Uniswap Hits $100bln in Aggregate Volume as DeFi Sector Skyrockets
Decentralized exchange Uniswap recorded another key landmark as aggregate trade volumes exceeded $100 billion against the backdrop of decentralized finance upsurge.
CEO of Uniswap, Hayden Adams, stated Monday that the platform has turned out to be the foremost decentralized exchange to handle more than $100 billion worth transactions. Through data offered by Dune Analytics, Adams evidenced aggregate transaction volumes of $101.50 billion.
The stunning rise of Uniswap is highlighted by the chart as the exchange gathered momentum since mid-2020 when the DeFi frenzy started.
In the past 24 hours, Uniswap had handled more than $1.20 billion worth trades, as per data provided by CoinGecko, making it one of the biggest decentralized exchanges facilitating cryptocurrency trading.
Over the last eight months, trading volumes of Decentralized exchanges, commonly called as DEX, have risen exponentially. The decentralized exchanges are now near the threshold of surpassing the dominance of centralized cryptocurrency exchanges with their ability to list DeFi governance tokens in a quick manner.
— Hayden Adams 🦄 (@haydenzadams) February 15, 2021
The sharp rise in trading volumes, however, has given rise to some issues as well. As on-chain and Ethereum powered DEX dealings continue to increase, correspondingly, transaction fees also increase. During peak demand time frames, transactions charges on Uniswap can cost more than $100.
Uniswap has grown into an indispensable component of the DeFi industry, primarily due to early entry advantage, and capability to list new ventures. In the final leg of 2020, the decentralized exchange conducted airdrop of 400 UNI tokens to users that had earlier paved way for its liquidity.
During airdrop, the 400 UNI was valued at about $3,500. The tokens are currently valued at a combined $8,400.
Over $57.60 billion has been frozen into DeFi covenants, as per the latest industry statistics.