Uniswap Passes $1 Trillion in Trading Volume
The popular DeFi exchange surpassed the landmark trading volume in just under four years.
The Uniswap protocol has surpassed a lifetime cumulative trading volume of $1 trillion despite its struggling token price.
The Uniswap community celebrated an impressive milestone as the protocol passed a lifetime cumulative trading volume of $1 trillion
Deployed on the Ethereum Mainnet in November 2018, Uniswap was among the earliest decentralized exchange ever launched its mission was to provide a non-custodial platform upon which to swap trade, and earn on the blockchain, Three and a half years later, the protocol has seen more than a trillion dollars of volume pass through it.
Uniswap now boasts a daily volume of $1.4 billion three times as much as that of its closest competitor, Pancakeswap, and nineteen times more than that of the second biggest decentralized exchange on Ethereum, Sushiswap it reached an all-time high daily volume of $8.8 billion on Nov 10, 2021.
It also sports more than $5.9 billion in total value locked TVL across Ethereum, Polygon optimism, and Arbitrum while Sushiswap and Balancer now each have $2.1 billion, Bancor $631 million, and 1inch $10 million. The only protocols to have more value locked are lending protocols like MakerDAO, curve, and AAVE.
Uniswap's all-time high TVL was $10.5 billion on Dec 1, 2021 it hovered in a range between $6 billion and $8 billion in TVL until the market downturn provoked by the Terra meltdown on May 7
Despite these impressive matrics, the market capitalization of the protocol has been in a steady downtrend for more than a year. Uniswap's fully diluted market cap all-time high was $33.3 billion in early May 2021 with its UNI token reaching $42.33 today, its fully diluted market cap is at $5.3 billion, and its token price at $5.49
The market downtrend has left the Uniswap community undeterred On May 23, it voted almost unanimously to launch the protocol on two other blockchains, Gnosis chain and moonbeam Network.