- Uniswap (UNI) reached $100 billion in cumulative trading volume
- It has become the first decentralized exchange (DEX) to hit this milestone
- The exchange’s 24-hour volume regularly surpasses that of major centralized exchanges such as Coinbase
Uniswap is the first DEX to reach $100 billion in cumulative trading volume as the DeFi markets continue to grow. Meanwhile, the UNI token also set a new all-time high. The platform is now boasting about $4 billion in total value locked (TVL).
The platform’s creator, Hayden Adams, tweeted that Uniswap has surpassed $100 billion in cumulative trading volume. Uniswap is the first DEX to reach this milestone thanks to the growth in DEX activity since mid-2020.
— Hayden Adams 🦄 (@haydenzadams) February 15, 2021
In December 2020, Uniswap’s milestone came in exactly three months after reaching $50 billion.
Indeed, data from Dune Analytics presents a large spike in the Uniswap cumulative volume chart since July 2020. The summer of 2020 was arguably the start of the DeFi fire with the launch of liquidity mining.
Massive trading volumes on Uniswap have triggered an enormous spike in Ether (ETH) transaction costs. Gas fees are now always high. Prompting calls for the development of Layer-2 (L-2) scaling solutions that will usher in cheaper transactions.
According to Dune Analytics, in January 2021, DEX’s set a new record of about $61.6 million in trading volume. February’s figures are nearly there, suggesting that a new monthly DEX volume record might be in the cards.
Uniswap added $1 billion in TVL, apart from settling over $100 billion in cumulative transactions. Earlier, CryptoPotato announced, in November 2020, the DEX platform topped $3 billion in TVL.
According to DeFipulse, Uniswap now ranks at spot five. It holds about $4 billion in ETH on its platform. Meanwhile TVL places Uniswap as the second-highest ranking in DEX. Sushiswap closely follows with less than half a billion dollars away.
UNI had set a previous ATH earlier in January. That was soon met with a quick drop as the price fell below the $20 mark on the token price front. The downtrend looks to have bottomed out at $19, with UNI staging a bounce above $21. Likely pushing for another assault beyond its ATH price.