Recent on-chain metrics from the Uniswap network point to a sharp increase in user activity, but this momentum is not yet reflected in the price of its native token. Over the past three months, the total volume of tokens transferred on the network climbed by a remarkable 233 percent while transaction counts jumped 196 percent. Despite this uptick in engagement, the UNI token continued to hover around $2.92 at the time the data was compiled.