Uniswap’s $2T Trading Volume Surpasses Australia’s GDP

Decentralized exchange Uniswap has achieved a significant milestone by exceeding $2 trillion in total trading volume. This achievement comes more than five years after its launch in November 2018. According to data compiled by Uniswap’s Zach Wong using a Dune Analytics dashboard, the $2 trillion milestone was reached at approximately 11:55 a.m. UTC on April 5. Uniswap Labs, the team behind Uniswap, had informed the community about the milestone on April 4, expecting it to be reached within the next 24 hours. To add some excitement, Uniswap Labs offered a reward of $200 in USD Coin (USDC) to the first person who could share a video clip of the Dune Analytics dashboard displaying Uniswap’s trading volume reaching $2 trillion.

To put the $2 trillion trading volume into perspective, it is larger than the gross domestic product (GDP) of countries like Australia, Brazil, and South Korea. GDP measures the market value of all finished goods and services produced within a country. Uniswap has achieved this remarkable trading volume through the support of multiple blockchains, including Ethereum, Polygon, Optimism, Arbitrum, Celo, BNB Chain, Base, Blast, and the Avalanche Network.

Uniswap initially took 42 months to surpass the $1 trillion milestone in trading volume, which happened in May 2022. Surprisingly, it took less than 24 months to reach the second trillion, despite facing increased competition in the decentralized exchange (DEX) space. DEXs enable token swaps without the need for intermediaries, utilizing smart contracts for transactions.

While reached out to Uniswap Labs for comment, no immediate response was received. Uniswap remains the leading DEX in terms of trading volume, with a staggering $21.6 billion traded in the past week alone, as reported by Fredrik Haga, one of the platform’s founders, using a Dune Analytics dashboard. PancakeSwap, a fork of Uniswap, takes second place with $9.6 billion in trading volume, followed by Curve, Balancer, and Trader Joe with volumes ranging from $800 million to $1.8 billion.