Uniswap holds a clear lead in trading activity and fee generation. SushiSwap relies on new features and multi-chain reach to gain ground.
Which DEX between Uniswap vs SushiSwap shows stronger momentum before the next upgrades arrive?
Uniswap has earned about $985M in protocol fees from Jan to Oct 2025, while SushiSwap trails with much lower revenue. A simple look at volume, fees, and upgrades gives a clear picture of where each platform stands today.
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Uniswap vs SushiSwap: Volume And Market Share
Uniswap continues to attract the most trading activity across Ethereum and major L2 networks. It processes billions in monthly volume, which creates steady fee flow for liquidity providers and the protocol.
SushiSwap operates on many chains, so users can access it almost anywhere. This helps Sushi attract niche communities, but it also spreads liquidity thin.
Although Sushi sees activity spikes around specific listings, its monthly volume stays well below Uniswap’s. Since higher volume typically leads to higher revenue, Uniswap’s size gives it a noticeable advantage.
RECOMMENDED: Is Uniswap (UNI) Ready to Rebound in 2025? 5 Reasons Investors Are Paying Attention
Fee And Revenue Mechanics
Uniswap’s roughly $985M in protocol fees from Jan to Oct 2025 highlights how large its trading base has become. SushiSwap, by comparison, reports revenue in the low tens of millions, depending on the quarter and the chain.
Uniswap earns through swap fees at large scale. Sushi adds staking features through xSUSHI, which shares some fee income with token holders. This creates different incentives for users, but Uniswap’s larger activity pool results in stronger and more predictable fee generation.
ALSO READ: Uniswap Price Prediction: $1,000 Investing in Uniswap Could Be Worth What in a Year?
Upgrade Roadmaps And Short-Term Catalysts
Uniswap’s V4 upgrade includes modular hooks, flexible fee options, and better gas efficiency. These changes aim to improve trading quality and help liquidity providers earn more.
SushiSwap continues to add tools such as limit orders, DCA functions, and routing upgrades. These features encourage repeat use across multiple chains.
Short-term signals to monitor include new governance decisions, shifts in TVL after upgrades, and changes in monthly fee revenue.
Conclusion
Uniswap currently shows stronger momentum thanks to higher volume and higher fee generation. SushiSwap still has room to grow if its new tools bring more consistent liquidity. The key signals to follow are monthly revenue trends and how each protocol’s upgrades affect TVL.
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