Uniswap Surpasses $3 Trillion in All-Time Volume, Leads DEX Market with 23% Share

Uniswap, a decentralized exchange (DEX), has achieved a monumental milestone by surpassing $3 trillion in aggregate all-time volume, marking the first time a DEX has reached this level. This achievement was highlighted by Uniswap founder Hayden Adams in a post on May 12, which included a screenshot from a Dune Analytics dashboard tracking the progress towards this milestone.

Uniswap's current daily volume stands at $3.3 billion, according to Dune. DeFillama reports that Uniswap leads the DEX market with a 23% share in daily volumes, which it reports as slightly lower at $3 billion over the past 24 hours. The second-largest DEX by volume is PancakeSwap, with $2.7 billion and a 21% market share.

Despite its impressive volume, Uniswap's total value locked (TVL) is just under $5 billion, which is approximately half of its 2021 all-time high. This decrease reflects the overall trend in the DeFi sector, where the total value locked has also halved since late 2021. DeFillama reports a DeFi TVL of $124 billion, while DappRadar reports $132 billion, with more than half of this total on Ethereum.

Uniswap's native token, UNI, has not mirrored the platform's performance and remains down more than 84% from its peak price of $45 in May 2021. At the time of writing, UNI had lost 3.4% on the day and was trading at just over $7, according to CoinGecko.

In addition to its volume milestone, Uniswap announced the rollout of its own 7702 wallet and support for other 7702 wallets. This initiative aims to provide one-click swapping for all users, enhancing the user experience and making decentralized exchanges more accessible. EIP-7702, an Ethereum Improvement Proposal led by Vitalik Buterin, went live with the Pectra upgrade on May 7. It enhances Ethereum accounts to withstand potential threats from quantum computing and allows externally owned accounts to temporarily function as smart contracts during transactions.

Uniswap's achievement underscores the growing trust users have in decentralized financial platforms and reflects the rapid evolution of DeFi. The platform's growth is not just about trading; it's about giving people more control over their finances. With a few taps, anyone with an internet connection can trade, invest, and earn, shifting power away from traditional financial institutions.

Uniswap continues to lead the charge toward a decentralized global financial system, proving that decentralized platforms can scale, evolve, and compete with traditional banking systems. The launch of Uniswap’s 7702 wallet and support for EIP-7702 further demonstrates the platform's commitment to innovation and user accessibility.