Uniswap Becomes First Decentralized Exchange to Reach $3 Trillion in Total Trading Volume
Uniswap Becomes First Decentralized Exchange to Reach $3 Trillion in Trading Volume
Uniswap, a popular decentralized exchange (DEX), has reached a major milestone: $3 trillion in total trading volume since it launched. It’s the first DEX ever to hit that number.
The platform’s founder, Hayden Adams, shared the news in a post on X (formerly Twitter) on May 12, along with a screenshot showing the milestone from Dune Analytics.
Currently, Uniswap sees about $3.3 billion in trades each day, according to Dune. Another data site, DeFiLlama, shows a slightly lower number—$3 billion—but still confirms Uniswap as the top DEX, holding 23% of the market share.
The second-largest DEX is PancakeSwap, which has a daily volume of $2.7 billion and a 21% market share.
Uniswap currently has nearly $5 billion in crypto assets locked in its platform. However, this is about half of what it held during its peak in 2021. That’s in line with the overall decentralized finance (DeFi) market, which has also shrunk by about half since late 2021.
DeFiLlama reports the total value locked (TVL) in DeFi is $124 billion. DappRadar shows a slightly higher number at $132 billion, with more than half of that on the Ethereum network.
Despite Uniswap’s strong performance, its token UNI hasn't followed the same trend. UNI is still down over 84% from its all-time high of $45 in May 2021. As of now, it’s trading around $7.31, after dropping 3.4% in the past day.
New Wallet Feature Coming
Hayden Adams also announced that Uniswap is launching its own version of a “smart wallet” based on the new Ethereum standard EIP-7702. This wallet will allow users to make swaps with just one click and support other similar wallets too.
EIP-7702, created by Ethereum co-founder Vitalik Buterin, was included in Ethereum’s latest upgrade on May 7. It improves account security and lets regular Ethereum addresses temporarily act like smart contracts, which could be helpful in the future—especially with the rise of quantum computing.
Other wallets like Trust Wallet have already added support for this feature, and Uniswap plans to follow soon.
