If you're deep into the world of decentralized finance (DeFi) or chasing the next big meme token, you've probably swapped on Uniswap more times than you can count. But have you ever wondered where all those trading fees go and how they're distributed across different versions and blockchains? A recent chart from Token Terminal sheds light on this, showing that Uniswap V2 on Ethereum—yeah, the old-school version—still accounts for about 10% of the platform's monthly fees. That's pretty wild considering we're in 2025, with newer versions like V3 and V4 dominating the scene.

The chart, shared in this tweet from Token Terminal, tracks monthly fees from July 2020 all the way to July 2025. It's a stacked bar graph where each color represents a different Uniswap product and chain combo. For the uninitiated, fees here refer to the trading fees paid by users when they swap tokens on Uniswap, plus any transaction fees on chains like Unichain. The total hits peaks over $300 million in bullish periods, like early 2021, and dips during quieter times.

The Surprising Stickiness of Uniswap V2

What's grabbing everyone's attention is that blue bar at the base of the stacks—Uniswap V2 on Ethereum. Launched back in 2020, V2 was a game-changer for automated market makers (AMMs), allowing anyone to provide liquidity and earn fees without order books. But then V3 came along in 2021 with concentrated liquidity, letting providers focus their funds in specific price ranges for better efficiency. V4 followed, adding even more bells and whistles like hooks for custom logic.

Despite these upgrades, V2 on the original Ethereum chain is hanging in there, contributing roughly 10% of the monthly haul. Why? For one, some liquidity pools just never migrated—think legacy tokens or pairs that don't justify the hassle of moving. Plus, Ethereum's mainnet still has that OG appeal for high-value trades where security trumps speed. And let's not forget the meme token crowd: many early meme coins launched on V2 and their communities keep the liquidity flowing there.

Breaking Down the Chains and Versions

Looking closer at the legend, you'll see fees spread across chains like Base, Arbitrum, Polygon, BNB Chain, and even newer ones like Unichain and zkSync Era. Uniswap V3 on Ethereum (that green bar) leads the pack for much of the timeline, but you can spot the rise of layer-2 solutions post-2022 as gas fees on mainnet skyrocketed.

• Base and Arbitrum Shine: These Optimism-based chains show strong growth in V3 and V4 fees, thanks to lower costs and faster transactions—perfect for meme token flips where every second counts.
• Unichain's Emergence: As Uniswap's own layer-2, Unichain is starting to pop up in the stacks, hinting at a future where app-specific chains capture more value.
• V4's Slow but Steady Climb: The orange and purple bars for V4 on various chains are building up, especially in 2024-2025, as developers experiment with its advanced features.

This diversification is key for Uniswap's resilience. It's not just Ethereum anymore; it's a multi-chain beast that's adapting to the fragmented blockchain landscape.

What This Means for Meme Token Enthusiasts

At Meme Insider, we're all about those viral tokens that can moon overnight. Uniswap's fee data is a goldmine for spotting trends—high fees often signal buzzing activity, which could mean hot meme launches or pumps. The fact that V2 on Ethereum still pulls weight suggests there's untapped opportunity in older pools. Maybe that forgotten meme from 2021 is due for a revival?

For traders, this chart underscores the importance of choosing the right chain. If you're swapping low-volume memes, sticking to V2 might save on fees if liquidity is there. But for high-frequency trades, V3 or V4 on Base could be your best bet. And keep an eye on Unichain—it might become the go-to for Uniswap-native memes.

If you're building or investing in meme projects, this data highlights the need for multi-version support. Migrating liquidity to newer versions can boost efficiency, but don't abandon V2 entirely; that 10% is real revenue.

Looking Ahead in the DeFi Space

Token Terminal's analysis, created in their Studio tool (check it out here), reminds us that in crypto, evolution doesn't always mean extinction for the old guard. As blockchain tech advances, Uniswap's ability to span generations and chains keeps it at the top of the DEX game.

Whether you're a seasoned DeFi degen or just dipping your toes into meme tokens, understanding these fee dynamics can give you an edge. Stay tuned to Meme Insider for more breakdowns like this—helping you navigate the wild world of crypto with the latest insights.