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2 July 2022
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Uniswap exceeds $1 trillion in turnover

The Uniswap (UNI) decentralized finance protocol has reached the historic milestone of $1 trillion in trading volume. Uniswap offers a decentralized platform for buying, selling and staking cryptocurrencies. The protocol was one of the first on the market, having been launched in November 2018 on the Ethereum network.

The brand shows that Uniswap has managed to establish itself as one of the most popular and important protocols in the crypto market.

Additionally, Uniswap currently has a daily volume of $1.4 billion. That’s three times that of its closest competitor, Pancakeswap ($500 million).

Furthermore, the volume is 19 times that of Ethereum’s second-largest decentralized exchange, Sushiswap ($71 million).

Data from CoinMarketCap places Uniswap among the top 50 cryptocurrency trading platforms on the market, beating companies like BitForex, Zb.com, Bitmex, BigOne, Coinex, Bithumb among others.

Also according to data from CoinMarketCap, Uniswap reached a record daily volume of $8.8 billion on November 10, 2021.

UNI

Another interesting data that shows the strength of the protocol is that DEX has more than US$ 5.9 billion in total locked value (TVL) in Ethereum, Polygon, Optimism and Arbitrum.

Meanwhile, Sushiswap and Balancer currently have $2.1 billion, Bancor $631 million and 1inch $10 million.

Thus, the only protocols that have more value locked than UNI are loan protocols such as MakerDAO ($9.7 billion), Curve ($9.1 billion), and Aave ($8.6 billion).

Uniswap’s all-time biggest TVL was $10.5 billion on December 1, 2021. TVL fluctuated between $6 billion and $8 billion until the market downturn brought on by Terra’s collapse on December 7. May.

However, despite the results, DEX’s native token, UNI, remains on a downward trend and has already dropped more than 80% from its all-time high of $42.33, as UNI is currently priced close to US$42.33. $5.49.

This is not unique to Uniswap though, as the entire DeFi industry has been trading in a bear market since early 2022.

Also read: Hackers steal 29 Moonbirds NFTs valued at R$ 7.3 million

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