Uniswap exceeds $1 trillion in swaps
Ethereum-based decentralised exchange Uniswap reached $1 trillion in trading volume three and a half years since its launch
Uniswap, the premier decentralised exchange based on the Ethereum network, has reached a new milestone of handling over $1 trillion worth of crypto transactions since the exchange was launched in 2018, a report by The Block Research stated. The majority of the record-breaking trading volume occurred in the past year.
The New York-based software firm behind the popular DEX, Uniswap Labs, shared the news of the new milestone in a tweet on Tuesday. Uniswap has been active on the crypto scene since 2018 for nearly three and half years, but around 80 percent of the cumulative trading volume worth $791.8 billion occurred in 2021.
Dune Analytics dashboards confirmed that half of its trade volume occurred in the past eight months. The decentralised trading platform has facilitated trades worth $52.5 billion in May. The month with the highest trading volume was November of 2021, when Uniswap handled over $85.5 billion in transactions.
The past week saw trades of $21 billion executed on DEXs, of which Uniswap captured 71 percent of the share. Uniswap’s average trade value has also surged from the earlier level of $200 in January 2019 to $24,000 in May 2022. Currently, a total of $5.92 billion worth of crypto-assets are locked inside Uniswap. According to DeFiLlama, this figure is 56 percent up from November’s high of $10.46 billion. Nearly 97 percent of the total value locked is on the Ethereum Mainnet.