Crypto's most iconic DEX sees usage slump after post-election hype fades
Uniswap, one of the most widely recognized decentralized exchanges, is seeing a concerning downturn in user activity and visibility. According to data from The Block’s Data and Insights newsletter, Uniswap's U.S. app store ranking has dropped from a peak of #99 in January to #364 by late March—an even lower level than it maintained for much of 2023.
The app’s performance initially spiked following President Donald Trump’s pro-crypto victory in November, reflecting renewed retail interest and optimism for a friendlier regulatory climate. But as the hype wore off, so did user engagement.
Declining fundamentals confirm usage slowdown
Uniswap’s core activity metrics tell a similar story. Trader count on Ethereum has fallen 45% since the beginning of 2025, dropping from nearly 70,000 to just 37,000—levels not seen since mid-2023. Monthly trading volume declined 10% from December 2024 to January 2025, and another 22% in February.
If March follows the same trajectory, Uniswap could be facing its worst quarterly performance since the DeFi boom began.
The fall in app store ranking and user metrics raises questions about how much of Uniswap’s recent growth was organic, and how much was driven by political optimism. It also suggests a growing challenge for DeFi apps trying to maintain relevance in a market that increasingly demands utility beyond speculation.
