Uniswap’s price is currently hovering above a crucial support level, as its monthly fees and trading volume have surged to multi-month highs. According to DeFi Llama data, Uniswap processed over $73 billion in transactions this month – the largest monthly increase since February – exceeding April’s figure of $53.2 billion. This surge was driven primarily by activity on the Ethereum chain, followed by Arbitrum, Unichain, and Base. Unichain, launched earlier this year, has already processed over $14 billion in transactions, dwarfing Cardano’s (ADA) $4.9 billion. 2023 has seen Uniswap’s revenue skyrocket as well. TokenTerminal data reveals the protocol has generated over $380 million in revenue this year, surpassing Ethereum’s $275 million. 2023 has seen Uniswap benefit from an increase in trading volume and transaction fees. Despite these positive indicators, UNI’s price remains significantly below its December highs, currently at $6.50 – down 65% compared to the peak. Competition within the decentralized exchange space is intensifying, with protocols like PancakeSwap and Raydium capturing market share. The shift in market activity has also been accompanied by a decrease in UNI’s whale holding. According to Santiment data, this figure has dropped to 748 million tokens from an earlier peak of 850 million. This pattern often suggests bearish sentiment within the cryptocurrency market.