The world’s most popular decentralized exchange, Uniswap, has hit a milestone in terms of cumulative trading volume.
Uniswap Labs stated that its monthly cumulative volume has reached a milestone of half a trillion dollars since it launched in November 2018. In a tweet on Oct 25, it added that millions of users have had direct access to markets that they could “trust were operating in their best interests,” before adding:
These past three years have sent a clear message: users increasingly place enormous value in transparency, security, autonomy, and reliability.
According to the protocol’s own dashboard, Uniswap v3 has currently processed $1.3 billion in trade volume over the past 24 hours. The v2 protocol has handled $583 million in volume over the past 24 hours giving the DEX a total of almost $1.9 billion daily.
DappRadar is reporting a total value locked for both v2 and v3 Uniswap at $9.5 billion, whereas Uniswap’s own figures are closer to $8.7 billion.
Layer 2 gaining momentum
This year Uniswap has launched layer 2 versions on Optimism and Arbitrum as fees on Ethereum skyrocketed. Uniswap Labs stated that $2 billion of its total volume has been contributed by the Arbitrum and Optimism deployments, which are starting to see significant traction.
According to blockchain data provider Nomics, the current 24-hour volume on Uniswap v3 Arbitrum is $36.6 million. It surged to an all-time high of $82 million on Oct 18.
The Optimistic Ethereum L2 version of Uniswap v3 was around the same at $40 million on Oct 25 as reported by Nomics. Layer 2 transactions on these two protocols represent around 3% of the total daily volume on Uniswap at the moment.
As reported by BeInCrypto in August, Uniswap became the first DeFi platform to generate $1 billion in fees. According to CryptoFees, Uniswap is second only to Ethereum in terms of fees generated with $4.1 million reported for Oct 25.
This is not surprising considering the current price of an average token swap on the DEX costing a painful $55 according to Etherscan.
UNI price outlook
Uniswap’s governance token, UNI, is currently trading flat on the day at $26.54 according to CoinGecko. UNI prices are up 10% over the past fortnight and 35% over the past month.
UNI is still 41% down from its May 3 all-time high of $44.92, however.
In early September, the U.S. SEC launched a probe into the platform seeking more details on how it’s used.