Uniswap, a major decentralized exchange (DEX) has just shared its trading volume after hitting a new achievement. Uniswap has revealed that its trading volume has crossed the $1 trillion mark. Uniswap had reportedly debuted in late 2018 on the Ethereum blockchain and its trading volume has now crossed a huge benchmark.
UserBase Remains Low Despite $1 Trillion Trading Volume
The officials at Uniswap have confirmed that despite such a high trading volume, there is a small user base that has achieved that. This goes to show that Uniswap has a tremendous amount of potential to grow in the particular sector.
Bitcoin (BTC) currently has more than 40 million addresses that hold the largest cryptocurrency asset. Then there is Solana that only has a total of 3.9 million addresses. Solana has confirmed that it has hit the 3.9 million active addresses mark in the running month. Solana has managed to hit the high mark after three years of operating on the Ethereum blockchain.
The announcement by the Uniswap Officials
On May 24, Uniswap made an announcement in regards to its achievement and the total onboarding of the users on its protocol. The officials shared their overall achievements throughout their tenure while operating on the Ethereum blockchain.
They shared that for more than three years, they have offered liquidity provisioning opportunities to the investors. They have introduced permissionless and fair trading as well as brought millions of users to the DeFi sector.
Current Performance Demonstration by Uniswap
When it comes to the trading volume, Uniswap seems to have defeated every other DEX market. There is currently no competition for Uniswap in the market as the trading volume it has achieved so far is phenomenal. In the running year, the trading volume for Uniswap seems to have picked up the pace at a very fast rate.
Even the past 24-hour trading volume demonstration of Uniswap is worth $938 million. It represents 33% of the total trading volume that is recorded on the entire DEX system.
Following Uniswap is PancakeSwap, with a trading volume that is worth $491 million and translates to 17.3% of the total volume.
The total value locked for Uniswap has also increased at a significant rate, coming up to $5.93 billion.
The Overall Growth of UNI
Despite an excellent year in 2021, Uniswap (UNI) ended up facing a dip at the beginning of 2022. Right from the beginning, UNI’s trading price continued tumbling, and so far, it has come down to $5.59. From the beginning of 2022 until now, UNI has experienced a 67% dip in its price.
With the huge announcement, it is expected that more investors will be moving in favor of UNI. This would definitely help form a rally in support of UNI and increase the addresses it currently caters to.