In an important step forward for decentralized finance (DeFi), the world’s largest decentralized exchange (DEX), Uniswap, has reached a huge milestone by swapping more than $2 trillion worth of tokens.
As of April 5, Uniswap’s trade volume surpassed $2 trillion, according to data compiled by Dune Analytics. This was a big achievement for the platform, which has been running for five and a half years.
Uniswap Anticipation and Rewards Leading Up to the Milestone
The crypto community was getting increasingly excited about the historic event, and the Uniswap team said it would happen within 24 hours. Uniswap Labs even offered a prize of 200 USD Coin (USDC) to the first person who could confirm the milestone on the Dune Analytics dashboard with a video update.
DefiLlama data shows that Uniswap has a strong 31.5% share of the decentralized exchange market, solidifying its position as the leader in the field. Its closest rival, PancakeSwap, has only 14.6% of the market, which is a very small share.
Even though it was a huge accomplishment, the news negatively affected Uniswap’s local token, UNI. UNI’s value dropped 4.5% in the last 24 hours, ending the day at $10.73. The coin’s market capitalisation also went down, according to CoinMarketCap data, dropping to $6.4 billion.
This new development comes after the Uniswap Foundation announced a new way to reward people who own UNI tokens in February.
Under the suggested plan, people who own UNI tokens would get a share of the transaction fees made by the protocol as long as they participate in running the system. It’s important to note that the Uniswap Foundation will still be in charge of important aspects of how the fees are distributed.
The fact that Uniswap has exceeded $2 trillion in trade volume shows its importance to the growing DeFi landscape. It solidifies its position as a leader in decentralized exchange technology.
As the decentralized finance (DeFi) industry grows and changes, important milestones like this one show how DeFi can change traditional banking systems.
