The world’s most popular decentralized exchange, Uniswap, has reached a milestone in terms of cumulative trading volume.
Uniswap Labs said that its monthly accumulated volume has reached a milestone of half a trillion dollars since it was launched in November 2018. In a tweet on Oct. 25, it added that millions of users had direct access to markets they “could trust”. in their best interests “before adding:
The last three years have sent a clear message: users are placing increasing value on transparency, security, autonomy and reliability.
According to the log’s own dashboard, Uniswap v3 has currently processed a trading volume of $ 1.3 billion in the past 24 hours. The v2 protocol has handled a volume of $ 583 million in the past 24 hours, which equates to nearly $ 1.9 billion a day for the DEX.
DappRadar reports a total of $ 9.5 billion for v2 and v3 Uniswap, while Uniswap’s own numbers are closer to $ 8.7 billion.
Shift 2 is gaining momentum
This year Uniswap rolled out Layer 2 versions for Optimism and Arbitrum as Ethereum fees skyrocketed. Uniswap Labs stated that $ 2 billion of its total volume was contributed by Arbitrum and Optimism deployments, which are gradually gaining traction.
According to blockchain data provider Nomics, the current 24-hour volume on Uniswap v3 Arbitrum is $ 36.6 million. On October 18, it hit an all-time high of $ 82 million.
The Optimistic Ethereum L2 version of Uniswap v3 was roughly the same as of October 25 at $ 40 million, as reported by Nomics. Layer 2 transactions on these two protocols currently account for around 3% of the total daily volume on Uniswap.
As BeInCrypto reported in August, Uniswap was the first DeFi platform to generate $ 1 billion in fees. According to CryptoFees, Uniswap ranks second after Ethereum in terms of fees generated with $ 4.1 million reported for October 25th.
This isn’t surprising when you consider that the current price of an average token swap on the DEX is a painful $ 55, according to Etherscan.
UNI price outlook
Uniswap’s governance token, UNI, is currently trading unchanged at $ 26.54, according to CoinGecko. UNI prices have increased by 10% in the last 14 days and by 35% in the last month.
However, UNI is still 41% below its May 3 all-time high of $ 44.92.
In early September, the US Securities and Exchange Commission began an investigation into the platform to find out more details about its use.
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