Researcher: Uniswap TVL may fall out of the top ten, and its revenue and capital efficiency need to be improved

Odaily News DeFi researcher Ignas wrote on X that Uniswap TVL has slipped to the tenth place in TVL and may fall out of the top ten.
From the top 9 DApps in TVL, from Lido Staking, EigenLayer/Babylon Restaking to Pendle, Maker and Aave, their commonality is related to yield and capital efficiency. It is worth mentioning that Tron's JustLend and Morpho are catching up with Uniswap.
Uniswap dropped in the rankings because many LPs actually lose money due to impermanent loss, while the WBTC/ETH pool generates an APY of 3.7% from trading fees alone (without taking into account impermanent loss).
Due to the high transaction costs and low TPS on Ethereum (even on L2), Uniswap returns have further declined as transactions migrate to Solana, causing LPs to withdraw capital and move it elsewhere, and the fee switch will further depress returns, forcing LPs to leave.
10 days ago, Uniswap v4 was launched with a cumulative TVL of $65 million ($20 million for 1inch tokens alone). Uniswap’s current solution may rely on Uniswap v4 bringing higher capital efficiency and external ecosystem Hook developers, while providing incentives for developers to build on Uniswap v4. In addition, Uniswap may also consider using its brand to try to launch on Solana.