Uniswap’s record-breaking streak is continuing rather than cooling off. Weekly swaps jumped 86% to 40 million as more users entered the protocol.

That figure exceeded Uniswap’s previous record, which was set just one week earlier.

The rapid increase points to stronger demand for Uniswap’s [ $UNI ] infrastructure rather than a short-lived burst of trading.

Unique daily swappers also reached about 147,000, showing that broader participation accompanied the rise in transaction counts.

V3 still handles most swaps, but V4’s growing share suggests users are increasingly adopting newer infrastructure.

At the same time, activity across Ethereum [ETH], Base, Arbitrum [ARB], and newer deployments indicates that Uniswap usage is becoming less dependent on a single network, which matters because the protocol’s footprint now spans several chains rather than relying on one market’s activity.

Uniswap activity drives higher fees

The sharp rise in trading volume on Uniswap has translated into more trades and higher associated fees. In effect, users have taken advantage of the protocol’s increased usage, strengthening its overall economic activity.

Cumulative fees paid to the Uniswap protocol rose from roughly $17 million in early June to more than $33 million by late August.

However, fees increased more steadily than the 86% weekly surge in swaps, suggesting a notable shift in the underlying activity.

While many users were trading, they were placing fewer but larger position trades. As a result, trade activity rose faster than the amount of money flowing through each trade.

That combination is useful context for reading the fee data: more transactions do not always translate into the same pace of fee growth, especially when trade size and cadence change.

Whale accumulation supports $UNI’s rally

Higher activity strengthened Uniswap’s economic model, while large holders provided another source of support for $UNI.

Whale accumulation intensified in late May, with Binance’s largest users withdrawing an average of 7,400 $UNI per day. These withdrawals reduced $UNI’s immediately available exchange supply.

Accumulation began before $UNI reversed from $2.48 and rallied about 122% to $5.14.

Rather than selling into that recovery, whales continued moving tokens off Binance, suggesting conviction remained intact as prices rose.

Monthly averages are still around 5,300 $UNI per day, which has so far limited the potential for sell-side pressure.

Stronger protocol activity may also help support demand, alongside continued whale accumulation.

Taken together, those factors could help extend $UNI’s price recovery.

For traders and observers, the key point is that the protocol’s usage metrics and large-holder behavior are moving in the same direction, even if fee growth is rising more gradually than swaps.

Uniswap [ $UNI ] activity reached record levels as user growth and higher fees strengthened protocol usage. Sustained whale accumulation could support $UNI’s rally toward the $7.80 resistance.