Uniswap becomes first DEX to hit $3T in all-time volume

Uniswap, a decentralized exchange (DEX), has achieved a significant milestone: $3 trillion in aggregate all-time trading volume. This makes it the first DEX to reach this landmark figure. Hayden Adams, Uniswap’s founder, announced the achievement on X (formerly Twitter), referencing data from Dune Analytics. Current daily volume hovers around $3 billion, according to Dune and DeFillama, solidifying Uniswap’s position as the leading DEX with approximately 23% market share. PancakeSwap follows in second place with roughly $2.7 billion in daily volume.

While Uniswap boasts a total value locked (TVL) of nearly $5 billion, this represents approximately half its 2021 peak. This decline mirrors the overall DeFi market, where TVL is currently about half its late 2021 high. DeFiLlama and DappRadar report differing figures for total DeFi TVL—$124 billion and $132 billion, respectively—with a significant portion residing on the Ethereum network.

Despite the platform’s success, its native token, UNI, hasn’t mirrored this growth. Currently trading at just over $7, UNI is down more than 84% from its all-time high of $45 in May 2021. This represents a 3.4% decrease on the day of reporting.

Beyond the volume milestone, Uniswap is also developing its own smart wallet. This initiative involves integrating EIP-7702, an Ethereum Improvement Proposal aimed at enhancing account security against quantum computing threats. This upgrade allows externally owned accounts to temporarily function as smart contracts during transactions, improving transaction efficiency and security. Trust Wallet has already implemented this upgrade, and Uniswap’s integration is imminent, promising a “one-click swapping” experience for users. The development and adoption of EIP-7702 wallets are significant steps towards enhanced security and user experience within the DeFi ecosystem.