Uniswap, the leading decentralized exchange (DEX) platform from the world of decentralized finance (DeFi), has pumped up the popularity of the industry further with its latest achievement. The total trading volume of this DEX reached a record level after adding $20 billion in just one month.
Uniswap Is The First-Ever DEX To Achieve This Milestone
According to the data shared by Dune Analytics, the Automated Market Maker (AMM) DeFi protocol Uniswap has processed so far more than $100 billion in trading volume. In order to hit this mark, the decentralized exchange added around $20 billion in trading volume during the past month.
It is the first time ever in the history of the decentralized finance that a decentralized exchange has touched this figure in accumulative trading volume. Prior to this, no other DEX from the decentralized finance market has reached this level. This makes a brilliant milestone for the DeFi sector.
Hayden Adams, the Founder of Uniswap, also shared this news on Twitter.
— Hayden Adams 🦄 (@haydenzadams) February 15, 2021
Since the day of its establishment, this AMM protocol has attained great success so far. In the mid of December last year, the total trading volume of Uniswap surpassed the figure of $50 billion. Now, within the duration of nearly two months, the exchange was able to add another $50 billion, bringing its total trading volume to $100 billion. It also registered the record of hitting $20 billion in monthly trading volume in the month of February.
In addition to this milestone, the total value locked (TVL) of the Uniswap exchange is also standing on the verge of hitting $4 billion to make a new record. According to the data by DeFi Pulse, the TVL of Uniswap is currently standing at around $3.95 billion at the press time.
Uniswap also beats the major San Francisco-based digital currency exchange Coinbase on a regular basis in terms of daily trading volume as the 24-hour trading volume of Uniswap exceeds that of Coinbase’s. It also leaves behind many other centralized cryptocurrency exchanges as well in this case.
The founder of Uniswap conducted a poll on Twitter in the month of December 2020 asking Twitter users when the cumulative trading volume of Uniswap will reach the figure of $1 trillion. Nearly 50 percent of Twitter users said that Uniswap would achieve this milestone in the year 2021.