Uniswap’s ranking in the finance category of the U.S. app store has seen a significant decline recently, plummeting from a rank of 99 to 364 in just the past two months.
Throughout most of 2024, Uniswap consistently ranked around the 190s in the finance category of the U.S. app store. This changed following the U.S. election victory of the pro-crypto President Donald Trump, where Uniswap’s ranking jumped to the 110s. During the president’s inauguration in January, Uniswap’s app store ranking spiked again, peaking even higher at 99.
However, since that brief spike, Uniswap's app store ranking has dramatically declined, reaching even lower levels than recorded throughout 2023. This phenomenon suggests Uniswap's surge in app rankings was boosted by election hype.
A number of crypto apps also saw brief spikes in their app store rankings after the U.S. election. However, what makes Uniswap’s case more interesting is that while other crypto apps typically reverted back to pre-election levels, Uniswap’s rankings have continued to fall to unprecedented lows, signaling a deeper underlying issue.
Uniswap’s recent fundamental metrics further support this narrative. The number of traders on Uniswap in the Ethereum network has declined by over 45% since the beginning of 2025, from 69,680 to 37,000, levels not seen since July 2023. Uniswap’s monthly trading volume also declined by 10% from December 2024 to January 2025, and another 22% month-over-month decline the following month.
It will be worth watching what March’s total volume will look like, but considering the month is nearly over and volume so far barely surpasses half of February's, it does not look good for Uniswap at the moment.
This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.
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