The leading decentralized exchange or DEX platform, Uniswap, continues to lead the sector as it approaches an average trading volume of $ 1 billion per day in January.
Just two-thirds of the month and the platform has already broken the previous monthly trading volume record of $ 15.3 billion set in September during the DeFi boom. The DEX topped $ 17 billion this morning and is well on its way to surpassing $ 25 billion by the end of January with a daily average of $ 855 million.
Uniswap traders are spoiled for choice with 1,558 coins traded in over 2,400 pairs, but the majority tend to prefer less risky trades. Trading between stablecoins like USDC, Tether and DAI for ETH accounted for 45% of the $ 1.1 billion traded in the last 24 hours.
On December 15, Uniswap founder Hayden Adams tweeted that the platform had exceeded $ 50 billion in trading volume and asked the community when it would hit $ 1 trillion. Around 50% of respondents said this would be the case in 2021.
Currently, the all-time trading volume is around $ 70 billion, the DEX would have to average around $ 2.7 billion per day to hit $ 1 trillion by the end of the year.
Uniswap strategy lead Matteo Leibowitz already claims that a trade volume of 1 billion dollars will remain:
“A volume of 1 billion US dollars / day is the new normal.”
Adams compared this to the New York Stock Exchange and said, “2% of [NYSE] is the new normal for Uniswap. When 100%? “
Uniswap is a legitimate company with $ 1 billion daily volume and $ 30 million daily revenue.
All with a cost of ownership of nearly $ 0, made with nothing but lines of code.
Uniswap employees are its liquidity providers
This is unprecedented in society https://t.co/zklYhny8wj
– adambrush.eth (@ brush_10) January 19, 2021
DEXs in general have been on a strong growth path for the past 30 days, up 112%. The total volume traded in the last 30 days is $ 43.3 billion, with about $ 1.5 billion added every day.
SushiSwap is the second strongest DEX with $ 8.2 billion trading in January to date, double its previous monthly high of $ 3 billion set in December last year.