Uniswap post liquidity mining

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Uniswap’s token incentive program (liquidity mining) ended on the 17th of November. This led to a sudden drop (~50%) in the total value locked (TVL) in Uniswap. We went ahead and compared Uniswap’s TVL (liquidity) and GMV (trading volume) data to better understand the actual business impact of a drop in TVL.

TL;DR: Trading volume (GMV) does not seem to have a direct correlation with TVL or the liquidity deposited into the trading pools. To a certain extent, TVL is required to reduce slippage in an AMM-style DEX, but it is a less accurate metric when measuring the actual performance of a DEX.

Check out our new Uniswap dashboard for more data.Note: The ‘DeFi average’ data in the charts is calculated based on all DEXes currently listed on our site.

Total Value Locked (TVL)


  • Average TVL (past 30 days): $2,500,698,287
  • Uniswap’s TVL dropped ~50% on November 17th when the protocol’s token incentive program ended.


  • Average TVL (past 30 days): $438,367,375
  • Sushiswap’s ongoing token incentive program has managed to capture the majority of the TVL lost by Uniswap.

All DEXes

  • Average TVL (past 30 days): $750,218,346
  • The TVL migration hypothesis is further solidified when looking at the TVL data of the top DEXes from the past 30 days.

Trading Volume (GMV)


  • Total GMV (past 30 days): $10,022,248,565
  • The drop in TVL did not affect Uniswap’s GMV (trading volume) during the same period.


  • Total GMV (past 30 days): $1,419,667,906
  • Sushiswap’s trading volume (GMV) has increased steadily over time, but does not seem to directly correlate with the increase in its TVL.

All DEXes

  • Average GMV (past 30 days): $1,452,290,015
  • AMMs dominate DEX trading volumes, with Uniswap and Sushiswap in the lead.

Check out our new DEX dashboard for more data!

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