DeFi Trading Protocol Uniswap Hits $1 Trillion in Trading Volume
According to data from CoinGecko, Uniswap ranked first among decentralized exchanges (DEXs) by volume with $1 billion in trading over the past 24 hours. The $1 trillion milestone was reached in less than a year as the DeFi protocol went processing around $250 billion in cumulative trading volume to $750 trillion in March 2022.
Additional data suggests that Uniswap’s market share exceeded 50% in August 2020 and has exceeded 60% ever since. The metric has been on the rise despite the current downtrend across the crypto markets.
The DEX has also seen a $500 billion increase in trading volume since the fourth quarter of 2021, according to data from Uniswap. Moreover, recently, the number of Uniswap users has reached about 4 million. In January 2021, the number of users of this indicator was less than 1 million which signifies that this is equivalent to a four-fold increase in just over a year.
Uniswap Also Amassed Over $5B in TVL Locked
Uniswap has also amassed roughly $5.93 billion worth of total value locked (TVL), the fifth-largest DeFi) sector according to DeFi Llama, while PancakeSwap ranks seventh with $4.27 billion worth of TVL. MakerDAO represents the largest platform with $9.82 billion in TVL.
Beyond facilitating crypto trades, Uniswap also recently launched a Web 3 venture and tapped a new head of policy as it tries to navigate crypto regulation.
