Uniswap has become the leading venue for spot trading of real-world assets (RWAs) on decentralized exchanges, capturing more than 50% of DEX-based RWA volume and recently reaching 60%, according to Dune Analytics. The exchange handled more than $743 million in RWA volume on Sept. 4 before daily activity eased to about $300 million. HIP-3 remains the main venue for RWA perpetual futures, while Uniswap has led spot activity since August. Its expansion has been supported by Uniswap V4, third-party deployments, Unichain, and access to liquidity across Robinhood Chain, Solana, Ethereum and Base. RealityFi’s integration added more than 1,700 rStocks covering 95% of major U.S. equities, alongside existing tokenized-stock products from Ondo Finance and XStocks. UNI rose from about $3.24 a month earlier to $6.28 on Sept. 16, after reaching $7.29 on Sept. 7. Uniswap also held $3.59 billion in value locked, generated $14.9 million in monthly revenue and produced more than $182 million in fees, according to the report. Concentrated token ownership among about 1,400 wallets remains a risk to the rally.