Uniswap, the largest decentralized exchange by trading volume, recorded 28.9 million swaps last week, its highest weekly total on record, according to data from Unfolded. The previous record was set in late 2024. Dune Analytics data indicates that activity increased across mid-cap and long-tail tokens as well as stablecoin pairs, while unique active wallets reached a multi-month high. The surge lifted potential fee income for liquidity providers but also increased impermanent-loss risks, while heavier Ethereum usage pushed average gas fees to their highest level in months. The milestone underscores continued demand for permissionless, non-custodial trading even as decentralized exchanges face regulatory scrutiny in the United States and Europe.