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Uniswap Becomes First Decentralized Exchange To Reach $100 Billion In Volume

Uniswap decentralized exchange hits $100 million in trading volume

Uniswap the popular decentralized exchange has reached a milestone. Pocessing more than $100 billion in trading volume in its entire life, becoming the first platform to do so.

The news was shared by Uniswap creator Hayden Adams on Twitter. Who said “@Uniswap just became the first decentralized trading platform to process over $100b in volume – an exciting milestone for DeFi”.

Uniswap tweet about going over $100 billion in volume

Uniswap allows users to swap ERC20 tokens. These tokens run on the Ethereum blockchain and are extremely popular due to decentralized finance projects. Which are mostly built on Ethereum, attracting more investor attention than ever.

The Uniswap exchange has done an average of $11.1 billion in trading volume every month since launching in May of 2020. Uniswap is the leading decentralized exchange owning a majority of the market share at 54.4%. That number is down from 70.7%, due to the launch of SushiSwap on August 31. Uniswap did also surpass $4 billion in Total Value Locked for the first time.

Uniswap’s Growth in Popularity

With Uniswap’s growth in popularity, its native token UNI has also seen significant growth. Uni is trading above $21 and is up 345% so far this year with a market cap of $6.34 billion. Good enough to be in the top-20 cryptocurrencies.

UNI /USD price chart

UNI is a governance token which means whoever holds it has a say in determining how the protocol is run.

The popularity in growth is shown in the number of transactions it is processing. This is due to more projects being built on Ethereum, meaning more ERC20 tokens are being produced.

Many of these projects are in the top-30 cryptocurrencies by market cap. Which means more people will want to deal with them to make money. Uniswap presents the easiest platform to swap them on. There are no background checks or know your customer protocols as with other platforms which all helps Uniswap’s trading volume.

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Corey Hansford CoinChapter
Corey Hansford

Corey has been involved in media and writing since graduating from the illustrious Howard University with a degree in Broadcast Journalism. While relatively new to the cryptocurrency world, he has been writing since 2012 with most contributions coming in the sports world on websites such as LakersNation.com and DodgerBlue.com. Corey is also an avid sports fan who closely follows the Lakers, Cowboys, Dodgers, WWE, and UFC.

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