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Your email address will not be published.

Related

FTX Launches Stock And ETF Trading Option In The United States 

A prominent cryptocurrency exchange, FTX, is getting into the stock trading business. Soon, its users will be able to trade equities and exchange-traded funds on the platform.  Only A Few Users In The United States To Enjoy The Service  The Wall Street Journal reports that the firm Sam Bankman-Fried helped establish and serve as its […]

Major Australian Bank Shelves Crypto Launch Plan

CBA’s Crypto App Plan As previously mentioned last year, Australia’s biggest bank disclosed plans to let its users carry out crypto-related transactions on its app.  It has been taking its plan to develop the project but as not stated a particular time it will finally launch the project to the public. It also has plans […]

Crypto Investors Suffer from Lingering Fears

The Situation at Hand The drastic drop and decline that befell the digital asset market last few weeks have left a mark on the users and investors of crypto, with crypto coins and other assets experiencing their lowest of lows and even stablecoins being affected, it’s no surprise that both old and new investor is […]

Cardano (ADA) Whales on Panic Selling Mode: Here’s Why

  Cardano’s price appears to hold the line following the 57% slump to $0.384. Nevertheless, the immediate obstacle at $0.677 might limit further recovery by ADA. A daily candle closing beneath $0.397 will annul the already precarious optimistic tale. Cardano sees its price staying well beyond the latest swing low that printed a possible bottom […]

European Regulators Concerned Over Terra Price Crash

The Recent Terra Drop Portrays Private Instruments as Just an Illusion Panetta in a statement noted that recent developments in the crypto industry show that believing in the usage of private instruments as money is just an illusion, since they cannot be exchanged at the same value as public funds at any time. He also […]