In mid-April, Uniswap Labs increased the fee to swap on its interface from 0.15% to 0.25%. The fee applies to most, but not all, swaps that are executed using the Uniswap web interface and wallet.

Using the Uniswap Labs interface is not the only way to use Uniswap. Traders can use aggregators, alternate UIs, or go directly through the smart contract to make swaps. When the fee was first introduced in October 2023, Uniswap founder Hayden Adams said it would allow his team to “continue to research, develop, build, ship, improve, and expand crypto and DeFi.” 

The fee change happened shortly after it became public that Uniswap had received a Wells Notice from the Securities and Exchange Commission.

It does seem like the fee has had an impact on the Uniswap interface’s …