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

By Shashank Bhardwaj

Image: Shutterstock

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.

However, Uniswap’s native token UNI has collapsed by 87 percent ever since it peaked at $21 in May 2021. To elaborate a little further on the new milestone, roughly 94 million trades have been facilitated so far on the Uniswap platform involving 8.3 million unique blockchain addresses. The average trade value of each trade comes to $10,600.

Uniswap continues to thrive despite a class-action lawsuit being put on Uniswap’s parent company Universal Navigation Inc., regarding violation of US securities laws and reports of a US SEC’s civil investigation in September 2021 (no updates on this case so far).

The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

Crypto wallet users are warned as scammers might get active during the potential Ethereum hard fork