Odaily Planet Daily News DeFi researcher Ignas wrote on X that Uniswap TVL has slipped to TVL tenth and may fall out of the top ten.
From the top 9 DApps in TVL, from Lido Staking, EigenLayer/Babylon Restaking to Pendle, Maker and Aave, their common point is related to yield and capital efficiency. It is worth mentioning that Tron's JustLend and Morpho are catching up with Uniswap.
Uniswap's ranking dropped because many LPs actually lose money due to impermanent loss, while the WBTC/ETH pool only generates an APY of 3.7% from transaction fees (without considering impermanent loss).
Due to the high transaction costs and low TPS of Ethereum (even on L2), transactions migrated to Solana, and Uniswap's income fell further, causing LPs to withdraw capital and transfer it elsewhere, and the fee switch will further depress the yield, forcing LPs to leave.
10 days ago, Uniswap v4 was launched with a cumulative TVL of $65 million ($20 million in 1inch tokens alone). The current solution for Uniswap may rely on Uniswap v4 bringing higher capital efficiency and external ecosystem Hook developers, while providing incentives for developers to build on Uniswap v4. In addition, Uniswap may also consider using its brand to try to launch on Solana.