The token $UNI has lost more than 85% since its ATH, but... what if its future is just beginning?

With the arrival of Unichain and $3 trillion in accumulated volume, the battle for the DEX throne is reignited.

In this analysis, we address what many are not asking: why is Uniswap still key?

Reflection:

In a saturated ecosystem of DeFi promises, where new protocols appear daily with seductive yields and strategies, there is a silent actor that continues to build: Uniswap. What sets it apart today? Is it still relevant when we see how PancakeSwap surpasses it in weekly volume or how new L2 solutions emerge with more incentives?

We are not dealing with a mere speculative token. We are talking about the protocol that created an AMM revolution and that, in 2025, faces the challenge of redefining its purpose... again.

Updated analysis as of May 24, 2025

Current price: $6.20 USD

Market Cap: $3.9B

Circulating supply: 628M UNI

Total TVL (according to DefiLlama): $25.3B

Monthly volume on L2 (Base, Arbitrum, Unichain): +$26B

Active users: +400K unique wallets

Q1 2025 revenue: $140M

Why is Uniswap still important?

Pioneering AMM model: Foundation of all modern DeFi infrastructure.

Governance with real power: $UNI allows decisions on protocols, funds, and fees.

Multichain and native L2: Presence on Ethereum, Arbitrum, Base, and now Unichain, a dedicated layer focused on scaling its ecosystem.

What is its projection?

Medium term (2025-2026): Consolidation of Unichain, active governance, and gradual recovery towards ranges of $8-$12 if the TVL and volume are maintained or increase.

Long term (2027 and beyond): If it manages to position itself as neutral multichain DeFi infrastructure, it could be revalued as an institutional asset and reference protocol.

And the risks?

More aggressive competition (PancakeSwap, Curve V4).

Regulatory stress in the U.S. and Europe.

Loss of relevance if Unichain fails to gain traction.

UNI is not hype. It is history in the making.

The question is not if it will rise.

The real question is: will it continue to be the heart of DeFi or just another protocol?

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