Uniswap may exit top 10 dApps by TVL Check the top 9 dApps by TVL. What do they have in common? Yield. From Lido staking, Eigenlayer/Babylon restaking, to Pendle, Maker and Aave. Tron's JustLend and Morpho catching with Uniswap. All of them are about yield... and capital efficiency. Uniswap is dropping down because many LPs are actually losing money due to impermanent loss. The exact % loss is a different topic. But the WBTC/ETH pool generates a 3.7% APY in fees not accounting for IL. It doesn't help that due to higher transaction costs and lower TPS on Ethereum (even on L2s), trading migrates to Solana. As a result, yields are further depressed, making LPs to withdraw capital and move it elsewhere. It's a problem if UNI wants to turn the fee switch on because lower TVL and decreasing volumes generate less trading fees. The fee switch would further depress yields and LPs would leave. ---- Can Uniswap reverse the trend? 10 days ago Uni v4 launched accruing 65M in TVL (with 20M USD 1inch token alone!). Relatively slow start, I'd say, but maybe whale LPs doing more due diligence first? Still, Uni v4 brings higher capital efficiency but it depends on external ecosystem Hook developers. Are incentives aligned for devs to build on Uniswap v4? I'd love to read more on it. ------ Perhaps the solution is not the v4 but somewhere else? Raydium generates 22% more in fees despite having just 1/3rd of the TVL. What if Uniswap leveraged it's brand and launched on Solana ? Wouldn't that be entertaining for our Ethereum bulls :)