Uniswap's transaction volume surpassed $1 trillion, but only 3.9 million addresses used it

Since launching on Ethereum in late 2018, decentralized exchange (DEX) Uniswap has seen more than $1 trillion in aggregate trading volume.

Still, that number comes from a relatively small user base, suggesting plenty of potential for future growth. In just over three years, the cumulative address count of DEXs reached about 3.9 million this month, according to Uniswap Labs, a major contributor to protocol and ecosystem development.

The data was published via Twitter on May 24, with the Uniswap Labs team stating: “Over the past three years, the protocol has introduced millions of users to the DeFi world, introducing fair and permissionless obstacle."

2/ Over the past three years, this agreement

Bringing millions of users to the DeFi world Introducing fair and permissionless transactions Lowering barriers to liquidity provision

— Uniswap Labs (@Uniswap) May 24, 2022

Uniswap is currently supported on Ethereum and layer 2 scaling solutions Polygon, Optimism and Arbitrum. Uniswap Labs also revealed earlier this month that Uniswap will expand to two EVM-compatible chains in the Gnosis Chain, as well as the Polkadot-based parachain Moonbeam Network.

In terms of trading volume, Uniswap is far ahead of the competition in the DEX market. According to CoinGecko, Uniswap’s V3 protocol generated $938 million worth of transactions in the past 24 hours, accounting for 33% of the total market share.

In comparison, BNB chain-based PancakeSwap (v2) came in second with $491 million and a market share of 17.3%.

When comparing Uniswap's 24 figures to centralized exchanges (CEXs), its $938 million volume lags far behind platforms like Binance, FTX, and Coinbase, which generated $12.2 billion, $1.95 billion, and $1.95 billion, respectively. $1.79 billion transaction volume.

It’s worth noting, however, that DEXs are well ahead of some of the biggest players in the crypto space, such as Crypto.com and Kraken, which generated $724.9 million and $597.4 million in transaction volume, respectively.

According to DeFi Llama, Uniswap has also amassed a total value locked (TVL) worth around $5.93 billion, ranking fifth in the decentralized finance (DeFi) space, while PancakeSwap is seventh with a TVL of $4.27 billion. MakerDAO is the largest platform with a TVL of $9.82 billion.

Although Uniswap was able to attract strong demand and liquidity, it did not affect the price of its native asset UNI in 2022. Since early January, UNI has fallen about 67% to $5.59 at the time of writing.

UNI's all-time high of $44.92 was seen in early May 2021, and it has now fallen by 87.5%.