The price of Uniswap has stagnated for some time in the past. The DeFi token lost over 6% just a few weeks ago. However with the recent bullish developments, the flagship token has surged to more than 6% at the time of writing. UNI, the 13th-ranked token was trading at $ 27.
The world’s most popular decentralized exchange, Uniswap, has hit a milestone in terms of the cumulative trading volume. In a series of tweets, the team opined:
“Over the weekend, the Uniswap protocol exceeded $ 500 billion in total transaction volume since its launch in November 2018.”
Look at this plot for the same.
Meanwhile, millions of users had direct access to markets which they could “trust to operate in their best interests.” He further added:
Further developments
According to the protocol’s dashboard, Uniswap v3 processed about $1.3 billion in trade volume over the past 24 hours. This coupled with $ 3.45 billion in total locked-in value (amount of assets currently staked) has certainly impressed or rather attracted the interests of the crypto ecosystem.
Earlier, it launched layer 2 versions on Optimism and Arbitrum as fees on Ethereum skyrocketed. In said tweet, he added that $ 2 billion of his total volume was contributed by the Arbitrum and Optimism deployments, which are beginning to experience significant growth.
Meanwhile, as per Nomics a blockchain data provider; the current 24-hour volume on Uniswap v3 Arbitrum is $17.7 million. It was still significantly low compared to his ATH. It surged to an all-time high of $82 million on 18 October. Layer 2 transactions over these protocols currently represent approximately 3% of the total daily volume on Uniswap.
Regardless of some consolidation, the flagship token has witnessed some bright sunshine in the past. For example, it became the first DeFi platform to generate $ 1 billion in fees.
As of now, Uniswap is second only to Ethereum in terms of fees generated; at press time it stood at $3.4 million. However, it remains to be seen if its native token can break through the $ 30 mark.
