Odaily reported that DeFi researcher Ignas published an article stating that Uniswap's TVL has fallen to the 10th place in TVL ranking, and may drop out of the top 10. Looking at the top 9 DApps by TVL, from Lido Staking, EigenLayer/Babylon reStaking to Pendle, Maker and Aave, their common feature is that they are related to yield and capital efficiency. It is worth mentioning that Tron's JustLend and Morpho are catching up with Uniswap. The decline in Uniswap's ranking is due to the fact that many LPs are actually losing money due to Impermanent Loss, and the WBTC/ETH pool only generates an APY of 3.7% from trading fees (without considering Impermanent Loss). Due to the high transaction costs and low TPS on Ethereum (even on L2), the migration of transactions to Solana has further reduced Uniswap's earnings, causing LPs to withdraw their capital and transfer it elsewhere, while the fee switch will further suppress the yield rate, forcing LPs to leave. 10 days ago, Uniswap v4 was launched, with a cumulative TVL of $65 million (with 1INCH token alone worth $20 million). Uniswap's current solution may depend on Uniswap v4 bringing higher capital efficiency and the development of external ecosystem Hooks, while also providing incentives for developers to build on Uniswap v4. In addition, Uniswap may also consider leveraging its brand to try launching on Solana.