Uniswap, the leading decentralized exchange (DEX), has reached a historic milestone by surpassing $3 trillion in all-time trading volume. This makes it the first DEX to achieve such a figure, solidifying its place as a powerhouse in the DeFi space.
The achievement was highlighted by Uniswap founder Hayden Adams in a May 12 post on X (formerly Twitter), where he shared a live countdown from Dune Analytics showcasing the moment the platform crossed the $3 trillion mark.
Uniswap Leads the DEX Market in Trading Volume
Uniswap is currently handling around $3.3 billion in daily trading volume, according to data from Dune Analytics. It holds a dominant 23% market share in the decentralized exchange landscape, placing it ahead of competitors like PancakeSwap, which trails slightly with $2.7 billion in volume and a 21% market share.
This performance reinforces Uniswap’s status as the top DEX, but also signals a healthy level of competition in the sector as other platforms work to gain market traction.
DeFi Market Growth and Ethereum’s Dominance
Although Uniswap is thriving in terms of trading volume, its total value locked (TVL) is currently just under $5 billion—roughly half of its 2021 peak. This mirrors broader trends across the decentralized finance (DeFi) industry.
As of now, the total value locked in DeFi protocols is hovering around $124 billion, based on figures from DeFiLlama, while DappRadar puts the number slightly higher at $132 billion. Despite market fluctuations, Ethereum continues to dominate the DeFi ecosystem, accounting for over 50% of total value locked across all protocols.
Uniswap’s milestone is a clear signal of continued innovation and growth within the decentralized finance space, with Ethereum and top DEX platforms leading the charge.
