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DeFi Trading Hub Uniswap Surpasses $1T in Lifetime Volume
Although traders still tend to favor centralized exchanges, the DEX is continuing to expand across Web 3.
By Cam Thompson
Updated May 11, 2023, 4:19 p.m. Published May 24, 2022, 5:27 p.m.
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Popular decentralized finance (DeFi) trading venue Uniswap said Tuesday it had processed $1 trillion in lifetime trading volume.
According to data from CoinGecko, Uniswap ranked first among decentralized exchanges (DEXs) by volume with $1 billion in trading over the past 24 hours; top centralized exchange Binance saw nearly $15 billion in the same time frame. It’s one sign that traders continue to prefer centralized exchanges over DEXs.
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But Uniswap, originally an Ethereum project, continues to expand its reach across the DeFi ecosystem. It plans to deploy “Uniswap v3” on Gnosis Chain and Moonbeam Network next.
The DEX has seen a $500 billion increase in trading volume since the fourth quarter of 2021, according to Uniswap data.
Beyond facilitating crypto trades, Uniswap also recently launched a Web 3 ventures wing and tapped a new head of policy as it tries to navigate crypto regulation.
"I never expected the Uniswap Protocol to grow the way it has. Over the past year the it has attained 70% market share on Ethereum, and it has been used by more than 83% of DeFi users. We’re excited to see what the next $1 trillion in volume brings, Uniswap Labs CEO Hayden Adams said in a statement.
UPDATE (May 25, 18:14 UTC): Adds comment from Hayden Adams.
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