DEX Protocol Uniswap Hits $1 Trillion in Trading Volume

    Uniswap has become the first DEX to reach the milestone of $1 trillion in trading volume.

    The decentralized exchange hit this lifetime cumulative trading volume mark on Tuesday, according to an announcement on Twitter from Uniswap Labs.

    Uniswap team also revealed that as of July 2020, their trading volume has typically accounted for 70-80% of all Ethereum DEXs. This is also the time when the Uniswap V3 version came into stable operation, as well as its rival, SushiSwap, collapsed due to internal conflicts.

    In terms of users, Uniswap claims that as of May 2022, among 4.5 million DeFi users on Ethereum, up to 3.5 million of those are interacting with their exchange, accounting for a rate of up to 77.8 %.

    Meanwhile, compared to other DEX protocols, Uniswap’s trading volume in April also accounted for 42.48% of the market share, far ahead of its counterparts like PancakeSwap (17.21%), SushiSwap (5.47%), Astroport (5.24%), Curve (4.06%) and the rest (25.56%).

    Compare Uniswap market share with other DEXs (Source: TheBlock)

    Uniswap’s daily trading volume is currently on par with Coinbase, America’s largest CEX exchange (about $1.7 billion/day), but still significantly lower than Binance (about $12 billion/day).

    Despite all of Uniswap’s potential to attract strong demand and liquidity, it hasn’t done much to sway the price of its native asset Uniswap (UNI) in 2022. Since January, UNI has sunk 67% to sit at $5.59. UNI’s ATH of $44.92 was also back in early May 2021 and is down 87.5% since then.

    UNI/USDT 1W graph on Binance at 09:00 AM on May 25, 2022

    Uniswap is promoting gender equality among the crypto community. Earlier this month, the exchange announced that the amount of women active on its platform is up to 50%.

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