Uniswap trading volume surpasses $50 billion; founder forecasts turnover of $1 trillion

Trading volume on Uniswap has surpassed a record $50 billion since the decentralised exchange was founded. The project’s founder Hayden Adams invited users to vote when the $1 trillion milestone is reached.

When will Uniswap hit $1,000,000,000,000 cumulative volume?

— Hayden Adams 🦄 (@haydenzadams) December 14, 2020

Adams himself believes that, if the current monthly turnover of about $10 billion—typical over the last three months on average—persists, the milestone will be reached in eight years. He noted that the $51.7 billion figure was made possible by the creation of 26,000 trading pairs.

Not all users welcomed such math. Some Twitter regulars noted that part of the volumes could have arisen from darknet marketplaces, money laundering by criminals and other similar practices. Adams was also reminded of fake tokens.

Yeah right after we take wash trading, silk road, money laundering out of Bitcoin volume…

— cyber_hokie (@cyber_hokie) December 14, 2020

In September, Uniswap was used by KuCoin hackers to convert the stolen funds.

After the launch of the protocol’s second version, the value of assets locked in Uniswap jumped from $36.5 million to $1.37 billion. At the end of August, the daily turnover of the leading DEX surpassed Coinbase’s figure.

In those days, Uniswap held first place in DeFi Pulse’s ranking. As of now the platform has slipped to fifth place on the list.

Data: DeFi Pulse.

According to latest data, Uniswap accounts for 58.6% of total DEX turnover, four times the share of the nearest rival — 0x.

Data: Dune Analytics.

More and more traders favour Uniswap: 100,820 over the last seven days, versus 3,420 for SushiSwap.

Data: Dune Analytics.

Recall, in early November the second Uniswap community vote on a proposed new airdrop of 5 million UNI tokens failed to reach quorum.

The first vote on lowering the minimum threshold for proposals to govern the protocol also failed to attract a sufficient number of participants.

Recall, DEX turnover in November continued to fall, reaching $17.07 billion. The drop from September amounted to 35%.

Subscribe to ForkLog news on Facebook!