Uniswap Fees Overtake Circle as $400M Tazapay Deal Announced
Uniswap (UNI)
Editor:
Eugene Serbin
ambcrypto.com reports that Uniswap has surpassed Circle to become the second-highest fee-generating crypto protocol. Uniswap generated approximately $66.8 million in protocol fees over the past week, moving ahead of Circle. This growth is partly attributed to increased demand for on-chain trading driven by Robinhood’s new Ethereum L2.
Meanwhile, Circle is pursuing a different strategy by acquiring Singapore-based payments platform Tazapay. The all-stock transaction is valued at roughly $400 million and is expected to close in 2027, pending regulatory approvals. Irfan Ganchi, Senior Vice President of Payments at Circle, stated that Tazapay extends their coverage to move money anywhere stablecoin payments are adopted globally.
Tazapay handles over $25 billion in annualised payment volume and works with more than 60 banking and fintech partners. Co-Founder and CEO Jeremy Allaire expressed excitement about bringing the team in-house to accelerate Circle's mission. Stablecoins already account for around 60% of Tazapay’s transaction volume. Circle previously invested in Tazapay through Circle Ventures, and the platform has been a design partner for Circle Payments Network since 2025.
How the market reacted
Whalio's own Binance spot order flow for UNI, measured when this story was written up on 9 September 2026. Not the outlet's figures.
Uniswap is trading at $6.76 with a 1-hour buy ratio of 51.1%, indicating slightly more buying pressure than selling in the short term. However, the 4-hour buy ratio drops to 49.1%, and the 24-hour ratio falls further to 48.0%, showing that buying momentum is fading over longer timeframes. The 1-hour volume delta is positive at $51,238, but the 4-hour delta is negative at -$118,900, and the 24-hour delta is significantly negative at -$2,124,841. This suggests that while there is minor immediate buying, the broader trend over the last day is dominated by net selling. The Cumulative Volume Delta for the 24-hour close is -$4,600,173, confirming that sellers have been more aggressive than buyers. Net buying occurred for only 6 out of the last 24 hours, highlighting a bearish spot market reaction.
The latest daily buy ratio of 45.7% sits at the 13th percentile of the last 322 days, against a median of 49.2% - weaker buying than most days.
Was that an ordinary day?
The same Binance spot measurements for UNI, averaged over the days leading up to the story.
Over the preceding week, the average buy ratio was 51.3%, meaning today's 24-hour ratio of 48.0% represents a 3.3 percentage point decline from the weekly norm. Spot volume for the last 24 hours was $56,219,894, which is 0.69 times the weekly average, indicating a notable drop in trading activity. While the coin saw a 15.5% price increase over eight days, the current day shows reduced volume compared to the weekly baseline. The 8-day total volume delta was positive at $15,080,982, contrasting with the negative daily delta seen today. This suggests that while the weekly trend was bullish, today's trading is quieter and more sell-heavy than usual.