5 Years Later: Uniswap Surpasses $2 Trillion Milestone in Trading Volume

Uniswap, the decentralized exchange (DEX) pioneer, has achieved a significant milestone by surpassing $2 trillion in all-time trading volume.

This achievement marks a historic moment for the platform, occurring five and a half years after its launch in November 2018.

Uniswap’s $2 Trillion Milestone

According to data from a Dune Analytics dashboard compiled by Uniswap’s strategy and operations lead, Zach Wong, the DEX’s all-time trading volume stands at $2,000,002,099,397 with its 24 hour trading volume being $2,873,869,703.

The data also reveals that the $2 trillion milestone was reached at approximately 11:55 a.m. UTC on April 5.

The trading volume figure includes transactions across various blockchains supporting Uniswap, such as Ethereum, Polygon, Optimism, Arbitrum, Celo, BNB Chain, Base, Blast, and the Avalanche Network.

Uniswap’s widespread adoption and compatibility across multiple networks have contributed to its remarkable growth trajectory.

Uniswap Labs had told the community about the impending milestone, announcing on April 4 at 6:00 p.m. UTC that $2 trillion was expected to be reached within the following 24 hours.

Expecting Uniswap Protocol to hit $2T in all-time volume in the next 24 hours 👀

So we’re doing a thing

The first person to refresh our countdown Dune query to show 2T all-time volume gets 200 USDC

How to participate 👇

— Uniswap Labs 🦄 (@Uniswap) April 4, 2024

Additionally, as an incentive for community engagement, Uniswap Labs pledged to transfer $200 in USD Coin (USDC) to the first individual who captured and submitted a video clip refreshing the Dune Analytics dashboard, showcasing Uniswap’s trading volume crossing the $2 trillion mark.

Uniswap’s Trading Dominance

Uniswap is a leading decentralized crypto exchange that runs on the Ethereum blockchain. Launched five years ago in November 2018, the platform enables automatic exchanges of digital assets on Ethereum through the use of smart contracts.

Following its launch, it took 42 months to reach the $1 trillion milestone in trading volume, achieved in May 2022. Since then, it has continued to expand its user base and trading activity, solidifying its position as the leading DEX in the market.

Uniswap’s dominance in the decentralized exchange space remains unrivaled, with a $21.6 billion in trading volume recorded over the past week alone, according to data from a Dune Analytics dashboard curated by one of the platform’s founders, Fredrik Haga.

In comparison, PancakeSwap, a fork of Uniswap, ranks second with $9.6 billion in trading volume, followed by Curve, Balancer, and Trader Joe, with trading volumes of $1.7billion, $1 billion and $800 million respectively.