Uniswap surpasses $1T in lifetime volume as DEX beat CEX in on-chain flows

Key Takeaways:

  • Uniswap currently boasts a daily volume of $1.4 billion.
  • Uniswap has more than $6bn locked across Ethereum, Polygon, other network.
  • UNI, LINK, other DeFi tokens price plunge.
Uniswap UNI
Uniswap has surpassed a lifetime cumulative trading volume of $1 trillion.

LAGOS (CoinChapter.com) — The popularity of decentralized cryptocurrency exchanges (DEXs) is booming, given how the leading DEX platform, Uniswap, has reached a new milestone in less than four years since its launch.

In detail, Uniswap surpassed a lifetime cumulative trading volume of $1 trillion. The popular DEX announced the landmark achievement through its official Twitter handle.

According to the announcement, Uniswap has seen more than a trillion dollars of volume transacted through its platform. In under four years of its launch, the exchange has risen to become the largest decentralized exchange, according to Coingecko.

Ranking of the leading platform with the largest total value locked (TVL). Source: DefiLlama

Uniswap currently has a daily volume of $1.1 billion, three times more than its closest rival, Pancakeswap ($288 million). In addition, Uniswap’s daily volume is 19 times more than that of the 2nd largest DeFi exchange on Ethereum, Sushiswap ($38.5 million).

Uniswap’s impressive growth also extends into its network’s total value locked (TVL). The DeFi platform currently boasts more than $6 billion locked across Ethereum and Polygon.

Data from Defillama indicates that the Uniswap has $5.6 billion on Ethereum, Polygon ($95m), Optimism ($57m), and Arbitrum ($43m). Notably, the only protocols ahead of Uniswap include MakerDAO ($9.85 billion), Curve ($8.99 billion), Aave ($8.65 billion), and Lido ($8.17billion).

DEXs Beat CEXs In On-Chain Flows —Report

Furthermore, confirming the impressive growth of Uniswap and other decentralized exchanges, a new report has found that DEX on-chain usage has surpassed that of centralized exchanges (CEXs).

Uniswap, Uniswap surpasses $1T in lifetime volume as DEX beat CEX in on-chain flows
On-chain transaction volume on DEXs and CEXs. Source: Chainalysis

Chainalysis, in its report, disclosed that DEXs popularity and usage had surpassed that of CEXs in the last year. It revealed that between April 2021 to April 2022, users sent $224 billion in on-chain value to DEXs, more than CEXs, which recorded $175 billion over the same period.

Notably, the figures indicate that while both exchanges have thrived recently, decentralized exchanges have surged tremendously. Additionally, the report disclosed that Uniswap and the four other top DEXs supported 85% of all transaction volume used during the period studied.

“At the service level, the concentration of transaction volume at the top five DEXs is much higher than the concentration of volume at the top five CEXs.”

Chainalysis said.

Meanwhile, on that day, the price of several decentralized tokens plummeted alongside the entire cryptocurrency market. Uniswap (UNI), Sushiswap (SUSHI), Chainlink (LINK), and Terra Luna Classic (LUNC) suffered heavy losses in the last 24 hours.

The DeFi crypto market cap has dropped significantly in the last 24 hours. The market cap plunged from $148.3 billion in April to $48 billion today. DefiLlama, also revealed that the TVL across all DeFi protocols currently stands at $139 billion, down from around $250 billion in May.

TradingView Chart
UNI/USDT daily price chart. Source: TradingView

Uniswap’s UNI dropped by 8% on the day and is currently trading at $5.1, according to data from CoinGecko. The token is the 34th-largest cryptocurrency with a market cap of $2.3 billion. UNI has dropped over 88% from its all-time high of $44.97, recorded in May 2021.

Chainlink’s LINK token is also down by over 5% in the past 24 hours. The token currently trades at $7.7, down over 85% from its all-time high of $52 in May 2021. Aave’s AAVE also suffered a 10% drop on the day and currently trades at $98.3.

Similarly, Sushiswap’s SUSHI dropped by over 7.8% of its value over the past 24 hours. The token currently trades at $1.50, down over 90% from its all-time high of $23.38 in March 2021. Furthermore, Terra’s new token LUNC suffered a double-digit loss and currently trades below the dollar mark.

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