Uniswap trading volume explodes to record levels over 7 million per day – but actual fees lag far behind

Uniswap's new swap record is testing whether the protocol's wider fee footprint can turn rising activity into measurable UNI burns.Uniswap founder Hayden Adams said Tuesday that the decentralized exchange was handling roughly 82 swaps per second across chains. He was responding to Blockworks Research analyst Marc Arjoon, who said Uniswap had recorded more than 7 million swaps in one day and its two busiest days by swap count.Seven million swaps over 24 hours works out to at least 81 per second, making Adams' rounded rate consistent with the reported daily total. The metric counts swaps, however, not unique users or the dollar value traded.The milestone follows a rapid expansion of protocol fees. A July 7 governance discussion said fees were live across all v2 and v3 pools on 11 chains. On July 27, governance separately added Robinhood Chain for v2 and v3.Governance also executed the first part of the v4 fee proposal that day, activating fee controllers on Ethereum, Arbitrum, Base, BNB Chain, Polygon, Optimism and Robinhood Chain. Five other chains were deferred to a later proposal.Blockworks reported Aug. 12 that v4 fees had been activated across roughly 229,000 v4 pools, 10 of 12 ...