Uniswap Hits $3-Tn in DEX Volume
Its token continues to struggle and keep pace even as the decentralised exchange reached the unprecedented milestone.
Uniswap, the Ethereum-based decentralised exchange (DEX), has surpassed $3 trillion in all-time trading volume, becoming the first DEX in history to reach this milestone.
The founder Hayden Adams announced the achievement on X, sharing a screenshot from Dune Analytics.
This phenomenal growth follows a consistent pattern: Uniswap hit $1 trillion in trading volume in May 2022 and doubled that to $2 trillion in April 2024.
Uniswap's native token (UNI) hasn't mirrored the platform's stellar performance.
Despite the exchange's record-breaking achievement, UNI remains down more than 84% from its peak price of $45 reached four years ago in May 2021.
UNI trades at just over $6, actually dropping 3.4% on the day of the volume announcement.
Looking ahead, Adams also revealed that Uniswap is "rolling out our own 7702 wallet and supporting other 7702 wallets... with the goal being one-click swapping for all users."
This refers to EIP-7702, an Ethereum Improvement Proposal that went live with the recent Pectra upgrade on May 7. The enhancement allows Ethereum accounts to better withstand potential quantum computing threats while enabling externally owned accounts to temporarily function as smart contracts during transactions.
Trust Wallet has already launched a compatible upgrade, with Uniswap now following suit.
Despite Uniswap's trading volume success, its total value locked (TVL) stands at just under $5 billion, roughly half of its 2021 all-time high.
As technology and regulation evolve, platforms like Uniswap must continue adapting to navigate new challenges. The EIP-7702 wallet integration shows Uniswap remains focused on innovation despite price struggles.
With solid foundations and ongoing developments, DEXs appear poised to continue redefining parts of global finance — even if token holders aren't feeling the benefits just yet.