Uniswap, once the darling of DeFi, is tumbling down the U.S. App Store rankings faster than a meme coin’s lifespan.
Just two months ago, it was basking in the glory of being 99th in the finance category. Today? A 364th. That’s not a drop, it’s a fall.
Climb
Let’s rewind a bit. For most of 2024, Uniswap held steady around the 190s in App Store rankings.
Then came the Trump crypto wave. With a pro-crypto president in office, Uniswap jumped to new heights, peaking at 99 during Trump’s inauguration in January.
But like election-year fireworks, the hype fizzled out quickly. Now, Uniswap’s ranking is even lower than it was back in 2023.
And it’s about usage. Since January 2025, the number of traders on Uniswap’s Ethereum network has plummeted by over 45%, hitting its lowest point since mid-2023.
Monthly trading volume? Down 10% in January and another 22% in February. It’s like watching a slow-motion car crash.
And then there’s the UNI token drama. On March 21, nearly 28 million UNI tokens were unlocked from Uniswap’s timelock contract, with a big chunk sent straight to Binance. Coincidence? Hardly.
This move coincided with UNI’s price dropping from $6.80 to $6.10, a solid 10% dip. As of now, it’s trading at $5.7 and still sliding.
Relief
Here’s where it gets weird, the SEC just dropped its investigation into Uniswap. You’d think this would be a moment for celebration, a win for DeFi, as Uniswap called it.
But let’s be real, regulatory relief doesn’t fix declining user activity or falling token prices.
The SEC’s softer stance under Trump might be good news for crypto as a whole, but it doesn’t seem to be helping Uniswap much.
The platform is struggling to hold onto users and maintain trading volumes, even as other crypto apps ride high on Trump-inspired memecoin mania.
Competition
While Uniswap stumbles, other crypto apps are thriving. Coinbase, Moonshot, and Crypto.com dominate the top spots in the App Store finance category, fueled by Trump’s memecoin craze.
Even smaller players like Kraken and DEX Screener are holding their ground in the top 30.
So what happened to Uniswap? Maybe it flew too close to the sun during the election hype. Or maybe its core issues, declining activity and price pressure are finally catching up with it.
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