Uniswap Hits $1T Trading While UNI Forms Bullish Cup & Handle

• Decentralized exchange surpasses $1 trillion annual trading volume for the first time.
• Q3 2025 quarterly volume exceeds $270 billion, setting new platform records.
• UNI token price has dropped 26% monthly as critics question the token’s utility and value.

Uniswap has achieved its highest annual trading volume milestone, surpassing $1 trillion for the first time. According to Token Terminal data, the decentralized exchange continues to set performance records with Q3 2025 quarterly volume already exceeding $270 billion, its highest in trading activity. 

CEO Hayden Adams responded to critics on social media, highlighting the platform’s volume achievements and improved regulatory environment while noting “many exciting things on the horizon.” His comments came as debate intensified around the disconnect between Uniswap’s operational success and its native token’s market performance.

UNI Token Performance Lags Platform Growth

Despite record trading volumes, the UNI token faces mounting criticism from institutional investors questioning its utility and value proposition. Arca CIO Jeff Dorman distinguished between platform criticism and token skepticism, stating he was “bear posting $UNI” rather than the underlying protocol.

Dorman characterized UNI as “complete nonsense token in today’s market & changing regulatory environment,” arguing that traditional venture capital approaches have become “irrelevant.” He called for the implementation of revenue sharing and token buyback mechanisms, suggesting that the token serves little purpose without direct value to holders.

Analyst Identifies Cup & Handle Pattern

However, technical analysis presents a contrasting perspective. Analyst Greg Miller identified UNI forming “one of the cleanest cup & handle patterns on the charts right now,” noting the token bottomed near $5 earlier this year before steadily climbing back to current consolidation around $10.

Miller characterized the recent pullback as a classic “handle” formation within the bullish pattern. He projected that a breakout above $12.21 could drive UNI toward $15.46 or higher. Miller also called this as “the kind of setup smart money watches closely” that could trigger “a powerful move that defines the next leg of its rally.”

Current market data shows UNI declining over 10% in the past 24 hours and dropping 26% during the previous 30 days. This poor price performance contrasts with both Uniswap’s operational metrics and the bullish technical formation identified by analysts.

The divergent perspectives highlight ongoing debates within decentralized finance about token value capture versus technical trading opportunities. While critics focus on fundamental utility concerns, technical analysts see potential for price appreciation based on chart patterns.

Related: Arthur Hayes Exits HYPE Position Weeks After Predicting 126x Surge