DEX Platform Uniswap Hits $1 Trillion Volume Milestone

Daniel Attoe
Daniel Attoe

Updated · May 25, 2022

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Uniswap Labs tweeted the record achievement on Tuesday.

First to $1 Trillion

Decentralized Exchange platform Uniswap has now surpassed $1 trillion in cumulative trading volume since launching in late 2018. It becomes the first DEX protocol to reach that landmark.

Uniswap Labs, a major contributor to the protocol, announced the achievement on Tuesday on social networking site Twitter.

“Over the past three years, The Protocol has onboarded millions of users to the world of DeFi, introduced fair and permissionless trading, lowering the barrier to liquidity provision,” it added in a follow-up tweet.

The protocol’s trading volume has been on an uptrend since September 2020, as represented on a graphic it posted. Uniswap only processed around $10 billion in that period.

The new milestone cements the platform’s position as the top-ranked DEX protocol. Comparing its daily trade volume to those of its competitors confirms this. Data from CoinGecko shows that it generated over $900 million in volume over the last 24 hours. In contrast, PancakeSwap (v2), slotting in second place, processed nearly $500 million worth of cryptocurrency

While Uniswap enjoys an exalted position among DEXs, it falls behind traditional crypto exchanges like Binance and Coinbase. In that same period, both exchanges handled $12.2 billion and $1.79 billion respectively.

Uniswap’s cumulative trading volume comes from a total of about 3.9 million wallets. This relatively small user base suggests that there is still room for expansion for the platform.

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Daniel Attoe

Daniel Attoe

Daniel is an Economics grad who fell in love with tech. His love for books and reading pushed him into picking up the pen - and keyboard. Also a data analyst, he's taking that leap into data science and machine learning. When not writing or studying, chances are that you'll catch him watching football or face-deep in an epic fantasy novel.

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