The said ‘craze’ in the decentralized finance (DeFi) market has been pushing up decentralized exchanges (DEXes), coins, and other protocols available in the space. Particularly, the leading DEX, Uniswap has got many people surprises with significant trading volume over the past week. Now, Uniswap trading volume just exceeded $10 billion.
Uniswap trading volume surpassed $10 billion
Uniswap is a decentralized exchange built in the Ethereum network by Hayden Adams. The protocol is basically designed to support or facilitate the swapping of ERC20 tokens. Unlike the regular exchanges, Uniswap doesn’t use an order book. It also does not support any centralized party for trading. So, users can be able to trade their tokens without intermediaries.
In a tweet on Monday, the co-founder, Adams revealed that Uniswap trading volume has surpassed $10 billion in all-time trading volume. This was according to the data provided by Dune Analytics, a smart contract research tool. It is worth noting that the whole DeFi market has been gaining huge traction, over a few months now.
In August alone, about $6.4 billion was recorded as Uniswap trading volume for the month, beating other DEXes in the industry. Uniswap has a market dominance of more than 40 percent, with about $1.32 billion in assets locked on the protocol. The second and third-largest DEXes – Curve Finance and Balancer – see around $1.06 billion and $703 million TVL respectively.
Uniswap 24h trading volume surpasses that of centralized exchanges
Many people have been flocking to Uniswap to trade DeFi coins. This is evident based on the fact that the exchange has been posting massive 24h trading volumes for the past week. At the moment, the 24h trading volume at Uniswap is at $867,181,494 with only 665 coins available for trading according to CoinGecko.