New Milestone: Uniswap has Processed $100 Billion Cumulative Trading Volume

Leading decentralized crypto exchange Uniswap achieves another milestone as its cumulative volume has touched the mark of $100 billion.

The rise of decentralized exchanges has challenged centralized exchanges in volume and users as people want no intervention from a third party. Users want full control of their accounts and wallets and do not want a centralized entity to handle their information.

Decentralized finance (DeFi) has the capability to digitize the financial infrastructure with its efficient feature of a smart contract. Decentralized exchanges have attracted investors the most out of all DeFi projects.

In his recent tweet, Hayden Adams, Uniswap’s CEO, informed the users’ community that the platform successfully executed $100 billion in transactions. The exchange is now included in the list of largest crypto exchanges as it processed $1.2 billion in transactions in the previous 24-hours, according to data aggregator site CoinGecko.

However, transaction fees arise with the growth of DEXs as the majority of the decentralized exchanges are based on the Ethereum network. The DeFi projects built on Ethereum’s blockchain have increased, which makes fees high. According to on-chain reports, during the overload situations, the fees reached as high as $100.

Uniswap emerged as a leading automated trading broker due to its top-notch features, such as acquiring new disruptive projects. What’s more, it is also famous for its high liquidity. Last year, the firm distributed 400 UNI coins in an airdrop scheme. At the current price tag, the worth of 400 UNI tokens becomes $8,400. UNI token is currently exchanging hands at $20.74 after a slight decrease of 1.84% in the past 24-hours.

Next Goal: $1 Trillion

The exchange has witnessed an enormous adoption in the recent few months. It is also revealed that it processed $20 billion in transactional volume last month. Adams created a poll on Twitter, and the results tell the cumulative volume of Uniswap could reach $1 trillion in 2022.

However, the market analysts also pinpoint the negative things of the DEXs as money launderers can misuse them. In a few cyberattacks on centralized exchanges, hackers used DEXs to transfer crypto assets as a core team does not directly control them.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related

Decentralized Finance Needs Inter-Blockchain Communication

Whenever we start to turn our minds around the idea of decentralization and how cryptocurrency works, it immediately gets spun towards the idea of blockchain. It is nothing more than a siloed platform that is dedicated to a specific cryptocurrency and works as a Ledger on which transactions taking place in real-time are recorded. Every […]

Venezuelan International Airport Has Started To Accept Bitcoin Payments

The adoption of decentralization continues to proceed at a steady pace, and more and more countries are taking the initiative of accepting DeFi in either a legal or private approach. Recently Venezuela airport has announced to start accepting BTC payments from the passengers. This is done in a private capacity and not the state of […]

Edward Snowden: CBDC Is Not A True Cryptocurrency

There was a time when investors, traders, or even the simplest of businessmen used to do their business in gold. At the time, it was the only acceptable mode of payment on a global scale. Then the mean of economic development rolled, and we were using coins made of bronze and aluminium to preserve gold […]

Brazilian Authorities Want To Legalize Bitcoin

A breath of fresh air comes from Brazil as it makes transitions to engage with crypto-oriented payments in the next few months. According to the Brazilian federal deputy, the whole project is in motion, and there will be an outcome soon enough. On a hilarious note, he said that people would be able to buy […]

New Feature Allows Private Ethereum Transactions

When it comes to mentioning the most elegant blockchain or digital infrastructure regarding cryptocurrency, it is without a doubt that Ethereum blockchain is definitely going to get nominated for that. It is hands down the best crypto blockchain there is, which ensures complete security and efficient transfer of protocols from one network to another in […]