The Uniswap Decentralized Stock Exchange hit a milestone on Monday when cumulative trading volume exceeded $ 100 billion in the wake of the decentralized financial boom.
Hayden Adams, CEO of Uniswap, tweeted Monday that the platform was the first decentralized exchange to process more than $ 100 billion in transactions. Using data from Dune Analytics, Adams showed cumulative volumes of $ 101.5 billion as of Monday. The graph shows Uniswap’s meteoric rise since the mid-2020s, when it launched the first DeFi beef market.
According to CoinGecko, Uniswap has processed over $ 1.2 billion in transactions in the last 24 hours and ranked it among the largest cryptocurrency exchanges.
Decentralized exchanges, also called DEXs, have grown significantly in volume over the past eight months. They now threaten the hegemony of centralized exchanges due to the rapid adoption of DeFi control codes.
However, increased trading activity costs money. As Ethereum-based DEX and cross-network transactions continue to grow, so will transaction fees. Cointelegraph recently reported that transactions on Uniswap can be worth over $ 100 during peak periods.
Uniswap has become an important part of the DeFi sector due to its strengths and ability to serve new token projects. At the end of 2020, Oslo Burs sent 400 UNI tokens to users who had previously deposited cash. At the time of distribution, the cost of 400 UNI units was approximately $ 3,500. The cost of tokens is now $ 8,400.
More than $ 57.6 billion has been spent on DeFi protocols, according to the latest industry data.