• Uniswap’s cumulative trading volume exceeds $500 billion

  • Uniswap, the world’s most popular decentralized exchange, has reached a significant milestone in terms of cumulative trading volume.

    Since its inception in November 2018, Uniswap Labs has reported a monthly cumulative volume of half a trillion dollars. On October 25, it added that millions of users had direct access to markets they could “trust were operating in their best interests,” before adding:

    The last three years have sent a clear message: users place a high value on transparency, security, autonomy, and dependability.

    Uniswap v3 has currently processed $1.3 billion in trade volume over the last 24 hours, according to the protocol’s own dashboard. The v2 protocol has handled $583 million in volume in the last 24 hours, giving the DEX a total daily volume of nearly $1.9 billion.

    DappRadar reports a total locked value of $9.5 billion for both v2 and v3 Uniswap, whereas Uniswap’s own figures are closer to $8.7 billion.

    Layer 2 is gaining traction.

    As Ethereum fees skyrocketed this year, Uniswap launched layer 2 versions of Optimism and Arbitrum. The Arbitrum and Optimism deployments, which are gaining traction, have contributed $2 billion to Uniswap Labs’ total volume, according to the company.

    The current 24-hour volume on Uniswap v3 Arbitrum is $36.6 million, according to blockchain data provider Nomics. On October 18, it reached an all-time high of $82 million.

    According to Nomics, the Optimistic Ethereum L2 version of Uniswap v3 was worth around $40 million on October 25. At the moment, Layer 2 transactions on these two protocols account for about 3% of total daily volume on Uniswap.

    According to ULTCOIN365, Uniswap became the first DeFi platform to generate $1 billion in fees in August. According to CryptoFees, Uniswap is only second to Ethereum in terms of fees generated, with $4.1 million reported on October 25.

    This is not surprising given that the average token swap on the DEX currently costs a painful $55, according to Etherscan.

    Price forecast for UNI

    According to CoinGecko, Uniswap’s governance token, UNI, is currently trading flat on the day at $26.54. UNI prices have risen 10% in the last two weeks and 35% in the last month.

    However, UNI is still down 41% from its all-time high of $44.92 on May 3.

    The US Securities and Exchange Commission launched an investigation into the platform in early September, seeking more information on how it is used.

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