Uniswap’s all-time trading volume surpassed the $100 billion mark yesterday, cementing its place as the leading decentralised cryptocurrency exchange (DEX)
Uniswap cemented its place as the leading decentralised exchange yesterday after reaching a cumulative trading volume of $100 billion. It is the first decentralised exchange to achieve this milestone as Uniswap, and other DEX platforms continue to attract traders globally.
Hayden Adams, Uniswap’s CEO, revealed this in a tweet yesterday. He said, “just became the first decentralised trading platform to process over $100b in volume—an exciting milestone for DeFi”.
Adams obtained the data from Dune Analytics, one of the leading cryptocurrency data platforms. Data from Dune Analytics showed Uniswap’s cumulative trading volume stood at $101.5 billion yesterday.
Uniswap’s massive increase in trading volume can be attributed to the decentralised finance (DeFi) bull market over the past year. The rise of DeFi projects in the cryptocurrency space has helped decentralised exchanges record massive trading volumes as they are the primary platforms to access the DeFi tokens.
The decentralised cryptocurrency exchange is gaining a lot of traction from traders globally. According to Coingecko, Uniswap processed nearly $1.2 billion worth of transactions over the past 24 hours, making it one of the leading cryptocurrency exchanges in the world.
Decentralised exchanges have experienced a steady rise in trading volumes in recent months. Earlier this month, Dune Analytics revealed that the average trading volume on DEX surpassed $50 billion for the first time.
DEX platforms are recording massive trading volumes as an increasing number of traders and investors prefer to transact in a cryptocurrency-native environment. Decentralised exchanges offer superior privacy and security features than the regular centralised exchanges, making it easy for some traders to switch.
Uniswap remains the apparent leader in the DEX space. It accounted for 45% of the entire trading volume recorded last month. The decentralised exchange is a key piece of the DeFi sector thanks to its first-mover advantage and the ease with which it accommodates new token projects. According to DeFi Llama, over $57 billion has been locked into DeFi protocols.
Towards the end of last year, Uniswap airdropped 400 UNI tokens to users who had contributed to its liquidity in the past. Back then, the 400 UNI tokens were worth roughly $3,500, but the price has more than doubled, and they are now worth over $8,000.