Uniswap all-time trading volume hits $2t

Trading volume on the decentralized exchange Uniswap has exceeded $2 trillion five and a half years after its launch.

According to data from Dune Analytics, trading volume on Uniswap crossed an essential level on April 5.

Ahead of the expectation of a new record, the Uniswap team published a message that $2 trillion would be reached within 24 hours. Uniswap Labs also said it would transfer 200 USD Coin (USDC) to the first person to record and send to the firm a video clip updating the Dune Analytics dashboard showing Uniswap trading volume has surpassed $2 trillion.

According to DefiLlama data, Uniswap ranks first among all decentralized exchanges (DEX) regarding trading volume, with a 31.5% denomination. Uniswap’s closest competitor, PancakeSwap, has a market share of half that at 14.6%.

Uniswap’s native token, UNI, reacted to the new achievement with a decline. Over the past 24 hours, the coin has fallen by 4.5% to $10.73. The cryptocurrency’s market capitalization fell by the same amount to $6.4 billion, according to CoinMarketCap.

In February, the Uniswap Foundation announced a new incentive strategy for UNI token holders. The company plans to distribute commissions from protocol transactions among UNI token holders actively participating in the protocol management process. The Uniswap Foundation will continue to control critical parameters related to commissions.