Uniswap’s decentralized exchange set a new weekly volume record on Tuesday, with cumulative transactions exceeding $ 10 billion amid the ongoing DeFi boom.
CEO Hayden Adams tweeted the milestone on Tuesday, with an accompanying graph showing a weekly volume increase of 25.7%. If Uniswap managed to maintain its current pace, it would process more than $ 500 billion in transactions in a year.
@Uniswap the weekly trading volume just passed $ 10 billion for the first time !!!
$ 10 billion a week is more than $ 0.5 trillion a year pic.twitter.com/ZibcDT9Zob
– Hayden Adams (@haydenzadams) April 20, 2021
Uniswap’s 24-hour trading volumes are estimated at approximately $ 1.9 billion, according to Coingecko. PancakeSwap and Mdex each reportedly processed more than $ 3 billion in transactions in the same 24-hour period.
Uniswap is a popular platform for investors looking to access new and emerging DeFi projects and other so-called hidden crypto gems that are not yet available on major centralized exchanges such as Coinbase, Kraken or even Binance. A retroactive effect of 400 UNI tokens has supported the platform’s appeal for the past six months. Those 400 tokens are now worth $ 12,000 based on UNI’s current price.
The decentralized exchange hit a major milestone in February 2021 when cumulative trading volumes first exceeded $ 100 billion. As Cointelegraph reported at the time, Uniswap’s dramatic growth since mid-2020 reflected the first DeFi bull market.
According to the latest industry data, nearly $ 112 billion has been locked up in DeFi projects. Total value locked, or TVL, spiked above $ 123 billion last week before a sweeping market correction wiped out more than $ 300 billion in cumulative crypto value.