Uniswap (UNI) trading volume cracks $100 billion mark

Bullish DeFi growth: Uniswap (UNI) trading volume cracks $100 billion mark

Uniswap (UNI) has become the first decentralised finance (DeFi) trading platform to generate over $100 billion in volume. The protocol’s founder Hayden Adams just announced.

„Uniswap has just become the first decentralised trading platform to Golden Profit process over $100 billion in volume – an exciting milestone for DeFi,“ Adams said in a tweet.

🦄 @Uniswap just became the first decentralized trading platform to process over $100b in volume – an exciting milestone for DeFi 🚀 pic.twitter.com/hUoM36aG6A
– Hayden Adams 🦄 (@haydenzadams) February 15, 2021

This milestone is a logical extension of the „DeFi boom“ that began last summer. Uniswap’s rise to prominence eventually led to the platform slowly eclipsing Coinbase and other centralised trading platforms in early September.

„Second day in a row where Uniswap volume > Coinbase. This month several DEXes like Curve, 1inch, Balancer also have volumes on par with major exchanges like Kraken, Bitstamp, Gemini, etc. Most of these CEXs have multi-billion valuations. ETH is still sub-50B mktcap,“ said pseudonymous trader CL.

Second day in a row where Uniswap volume > Coinbase.

This month, multiple DEXes like Curve, 1inch, Balancer, also have volume on par with big exchanges like Kraken, Bitstamp, Gemini, etc..

Most of these CEXs have multi billion valuations

ETH is still sub 50B mktcap.
– CL (@CL207) August 31, 2020

It is worth noting that Uniswap’s monthly trading volume reached $20 billion in January alone, clearly showing the exponential growth of the sector. By comparison, the platform’s daily volume has already risen to over $1.14 billion today (data from crypto metrics platform CoinGecko).

Currently (time of this writing), the total value of dollars locked in Uniswap was around $4 billion, according to DeFi Pulse.

But while Uniswap is now one of DeFi’s top dogs, its competitors are catching up fast. For example, the Binance Smart Chain (BSC) ecosystem is currently on the fast track to overtake Ethereum (Go to Buy Ethereum Guide) in terms of volumes, as one decentralised application (dapp) – the Venus algorithmic money market protocol – generated $14 billion in transaction volume last month, according to a recent report by DappRadar.

„Venus is the largest dapp on BSC in January with $14 billion in transaction volume. Venus positioned itself in the number one spot in terms of transaction volume, thanks to more than $24 billion in the last 7 days,“ the researchers said on 11 February.

Today, Venus‘ daily volume has already exceeded $10 billion. That’s some serious competition.