Ethereum-based decentralized finance (DeFi) protocol Uniswap announced a new milestone on Tuesday, noting that it has crossed $1 trillion in trading volume in less than four years since it was launched.
Uni Crosses $1 Trillion in Trading Volume
Uniswap announced the development on Twitter while sharing some of the achievements that led to the new milestone.
1/ It’s been one hell of a ride 🚀
As of today, the Uniswap Protocol has passed a lifetime cumulative trading volume of $1 Trillion. pic.twitter.com/stFdMDgJPZ
— Uniswap Labs 🦄 (@Uniswap) May 24, 2022
According to blockchain analytics platform Dune, Uniswap currently has over four million users since its launch in November 2018, ranking it as the largest DeFi protocol by userbase.
The Ethereum-based protocol also noted that it has garnered the largest number of users across decentralized exchanges (DEX), as a result of its ability to lower “the barrier to liquidity provision.”
Sharing the milestone on Twitter, Uniswap founder Hayden Adams, said:
$1 trillion all-time volume 🤯
I don’t tweet milestones as often these days, but four commas blows my mind.
Never expected Uniswap to grow the way that it has.
Thanks to everyone who has been along for the ride 💜 https://t.co/TlHdrS7ibs
— hayden.eth 🦄 (@haydenzadams) May 24, 2022
UNI Down 88% From ATH
With the crypto winter now in full force, thanks to the recent Terra fiasco, UNI, the native cryptocurrency of Uniswap, is down more than 88% from its all-time high (ATH) price. The crypto asset hit an ATH of $44.97 in May 2021, but at the time of writing, UNI was trading at $5.41.
Despite the latest milestone from the project, users seem more concerned about the price of UNI, with some pleading that the developers make the token more useful.
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