Uniswap becomes the first decentralized exchange (DEX) to surpass $3 trillion in all-time trading volume, highlighting its growing impact in the DeFi space.
With innovative features and a strong community, it continues to lead the decentralized exchange space.
TVL is still just around half of what it was in 2021, despite the decentralized exchange reaching a milestone in total volume.
Uniswap’s trajectory remains impressive despite fluctuations in the market.
Decentralized trade Uniswap has been the first decentralized exchange to reach the $3 trillion milestone in total volume.
The DEX’s infrastructure supports various tokens, making it a go-to choice for traders.
On May 12, Uniswap founder Hayden Adams highlighted the accomplishment in a post on X. They posted a snapshot of a Dune Analytics dashboard showing the number of seconds left until the milestone.
Dune claims that it currently has a daily volume of $3.3 billion. In the meantime, according to DeFillama, Uniswap is the top DEX with a 23% market share in daily volumes. However, it reports a somewhat lower $3 billion over the previous day.
With $2.7 billion and a 21% DEX market share, PancakeSwap is the second-largest DEX in volume.
The current locked total value is just under $5 billion. However, given that the overall DeFi total value locked (TVL) is roughly half of what it was in late 2021, this number is only approximately half of its all-time high from 2021.
As the DeFi landscape evolves, Uniswap’s role as a leader in decentralized trading becomes ever more crucial.
Over half of the $124 billion DeFi TVL reported by DeFillama and $132 billion by DappRadar is on Ethereum.
The native token of DEX, the platform’s performance, has not been reflected in UNI$7.18, which is still more than 84% below its peak price of $45 in May 2021, four years ago.
According to CoinGecko, UNI was trading at a little over $7 at the time of writing, having lost 3.4% on the day.
Coming soon: Uniswap smart wallet
Uniswap was “rolling out our own 7702 wallet and supporting other 7702 wallets … with the goal being one-click swapping for all users,” Adams added on May 12.
Vitalik Buterin spearheaded the Ethereum Improvement Proposal EIP-7702, which went live on May 7 along with the Pectra update.
It makes Ethereum accounts more resilient to quantum computing threats and permits externally owned accounts to behave as smart contracts for a brief period during transactions.
Users of Trust Wallet have already been able to upgrade to smart accounts, and Uniswap will soon follow suit.
