Uniswap’s UNI tokens rallied by over 15% in the past day, as the project drew attention to the potential of revenue sharing. UNI bounced from recent lows of $5 as the DEX also achieved peak volumes in October.
Uniswap’s UNI token may move to a higher range if it turns into a revenue-sharing vehicle. UNI expanded by over 15% to $6.81, after weeks of sliding.
UNI holders also expect a breakout based on the importance of Uniswap and its recent performance. The DEX achieved peak trading volumes in October, showing its resilience during all market conditions.
As a result, Uniswap produced record fees of $275M in October, surpassing even the 2021 bull market. Increased trading activity and improved features brought a complete recovery to Uniswap after the 2022-2023 bear market.
Uniswap also remains key for new listings and older tokens, with a 6.1% share of total DEX trading.
Fee switch gains attention on Polymarket
The fee switch on Uniswap is a contentious issue that has been proposed multiple times. The feature aims to move some of the fees from Uniswap into the hands of UNI token holders.
The issue has been proposed for voting multiple times, though some of the largest stakeholders like the a16z fund have voted it down.
Currently, liquidity providers absorb all the benefits from Uniswap activity, and there is no strict deadline for the fee switch. Recently, other protocols introduced their own form of fee switches to share the rising revenues.
Attention for the Uniswap fee switch also came from a newly active Polymarket pair. In early November, a market was launched to gauge the probability of an eventual fee switch activation.
The pair suggested there is just a 33% probability for a launch in December, but up to 73% in the summer of 2026.
Despite the long wait time, the Polymarket pair saw some whale activity, reflecting the interest of high-profile crypto influencers. After months of discussions on social media, the issue gained even more attention through a Polymarket pair, though for now with relatively small volumes of $56,000.
Is the UNI rally sustainable?
UNI still trades closer to the lower range for the past three months. The token has seen a long-term slide, and like other project tokens, it did not completely reflect the revenue growth.
UNI open interest has fallen to $229M, from an earlier 2025 peak above $391M. The token is overlooked by whales for now, with only nine Hyperliquid traders holding sizable positions.
In November, UNI increased its mindshare by 44%, based on Messari data. The Uniswap project is a staple in the crypto space, having survived multiple cycles. This time around, Uniswap is successful on all metrics, but has a relatively low impact when it comes to hype. At the same time, UNI is seen as an undervalued token, which can be taken up by derivative traders, to return to previous highs.
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