Currently, the decentralized exchange (DEX) sector is undergoing a transformation. The former giant Uniswap (UNI) is facing unprecedented challenges, while the emerging platform HYPE is showing strong rising momentum. This situation reflects the rapid evolution of the cryptocurrency market and the changing demands of users.

Uniswap is currently in a predicament. Its core business is being eroded by multiple competitors, including platforms like HYPE, 1inch, and PancakeSwap. These emerging exchanges are gradually capturing market share, leading to a continuous decline in Uniswap's Total Value Locked (TVL) and trading volume. More critically, Uniswap's influence on the pricing of new tokens is diminishing, with many new projects preferring to list on DEXs or Centralized Exchanges that offer high incentives.

Uniswap's token economic model is also facing challenges. The UNI token is used solely for governance purposes and does not directly share protocol revenues, which results in a lack of substantial earnings for holders. Although Uniswap has launched new products such as Uniswap Wallet and UniswapX, these initiatives have not brought significant value to the UNI token. Furthermore, there are issues with the market value management of UNI, as the huge gap between the high fully diluted valuation and the actual circulating market value has created unlocking pressure.

In contrast, HYPE adopts a more innovative business model. It combines trading mining and points airdrop mechanisms to attract users through token incentives. HYPE also achieves full-chain aggregation and smart routing, providing more efficient liquidity integration than Uniswap. In terms of token economics, HYPE allows token holders to share in fee revenue and implements a buyback and burn mechanism, making these measures more attractive than Uniswap's purely governance token.

In the face of this situation, Uniswap needs to take proactive measures to revive its momentum. Possible strategies include launching perpetual contract products, reforming the token economic model to allow UNI holders to share profits, and embracing a full-chain aggregation strategy. If Uniswap can adjust its strategy in a timely manner, it may still maintain competitiveness in the new market environment.

The changing trend of the DEX market indicates that innovation and adaptability are crucial in the fast-developing field of cryptocurrency. Only projects that continually evolve can survive and thrive in this vibrant market. Whether established platforms or emerging forces, it is essential to closely monitor market trends and adjust strategies in a timely manner to stand out in this fierce competition.