Uniswap

Uniswap generated $5.5B in gross revenue from Nov 2018 to Mar 2026 (2702 days), with $3.0B retained as net revenue. $6.6M accrued to UNI token holders. Its primary token utilities include Standard 1:1 and Delegated.

This averages $$2.0M in daily gross revenue across the tracked period.

UNI accrues value through 1 mechanism: Buyback & Burn.

• Buyback & Burn: All protocol fees flow into the TokenJar smart contract and are used to buy UNI from the market, which is then burned via the Firepit contract. A one-time retroactive burn of 100M UNI from treasury was also executed, plus ongoing burns of ~4M UNI/year from trading fees.

Yes, Uniswap burns or redistributes UNI tokens via Buyback & Burn. In 2026, approximately $6.4M worth of value was returned to token holders through these mechanisms.

Yearly token holder distributions:

• 2026: $6.4M
• 2025: $153.0K

UNI serves 2 primary functions within the Uniswap ecosystem: Standard 1:1 and Delegated. The protocol generates fees from user activity, with a portion distributed back to UNI holders. Value flows back to token holders through Buyback & Burn. Uniswap's fee revenue currently exceeds its token emissions, indicating a self-sustaining economic model.

Token utilities:

• Standard 1:1: UNI uses a one-token-one-vote system without vote escrow mechanisms. Proposals require 1% of supply delegated to submit, 4% quorum to pass, and simple majority support.
• Delegated: UNI holders can delegate their voting power to themselves or to specialized governance delegates who vote on their behalf, without transferring tokens.

Value accrual mechanisms:

• Buyback & Burn: All protocol fees flow into the TokenJar smart contract and are used to buy UNI from the market, which is then burned via the Firepit contract. A one-time retroactive burn of 100M UNI from treasury was also executed, plus ongoing burns of ~4M UNI/year from trading fees.

Read our deep dive: Uniswap tokenomics analysis.

In 2026, Uniswap generated $161.2M in gross revenue. Of that, $6.4M was distributed to token holders, $154.8M went to supply-side participants (e.g. liquidity providers).

Year-by-year revenue breakdown:

• 2026: $161.2M gross revenue — $6.4M to holders, $154.8M to supply-side
• 2025: $1.1B gross revenue — $153.0K to holders, $1.1B to supply-side
• 2024: $1.1B gross revenue — $1.1B to supply-side

Uniswap's gross revenue has decreased by 37.1% over the past 90 days compared to the prior 90-day period, from $259.4M to $163.2M.

• Recent 90d daily average: $1.8M/day
• Prior 90d daily average: $2.9M/day