The world’s most popular decentralized exchange, Uniswap, has hit a milestone in terms of cumulative trading volume.
Uniswap Labs stated that its monthly cumulative volume has reached a milestone of half a trillion dollars since it launched in November 2018. In a tweet on Oct 25, it added that millions of users have had direct access to markets that they could “trust were operating in their best interests,” before adding:
These past three years have sent a clear message: users increasingly place enormous value in transparency, security, autonomy, and reliability.
According to the protocol’s own dashboard, Uniswap v3 has currently processed $1.3 billion in trade volume over the past 24 hours. The v2 protocol has handled $583 million in volume over the past 24 hours giving the DEX a total of almost $1.9 billion daily.
DappRadar is reporting a total value locked for both v2 and v3 Uniswap at $9.5 billion, whereas Uniswap’s own figures are closer to $8.7 billion.
Layer 2 gaining momentum
This year Uniswap has launched layer 2 versions on Optimism and Arbitrum as fees on Ethereum skyrocketed. Uniswap Labs stated that $2 billion of its total volume has been contributed by the Arbitrum and Optimism deployments, which are starting to see significant traction.
According to blockchain data provider Nomics, the current 24-hour volume on Uniswap v3 Arbitrum is $36.6 million. It surged to an all-time high of $82 million on Oct 18.
The Optimistic Ethereum L2 version of Uniswap v3 was around the same at $40 million on Oct 25 as reported by Nomics. Layer 2 transactions on these two protocols represent around 3% of the total daily volume on Uniswap at the moment.
As reported by BeInCrypto in August, Uniswap became the first DeFi platform to generate $1 billion in fees. According to CryptoFees, Uniswap is second only to Ethereum in terms of fees generated with $4.1 million reported for Oct 25.
This is not surprising considering the current price of an average token swap on the DEX costing a painful $55 according to Etherscan.
UNI price outlook
Uniswap’s governance token, UNI, is currently trading flat on the day at $26.54 according to CoinGecko. UNI prices are up 10% over the past fortnight and 35% over the past month.
UNI is still 41% down from its May 3 all-time high of $44.92, however.
In early September, the U.S. SEC launched a probe into the platform seeking more details on how it’s used.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.