Uniswap becomes first DEX to hit $3T in all-time volume

Decentralized exchange Uniswap has hit a whopping $3 trillion in aggregate all-time volume, the first decentralized exchange to hit the number. 

Uniswap founder Hayden Adams noted the achievement in an X post on May 12, which included a screenshot of a Dune Analytics dashboard counting down to the milestone. 

Uniswap also has a current daily volume of $3.3 billion, according to Dune. DeFillama meanwhile shows Uniswap is the leading DEX with a 23% market share in daily volumes, which it reports as slightly lower at $3 billion over the past 24 hours. 

The second-largest DEX in volume is PancakeSwap, with $2.7 billion and a 21% DEX market share. 

Uniswap has a current total value locked of just under $5 billion. However, this figure is around half of its 2021 all-time high, as overall DeFi total value locked (TVL) is about half of what it was in late 2021.

DeFillama reports a DeFi TVL of $124 billion, while DappRadar reports $132 billion, with more than half of this total on Ethereum. 

Related: Decentralized exchanges gain ground despite $6M Hyperliquid exploit

The DEX’s native token, Uniswap (UNI), has not mirrored the platform’s performance and remains down more than 84% from its peak price of $45 four years ago in May 2021.

UNI had lost 3.4% on the day and was trading at just over $7 at the time of writing, according to CoinGecko. 

Adams also announced on May 12 that Uniswap was “rolling out our own 7702 wallet and supporting other 7702 wallets … with the goal being one-click swapping for all users.” 

EIP-7702 is an Ethereum Improvement Proposal led by Vitalik Buterin that went live with the Pectra upgrade on May 7.

It enhances Ethereum accounts to withstand potential threats from quantum computing and allows externally owned accounts to temporarily function as smart contracts during transactions.

Trust Wallet has already launched a smart account-compatible upgrade for its users, and Uniswap is set to follow. 

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