The decentralized exchange (DEX) Uniswap reached a milestone five and a half years after its launch in November 2018, surpassing $2 trillion in cumulative trading volume. According to data tracked by the dashboard of blockchain data analytics firm Dune Analytics, compiled by Uniswap’s strategy and operations leader Zach Wong, Uniswap hit the $2 trillion milestone around 2:55 PM on April 5th.
Uniswap’s Remarkable Achievement
Uniswap Labs shared the milestone with the community, which was expected to be reached within 24 hours, at 9:00 PM on April 4th. In perspective, Uniswap’s $2 trillion trading volume is larger than the gross domestic product of Australia, Brazil, and South Korea. Gross domestic product is a measure of the market value of all final goods and services produced within a country.
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For a bit of fun, the Uniswap Labs team also said it would send $200 in USD Coin to the first person who recorded and sent a video clip refreshing the Dune Analytics dashboard showing Uniswap’s trading volume reaching $2 trillion.
The trading volume figure was taken from various blockchain networks that support Uniswap, including Ethereum, Polygon, Optimism, Arbitrum, Celo, BNB Chain, Base, Blast, and Avalanche Network. It took Uniswap, which was launched in November 2018, 42 months to reach the $1 trillion milestone in trading volume in May 2022.
Noteworthy Developments in the DEX Space
Despite facing increasing competition in the DEX space, it took less than 24 months to surpass the second trillion. DEXs are primarily used to facilitate token swaps without intermediaries through smart contracts. According to the Dune Analytics dashboard by one of the platform’s founders, Fredrik Haga, Uniswap continues to be the largest DEX by trading volume, collecting $21.6 billion just last week.
While Uniswap’s fork, PancakeSwap, is in second place with $9.6 billion; Curve, Balancer, and Trader Joe complete the top five with volumes ranging from $1.8 billion to $800 million. With the recent memecoin hype and airdrop events, crypto investors continue to perform significant transactions in the blockchain space.
