The decentralized exchange of Uniswap recorded a major milestone on Monday, February 15, when cumulative trade volumes surpassed $ 100 billion following the boom in the DeFi ecosystem.
Hayden Adams, CEO of Uniswap, tweeted on Monday its platform became the first decentralized exchange to process more than $ 100 billion in transactions. Using data from Dune Analytics, Adams shows lifetime volumes of USD 101.5 billion as of February 15. The graph highlights Uniswap’s impressive growth since mid-2020, when DeFi’s first bull market began.
– Hayden Adams (@haydenzadams) February 15, 2021
Uniswap just became the first decentralized trading platform to process more than $ 100 billion in volume, an exciting milestone for DeFi.
Uniswap moved more than USD 1.2 billion transactions in the last 24 hours, according to data from Coingecko, which places it among the largest exchanges for the purchase and sale of cryptocurrencies.
Decentralized exchanges, also known in the community as “DEX”, have seen their volumes grow considerably in the last eight months. They currently pose a threat to the hegemony of centralized exchanges thanks to the rapid acceptance of governance tokens from DeFi protocols.
However, increased business activity has come at a cost. As Ethereum-based DEXs and on-chain transactions continue to grow, so do transaction fees. Cointelegraph recently reported that transactions on Uniswap can cost more than $ 100 during periods of high congestion.
Uniswap has become a fundamental piece of the DeFi sector due to its first-mover advantage and its ability to host new token projects. At the end of 2020, the exchange distributed 400 UNI tokens through an airdrop to users who had previously contributed to its liquidity. At the time of distribution, the 400 UNIs were worth approximately $ 3,500. Currently the tokens have a combined value of $ 8,400.
More than $ 57.6 billion has been locked into DeFi protocols, according to the latest industry data.