Popular decentralized exchange (DEX) platform on Ethereum, Uniswap, celebrates a major milestone. Via its official Twitter account, the team behind the protocol announced that it has processed $1 trillion in all-time trading volume.
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As seen below, this metric has been on an uptrend since September 2020. At that time, the protocol processed less than $10 billion in cumulative trading volume.
The $1 trillion milestone was reached in less than a year as Uniswap went processing around $250 billion in cumulative trading volume to $750 trillion in March 2022. The metric has been on the rise despite the current downtrend across global markets.
Source: Uniswap Labs via Twitter
The team behind Uniswap stated the following:
It’s been one hell of a ride. As of today, the Uniswap Protocol has passed a lifetime cumulative trading volume of $1 Trillion (…). We couldn’t have reached this milestone without the Uniswap community that continues to build alongside us. Here’s to the next Trillion.
Additional data provided by the team behind the protocol suggest Uniswap’s popularity has been increasing along with its trading volume. The DEX’s market share surpassed 50% in August 2020 and has reached over 60% since that time.
In addition, the number of Uniswap Users recently hit almost 4 million. In January 2021, the metric stood at less than 1 million users. This represents a 4x increase in a little over a year. The inventor of Uniswap, Hayden Adams, added:
$1 trillion all-time volume. I don’t tweet milestones as often these days, but four commas blows my mind. Never expected Uniswap to grow the way that it has. Thanks to everyone who has been along for the ride.
What’s Behind This Ethereum DEX Success?
There are three potential events that have resulted in Uniswap’s increase in market share and popularity. The first in the deployment of its second iteration, Uniswap v2…
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