- Uniswap has become the first decentralized exchange to surpass $3 trillion in all-time trading volume, highlighting its dominance in the DeFi space.
- Despite this milestone, its TVL remains below half of its 2021 peak, and its UNI token is still down over 84% from its all-time high.
Uniswap has cemented its place in the DeFi history books, becoming the first decentralized exchange (DEX) to surpass $3 trillion in all-time trading volume—a massive milestone that highlights its dominance in the sector despite a shifting DeFi landscape.
Announced by founder Hayden Adams in a celebratory post on X (formerly Twitter) on May 12, the achievement was confirmed by Dune Analytics, which tracks on-chain activity across decentralized protocols. At present, Uniswap processes roughly $3.3 billion in daily volume, securing a 23% market share according to DeFiLlama, well ahead of PancakeSwap’s 21%.
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While the trading volume paints a picture of strength, Uniswap’s Total Value Locked (TVL) tells a more nuanced story. Currently sitting just under $5 billion, Uniswap’s TVL is less than half of its 2021 peak—mirroring the broader DeFi market’s pullback from its heyday. DeFiLlama reports a global DeFi TVL of $124 billion, down significantly from its 2021 highs.
Adding to the buzz, Adams also revealed Uniswap’s plans to support EIP-7702-compatible wallets, including its own smart wallet designed for “one-click swapping.” This Ethereum upgrade, introduced by Vitalik Buterin and activated with the recent Pectra hard fork, enhances account security and functionality—paving the way for smarter, more secure DeFi interactions.
Despite its platform’s strength, Uniswap’s native token UNI hasn’t followed suit. At just over $7, it remains more than 84% below its all-time high of $45 reached in May 2021. The token was down 3.4% on the day of the announcement, according to CoinGecko.
Uniswap’s $3 trillion milestone is a powerful testament to the staying power of decentralized finance—even as newer trends like intent-based swaps and DeFi lending protocols shift the capital landscape. With new wallet features and Ethereum upgrades in play, Uniswap seems poised to remain at the forefront of decentralized trading innovation.
