Altcoin Season Index Stalls but UNI, ARB, RAY Catch Bid on On-chain Activity

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Hongji Feng

Author

Hongji Feng

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Hongji is a reporter who covers crypto, finance, and tech. He graduated from Northwestern University’s Medill School of Journalism with a Bachelor’s and a Master’s. He has previously interned at HTX,…

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Last updated: 

July 28, 2025

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With the Altcoin Season Index hovering near 40 and Bitcoin dominance rising again, traders are scanning for selective opportunities outside the majors.

While not a full-fledged altseason, the current environment is rewarding tokens that connect narrative rotation with actual usage. Uniswap, Arbitrum, and Raydium stand out as examples of DeFi protocols attracting renewed attention as 2025 enters its second half.

Uniswap: DEX Liquidity Engine and Governance Token

Uniswap continues to anchor decentralized trading, with UNI priced over $10 and a market cap of around $6.6 billion, according to CoinMarketCap. Daily volume remains close to $500 million, ensuring it holds a central role in the DEX space.

Beyond trading liquidity, Uniswap’s development team is preparing for its v4 upgrade, which could streamline liquidity pools and expand features for builders.

UNI’s governance function remains latent, but discussions around fee accrual have kept it relevant among analysts. In an altcoin rotation, UNI benefits from its entrenched role in DeFi and its governance potential.

Arbitrum: Ethereum’s L2 Powerhouse

Arbitrum remains the leading Ethereum Layer-2 by total value secured, with ARB trading around $0.44 and a $2.3 billion market cap, per CoinMarketCap. Its 24-hour trading volume sits above $400 million, reflecting steady demand even amid subdued index readings.

Arbitrum Price (Source: CoinMarketCap)

The ARB token underpins governance through the Arbitrum DAO, which has recently overseen grants and the rollout of upgrades like Stylus, designed to broaden developer access with Rust and C++. With Layer-2 adoption rising, ARB’s position at the center of Ethereum scaling could strengthen its market role as capital rotates into utility-driven plays.

Raydium: Solana DEX with Growing Depth

Raydium has consolidated its place as a liquidity hub within the Solana ecosystem. Priced near $3.20 with a market cap close to $850 million and daily volume above $160 million, it supports both retail traders and DeFi participants.

Its integration with Solana staking and yield farming has expanded its user base, making it a candidate for increased visibility if Solana’s DeFi rebound continues.

Waiting for Altcoin Season

UNI, ARB, and RAY illustrate how capital rotation in a muted altcoin season can still favor tokens tied to functional ecosystems. While the index remains below the 75 threshold, these projects show that utility and governance continue to attract flows when market sentiment turns risk-on.