Uniswap has processed more than $300 million in swaps on Arc, the EVM-compatible Layer-1 blockchain operated by Circle Technology Services, since the network's launch, according to figures announced by the protocol. The announcement also disclosed that Uniswap accounts for 84% of all decentralized exchange (DEX) volume on the chain, making it the dominant liquidity venue on Arc from the outset.

Uniswap helped popularize the automated market maker (AMM) model, in which trades settle against liquidity pools funded by users rather than a centralized order book, after launching on Ethereum in 2018, and it has since grown into one of decentralized finance's most heavily used trading venues. The entity operating Arc, Circle Technology Services, is part of Circle, the company that issues the USDC stablecoin.

$300 Million Milestone Announced on X

In a September 20, 2026 post on X, Uniswap said more than $300 million had been swapped on Arc since launch. The same announcement noted that Uniswap represented 84% of all DEX volume on the network, positioning the protocol as the overwhelmingly dominant trading venue on the chain from day one.

Arc is described on its official website as an EVM-compatible Layer-1 that uses stablecoins as native gas — a design intended to remove the friction of holding a volatile gas token to interact with DeFi protocols. That architecture, the report observed, makes the chain a natural fit for Uniswap's swap-heavy user base.

Live data from DeFiLlama's Arc DEX tracker put all-time DEX volume on the network at approximately $370.8 million at the time of retrieval. Because that figure reflects activity beyond the announcement cutoff, it cannot be used to reconstruct Uniswap's exact historical 84% share. The snapshot does, however break down Uniswap's cumulative on-chain volume on Arc by protocol version: Uniswap V2 accounts for roughly $25.1 million, V3 for $122.7 million, and V4 for $205.9 million.

V4's outsized share of that breakdown stands out. Uniswap V4's hooks architecture allows liquidity pools to be customized with protocol-level logic, and its dominance on Arc suggests that deployers are actively leveraging that flexibility rather than simply porting legacy V2 or V3 pools, according to the report.

What the Milestone Signals About Early Adoption

Cumulative swap volume is a directional signal rather than a comprehensive measure of protocol health. It captures transaction throughput since genesis but says nothing about liquidity depth, the number of unique addresses, repeat swap behavior, or fee revenue generated for liquidity providers. A $300 million figure this early in a chain's lifecycle is consistent with bootstrapping activity, in which concentrated initial users drive high notional volume before broader retention is established.

Protocol analysts typically triangulate volume against total value locked (TVL) and fee yield before drawing adoption conclusions. DeFiLlama reports Uniswap's current TVL on Arc at approximately $24.4 million, a level that implies a volume-to-TVL ratio pointing to active pool utilization rather than idle liquidity sitting on-chain. That ratio is worth monitoring as the chain matures and new protocols compete for liquidity allocation.

Uniswap's 84% DEX share on Arc is high even by the protocol's standards on established chains. Whether that concentration persists will depend on whether competing automated market makers deploy on Arc and attract meaningful liquidity incentive programs, since high DEX share in a chain's early days often compresses as ecosystems mature and activity fragments across venues. Uniswap's broader multi-chain expansion — including a proposed fee-burning mechanism on Robinhood Chain — points to a strategy of tailored governance and fee structures for each deployment.

What to Watch After the First Swap Milestone

Several data points that would put the $300 million figure in fuller context are not yet publicly available in aggregated form. Transaction counts alongside volume would clarify whether the total reflects a broad user base or a smaller cohort executing high-value swaps. Repeat wallet activity over rolling 30-day windows would signal retention rather than one-time inflows from incentive programs.

Volume growth rate is the other key variable. A $300 million cumulative figure means something different if it was reached in three weeks versus six months. As Uniswap continues expanding across new deployments — including its acquisition of the Pons token for long-term alignment — the Arc rollout adds another data point to the protocol's multi-chain liquidity strategy. Fee revenue accruing to liquidity providers on Arc, and whether that yield is competitive with other Uniswap deployments, will ultimately determine whether providers maintain or deepen their positions on the chain.

UNI, the protocol's governance token, was trading at $8.71 at the time of writing, up approximately 0.24% over the prior 24 hours, with a market capitalization near $5.4 billion, according to CoinGecko.

This article is based on reporting by DefiLiban.