Uniswap, the leading decentralized exchange (DEX), has achieved a monumental milestone by surpassing $3 trillion in all-time trading volume, becoming the first DEX to reach this figure. The achievement was highlighted by Hayden Adams, Uniswap’s founder, in an X post on May 12, accompanied by a screenshot from a Dune Analytics dashboard tracking the milestone.
A Historic Milestone for Decentralized Finance
Uniswap’s dominance in the DEX space is undeniable, with a current daily trading volume of $3.3 billion. DeFiLlama, another analytics platform, reports slightly lower figures, showing Uniswap’s daily volume at $3 billion , which still secures its position as the top DEX with a 23% market share.
The second-largest DEX by volume is PancakeSwap, trailing behind with $2.7 billion in daily volume and a 21% market share. Despite its impressive trading metrics, Uniswap’s total value locked (TVL) remains modest at just under $5 billion, approximately half of its 2021 all-time high.
“Uniswap’s $3 trillion milestone underscores its pivotal role in shaping decentralized finance,” said Hayden Adams in his X post.
UNI Token Performance Lags Behind
While Uniswap’s trading volume has soared, its native token, UNI, has struggled to reflect the platform’s success. Trading at just over $7 at the time of writing, UNI remains down more than 84% from its peak price of $45 in May 2021. On the day of the milestone announcement, UNI had dropped 3.4%, according to CoinGecko.
This divergence between the platform’s performance and its token highlights the challenges faced by many DeFi projects in aligning utility with market sentiment.
Uniswap Smart Wallet Integration
In addition to the volume milestone, Hayden Adams announced on May 12 that Uniswap is rolling out its own 7702 wallet and supporting other wallets compatible with EIP-7702 , an Ethereum Improvement Proposal led by Vitalik Buterin.
“Our goal is one-click swapping for all users,” Adams stated, emphasizing simplicity and accessibility.
EIP-7702, activated with the Pectra upgrade on May 7, enhances Ethereum accounts by making them quantum-resistant and enabling externally owned accounts to temporarily function as smart contracts during transactions.
Uniswap’s move aligns with recent trends in wallet innovation, such as Trust Wallet’s smart account-compatible upgrade. By integrating 7702 wallets, Uniswap aims to streamline user experience and further cement its leadership in the DeFi ecosystem.
