Uniswap Becomes the First Decentralized Exchange to Achieve a Historical Trading Volume of $3 Trillion

Uniswap Reaches $3 Trillion in Cumulative Trading Volume

On Monday, Hayden Adams, the founder of the decentralized exchange Uniswap, cited data from Dune Analytics on the social platform X, indicating that Uniswap’s cumulative trading volume has reached $3 trillion, making it the first DEX to achieve this milestone.

At the same time, data from blockchain data platform DefiLlama shows that as of the publication of this article, Uniswap’s daily trading volume is approximately $4.1 billion, holding a 23% market share among decentralized exchanges. The second-ranked DEX is PancakeSwap, with a daily trading volume of $2.5 billion and a market share of 21%.

However, Uniswap’s total value locked (TVL) has not seen the same continuous growth as its trading volume. The current total stands at $4.824 billion, which is only about half of its historical peak of $10.4 billion in 2021. This also reflects an overall decline in TVL within the DEX sector, which currently amounts to approximately $21.6 billion. In contrast, the DeFi lending sector has seen growth, with a current TVL of $53.7 billion, nearing last year’s historical high of $55.4 billion.

Uniswap’s native token UNI has also not reflected the sustained growth in trading volume, with its current price at $7.12, still over 80% lower than its historical peak of $45 reached in May 2021.

Additionally, Adams revealed on the social platform that Uniswap is launching a wallet supporting EIP-7702 and will support other 7702 wallets through EIP-5792, with the goal of enabling all users to achieve one-click swaps.

EIP-7702 is an Ethereum Improvement Proposal put forward by Ethereum co-founder Vitalik Buterin and several co-authors, aiming to enhance account abstraction on the Ethereum network. This proposal allows externally owned accounts (EOAs, or regular Ethereum account addresses) to temporarily act as smart contract wallets during transactions, reverting to their original state after the transaction is complete. The proposal went live on May 7 alongside the Ethereum Pectra upgrade.