Uniswap Surpasses $2 Trillion Trading Volume, Cracks Milestone Faster Than GDP of Notable Nations
Summary:
Decentralized exchange Uniswap has achieved a significant milestone by surpassing $2 trillion in total trading volume since its launch in November 2018. This figure is more remarkable when compared to the GDP of countries like Australia, Brazil, and South Korea. Achieving the first trillion took 42 months, while the second took less than 24 months, demonstrating Uniswap's robust growth despite rising competition in the decentralized exchange space.
After launching in November 2018, Uniswap, a decentralized exchange, has hit a significant benchmark by exceeding $2 trillion in total trading turnover. The landmark was achieved close to noon (UTC) on April 5, as per statistics collected by a Dune Analytics dashboard put together by Zach Wong, Uniswap's head of strategy and operations. On April 4, at 6pm (UTC), Uniswap Labs informed their community that they anticipated reaching the $2 trillion mark within the forthcoming 24 hours. To give this some context, the trading volume of Uniswap now surpasses the gross domestic product of countries such as Australia, Brazil, and South Korea; a metric representing the total market value of all finished goods and services made within the country. Uniswap Labs also pledged to reward the first person to upload a video capturing the moment the Dune Analytics dashboard reflected the $2 trillion trading volume with a $200 payment in USD Coin (USDC). The trading volumes tallied come from multiple blockchains including Ethereum, Polygon, Optimism, Arbitrum, Celo, BNB Chain, Base, Blast, and the Avalanche Network. Uniswap first breached the $1 trillion trading volume milestone in May 2022, after 42 months of operation. It managed to double this volume in less than two years, notwithstanding escalated competition. Decentralized exchanges, like Uniswap, primarily support token swaps without third-party intervention through smart contracts. As of now, Uniswap remains the decentralized exchange with the highest trading volume, accumulating $21.6 billion in the last week alone, as per statistics compiled by Fredrik Haga, one of the platform's founders, on Dune Analytics dashboard. Other decentralized exchanges on the leaders board include PancakeSwap, a Uniswap fork with $9.6 billion, Curve, Balancer and Trader Joe, all three combining for turnover volumes within $1.8 billion to $800 million. Uniswap Labs has yet to respond to Cointelegraph's communication at the time of writing.
Published At
4/5/2024 2:57:46 PM
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