surge in active wallets and total value locked (TVL). According to DeFiLlama, Unichain is currently the third largest Layer 2 with a TVL of $800 million.
Built on the Optimism Superchain, Unichain offers transaction costs that are about 95% lower than Ethereum Layer 1. This blockchain has a block time of 1 second and plans to implement sub-blocks of 250ms in the future to achieve an almost instant experience.
Uniswap's UNI token has increased by over 20% in the past 24 hours, becoming one of the largest gainers among altcoins in the market.
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