Uniswap breaks $1T in volume — but has only been used by 3.9M addresses

Published at: May 25, 2022

Decentralized exchange (DEX) Uniswap has topped $1 trillion in total trading volume since launching on Ethereum in late 2018.

That comes from a relatively small user base, however, indicating that there is a lot of potential growth to come. According to data from Uniswap Labs, which are major contributors to the development of the protocol and ecosystem, the DEX’s number of cumulative addresses hit around 3.9 million this month after just over three years.

The data was posted via Twitter on Tuesday, with the Uniswap Labs team noting that: “Over the past three years, the Protocol has Onboarded millions of users to the world of decentralized finance (DeFi), Introduced fair and permissionless trading, Lowered the barrier to liquidity provision.”

2/ Over the past three years, The Protocol has Onboarded millions of users to the world of DeFi Introduced fair and permissionless trading Lowered the barrier to liquidity provision pic.twitter.com/mT2ZzjMTav

— Uniswap Labs (@Uniswap) May 24, 2022

Uniswap is currently supported on Ethereum and layer-2 scaling solutions Polygon, Optimism and Arbitrum. Uniswap Labs also revealed earlier this month that the DEX will be expanding out to two Ethereum Virtual Machine- (EVM)-compatible chains in Gnosis Chain, and Polkadot-based para-chain Moonbeam Network.

In terms of trade volume, Uniswap ranks well ahead of its competition in the DEX market. Data from CoinGecko shows that Uniswap’s v3 protocol generated $938 million worth of volume over the past 24 hours, representing 33% of the total market share.

In comparison, Binance Smart Chain-based PancakeSwap (v2) ranks second with $491 million and 17.3% of the market share.

When comparing Uniswaps’s 24 data with centralized exchanges (CEXs), its $938 million worth of volume places it well behind platforms such as Binance, FTX and Coinbase, which generated $12.2 billion, $1.95 billion and $1.79 billion, respectively.

Notably, however, the DEX is well ahead of some big players in the crypto sector such as Crypto.com and Kraken, which generated $724.9 million and $597.4 million each.

Uniswap has also amassed roughly $5.93 billion worth of total value locked (TVL), the fifth-largest sum in the DeFi sector, according to DefiLlama, while PancakeSwap ranks seventh with $4.27 billion worth of TVL. MakerDAO represents the largest platform with $9.82 billion in TVL.

Related: Uniswap launches venture capital wing for Web3 investments

Despite Uniswap’s ability to attract strong demand and liquidity, it hasn’t done much to sway the price of its native asset Uniswap (UNI) in 2022. Since the start of January, UNI has dropped around 67% to sit at $5.59 at the time of writing.

UNI’s all-time high of $44.92 was also back in early May 2021, and is down 87.5% since then.

Tags
Blockchain
Defi
Uniswap
Polkadot
Dex
Data
Related Posts
Growing list of billion-dollar crypto ‘unicorns’ suggest the best is yet to come
In the traditional investing world ‘unicorn’ is a term used by venture capitalists to describe a privately held startup valued at more than $1 billion. Typically these startups have strong fundamentals and oftentimes a first-mover advantage that helps them rapidly rise in value to become prized investment opportunities for yield-seeking funds. Some of the best-known unicorns include Elon Musk’s SpaceX, a private rocket and spacecraft manufacturer with a valuation of $46 billion, and Coinbase, the largest U.S.-based cryptocurrency exchange with a current valuation of $8 billion. While the world's attention has been focused on the Coronavirus pandemic, the outcome of …
Technology / Feb. 6, 2021
Finance Redefined: Acala wins Polkadot parachain, and Iota set to launch Shimmer, Nov. 12–19
Welcome to the latest edition of Cointelegraph’s decentralized finance newsletter. Read on to discover why almost half of the liquidity providers on Uniswap v3 are losing capital due to impermanent loss. What you’re about to read is the smaller version of this newsletter. For the full breakdown of DeFi’s developments over the last week, subscribe below. Acala wins Polkadot’s debut parachain auction Decentralized finance protocol Acala was announced as the winning project in Polkadot’s inaugural parachain auction this week, beating fellow competitor Moonbeam to the finish line with a seismic total of 32.5 million DOT ($1.28 billion) raised from 24,934 …
Decentralization / Nov. 19, 2021
Celo foundation proposes to deploy Uniswap V3 on its native blockchain
A new community proposal was introduced in the Uniswap governance forum to deploy the protocol on the Celo blockchain, which is a mobile-first, carbon-negative and Ethereum Virtual Machine-compatible network. The new proposal was created on behalf of Blockchain at Michigan, and in partnership with the Celo Foundation and the Celo Climate Collective. Once passed, Uniswap will be accessible to nearly six billion mobile phone users. Currently, MetaMask mobile app enables using Uniswap or other decentralized exchanges via an in-app browser. The Celo foundation will commit $10 million of CELO in Uniswap-specific user incentives and grants along with $10 million in …
Adoption / March 11, 2022
Polkadot parachains spike after the launch of a $250M aUSD stablecoin fund
Crypto prices have been exploring new lows for weeks and currently it's unclear what it will take to reverse the trend. Despite the downtrend, cryptocurrencies within the Polkadot (DOT) ecosystem began to rally on May 24 and have managed to maintain gains ranging from 10% to 25%, a possible sign that certain sub-sectors of the market are on the verge of a breakout. Here’s a look at three Polkadot ecosystem protocols that have seen their token prices trend higher in recent days. Acala launches a $250 million aUSD ecosystem fund Acala (ACA) is the leading decentralized finance (DeF) platform on …
Blockchain / May 25, 2022
As DEXs struggle, new approaches kindle hope
In May 2022, at the tail of the crypto bull market, economist Eswar Prasad wrote an op-ed for the Financial Times arguing that DeFi’s promise as a means of democratizing finance was a long way from being realized. In his words, “For all its promise in democratizing finance and broadening financial access, the emerging reality suggests a concentration of economic power, while the risks fall largely on those investors least able to handle them.” Prasad is right that early DeFi projects catered almost exclusively to crypto natives, often called “degens” in Twitter parlance. However, he didn’t acknowledge that this is …
Blockchain / Dec. 14, 2022