The reason why Uni is losing TVL is simply that the trading volume on Ethereum is now less than in 2021-2022 and among other chains with somewhat high volume, Uniswap is #1 only on Arbitrum Given that there are more ways to easily farm yield in DeFi+ raising competition among DEXes + not so many updates within uniswap itself (v4 is the biggest uni update in history yet they have to incentivize users to migrate to v4 and other parties to come and build the hooks), we came to a situation where uni TVL goes down Don't get me wrong, Uniswap is a base layer for trading in DeFi no matter what the data shows you (eg pancakeswap is doing the biggest volumes in DeFi now but it will stop as soon as CZ stops tweeting random dog names) but smth tells me @0xfluid will become the next base layer for trading this year alone