TL;DR
- Uniswap is capturing more DEX activity in June as MetaMask routing, RWA token trading, and multi-chain usage increase its market share.
- UNI recovered from about $2.40 to $3.02, while protocol revenue buybacks and burns strengthened its fee-generation narrative.
- Tokenized equities drew $9.1 billion in first-days volume from 140,000 wallets, but RWA access includes KYC, whitelisting, and restricted jurisdictions as the DEX expands toward fixed income and yield-bearing instruments too.
Uniswap is capturing more decentralized exchange activity in June, even as crypto sentiment remains uneven and liquidity stays selective. The protocol has expanded across multiple alternative chains, with RWA token trading and MetaMask routing helping lift its share of decentralized trading. UNI also reflected the shift, recovering from local lows near $2.40 at the start of June to about $3.02. The interesting part is that Uniswap’s growth is showing up in usage and token attention, not only in speculative headlines, while total value locked stayed above $3.1 billion.
Demand appears to be coming from both convenience and distribution. Uniswap now handles more than 52% of trades routed by MetaMask users, with best price quotes and low transaction failure rates cited as key drivers. By dollar volume, its automated trading captured 21.3% of value. On-chain data showed activity from 134,876 wallets, with Uniswap wallet activity around 10 times larger than OKX decentralized trading. That makes Uniswap look more like a retail hub than a whale venue, especially because its top 10 wallets accounted for only 5.4% of swaps, compared with 48% for OKX.
Tokenized Equities Add a New Demand Layer
Market-share figures reinforce the point. Removing the top 100 wallets, Uniswap estimates it still captures 32.9% of trading. Other estimates place Uniswap at 67.3% of Ethereum DEX trading, 84.6% of all swaps on Arbitrum, and 46.6% market share on Base, where it overtook Aerodrome. Meanwhile, UNI’s role has changed because protocol revenue is now used for buybacks and token burns. That gives UNI a stronger link to fee generation, while Standard Chartered’s $100 target for 2030 and Bitwise’s spot UNI ETF filing add institutional attention.
The newest demand channel is tokenized equities. Uniswap already offers selected tokenized securities through its web app, wallet, and API access, including versions of SpaceX, Apple, Tesla, Nvidia, and more. Initial interest was immediate, with $9.1 billion in volumes during the first days after launch and 140,000 participating wallets. The DEX also plans fixed income, yield-bearing instruments, and other on-chain traditional financial assets. Still, RWA trading brings stricter requirements, including mandatory KYC, whitelisting, and restricted jurisdictions. For now, Uniswap is turning adaptability into market share, using V4 hooks, transfer limits, allow lists, geo-gating, and dynamic fees to serve both crypto-native retail and institution-facing assets.
