Uniswap, the giant decentralized exchange built on top of Ethereum, has hit a new milestone, exceeding $50 billion in all-time trade volume. Uniswap usually launches small DeFi tokens before they are listed on centralized exchanges, as it does not need the permission of central authorities. The growth of several small DeFi tokens plays a significant role in the increase of Uniswap.
Hayden Adams, the founder of Uniswap, published data on Twitter that show an all-time volume of $51.7 billion processed by the platform over 26,000 unique trading pairs, worth almost $2 million per pairing.
As Uniswap does not require KYC for listed tokens, some crypto community members have shown concerns about Uniswap’s volume source. Cyber hokie, a Twitter user, mentioned that money laundering, wash-trading, and darknet markets mainly fueled most of the platform’s volume. Based on the report, the hacker who drained $200 million worth of crypto from cryptocurrency exchange KuCoin had transferred almost $1.2 million worth of SNX to Uniswap for laundering in September 2020.
Uniswap Lead the DEXs Space
According to data from Dune Analytics, a powerful tool for blockchain research, Uniswap is driving the DEXs sphere by represents 59.5% of weekly volume, followed by 0x, SushiSwap, and Curve with a weekly volume of 12.9%, 11%, and 10.2%, respectively.
The leading decentralized exchange also eclipses its competitors in terms of traders. In the last seven days, over 100,000 individual addresses interacted with Uniswap. With 3,392 unique addresses, SushiSwap holds the second spot, followed by Kyber, Curve, and 0x.
DeFi Pulse analysis shows that the DeFi total value lock (TVL) just broke $15 billion milestones across all DeFi platforms. With $1.37 billion TVL, Uniswap is ranked as the fifth-largest DeFi protocol.