Weekly trading volumes on Uniswap hit a new high of $10 billion
The year-long DeFi explosion has been centered on the decentralized exchange.
In the middle of the ongoing decentralized finance boom, Uniswap’s decentralized exchange set a new weekly volume record on Tuesday, with cumulative transactions reaching $10 billion.
On Tuesday, CEO Hayden Adams tweeted the milestone, along with a chart that shows a 25.7 percent weekly rise in production. If Uniswap keeps up its current speed, it will handle more than $500 billion in transactions each year.
According to CoinGecko, Uniswap’s 24-hour trade volume is projected to be around $1.9 billion. Over the same 24-hour duration, PancakeSwap and Mdex are shown to have handled more than $3 billion in transactions.
Uniswap is a powerful forum for investors looking to gain access to new and emerging DeFi ventures, as well as other “hidden crypto gems” that are not yet accessible on major centralized exchanges such as Coinbase, Kraken, or even Binance. Over the last six months, a retroactive airdrop of 400 UNI tokens has aided the platform’s appeal. Based on the current value of UNI, those 400 tokens are now worth $12,000.
In February, the decentralized exchange passed a significant milestone when total trade volumes exceeded $100 billion for the first time. Uniswap’s explosive growth since mid-2020 mirrored the first DeFi bull market, as Cointelegraph noted at the time.
According to the most recent industry data, nearly $112 billion has been invested in DeFi ventures. Last week, the total value locked topped $123 billion before a massive market crash wiped out over $300 billion in crypto value.
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