uniswap has hit a remarkable milestone figure of above $2 trillion in terms of its all-time trading volume. According to data compiled by the platform’s strategy and operations lead Zach Wong and tracked on Dune Analytics, the decentralized exchange (DEX) hit the milestone figure at 11:55 am UTC. Notably, the firm is hitting the milestone five years and some months after it started its service in 2018.
uniswap posts milestone $2 trillion trading volume
uniswap Labs organized a competition on April 4 on its X (formerly known as Twitter) handle, intimating users of the incoming milestone. The firm expected to hit the milestone soon and asked its users to try and record the exact time that it hits the $2 trillion mark to win a $200 USDC prize.
Presently, the DEX is boasting an all-time trading volume of $2,000,606,587,939. With the new milestone achievement, uniswap now has a larger gross domestic product than some countries.
The DEX has been one of the most used on Ethereum and has the highest trading volume by a DEX. The platform’s trading volume can be tracked across the several blockchain that supports it. Some of these blockchain include trading-volume/” data-type=”post” data-id=”504534″ target=”_blank” rel=”noopener”>Base, Arbitrum, Celo, polygon, Avalanche, and Ethereum network. Before this milestone, the firm celebrated its $1 trillion trading volume milestone, which it hit on May 22, 42 months after it launched.
Dominance in the decentralized finance industry
This milestone didn’t take as much time, crossing it in less than 24 months, despite the several competitions in the sector. Unlike centralized exchanges like Coinbase and Binance, uniswap is a DEX with an open-source code. In February, the uniswap Foundation proposed to augment the fee mechanism to reward users staking their UNI tokens on the exchange.
The decentralized exchange is not leaving its top spot in terms of trading volume, accumulating a total trading volume of over $21.6 billion last week. uniswap fork, PancakeSwap is currently second, with its trading volume at $9.6 billion. The top 5 consist of Curve, Balancer, and Trader Joe with their volumes between $800 million and $1.8 billion.
