Uniswap v4 and v3 together accounted for 47.2% of the $161.4 billion in stablecoin trading volume on decentralized exchanges over the past 30 days. Uniswap v4 processes between $11 billion and $14 billion monthly in stable-to-stable swaps, representing 45% to 53% of its total volume. The protocol offers fees as low as 0.0005% on major stable pairs, compared to 0.01% for the lowest tier on v3. Across all versions, Uniswap recorded more than $70 billion in total DEX trading volume over the same period. This concentration of stablecoin activity through a single protocol family raises concerns about systemic risk in onchain dollar trading.
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