The decentralized exchange has been at the center of the yearlong DeFi explosion.
Uniswap’s decentralized exchange set a new weekly volume record on Tuesday, with cumulative transactions exceeding $10 billion amid the ongoing DeFi boom.
CEO Hayden Adams tweeted the milestone on Tuesday, with an accompanying chart showing a 25.7% weekly increase in volumes. If Uniswap managed to maintain its current pace, it would process over $500 billion worth of transactions in a year.
@Uniswap weekly trading volume just passed $10b for the first time!!!
$10b/week is over $0.5 trillion per year pic.twitter.com/ZibcDT9Zob
— Hayden Adams (@haydenzadams) April 20, 2021
Uniswap’s 24-hour trade volumes are estimated to be around $1.9 billion, according to Coingecko. PancakeSwap and Mdex each reportedly processed more than $3 billion worth of transactions over the same 24-hour period.
Uniswap is a popular platform for investors looking to access new and emerging DeFi projects and other so-called hidden crypto gems not yet available on major centralized exchanges like Coinbase, Kraken or even Binance. A retroactive airdrop of 400 UNI tokens has aided the platform’s appeal over the past six months. Those 400 tokens are now worth $12,000 based on UNI’s current price.
The decentralized exchange reached a major milestone in February 2021 when cumulative trade volumes first surpassed $100 billion. As Cointelegraph reported at the time, Uniswap’s dramatic growth since mid-2020 mirrored the first DeFi bull market.
Nearly $112 billion has been locked in DeFi projects, according to the latest industry data. Total value locked, or TVL, peaked above $123 billion last week before a sweeping market correction wiped out over $300 billion in cumulative crypto value.