After less than four years of existence, Uniswap Protocol hit a trading volume of over $1 trillion.
The leading decentralized exchange – Uniswap – surpassed a lifetime cumulative trading volume of $1 trillion.
Uniswap Protocol announced that more than $1 trillion worth of cryptocurrencies have been traded on the exchange since its launch in 2018.
The platform emphasized that during this time frame, it has amassed millions of users to the decentralized finance (DeFi) universe, “introduced fair and permissionless trading,” and “lowered the barrier to liquidity provision.”
It also noted that this success has been mainly fueled by the Uniswap community that “continues to build alongside us.”
Established in November 2018, the protocol facilitates automated transactions between digital assets on the Ethereum blockchain via smart contracts. Uniswap has emerged as the largest DeFi exchange and is among the world’s leading ones by daily trading volume.
According to DeFiPulse, the DEX currently has nearly $7 billion in total value locked (TVL). The numbers, although quite higher than the start of the so-called DeFi summer in 2020, have declined lately following the market correction.
Earlier this year, Uniswap Labs – the organization behind the exchange – introduced Uniswap Labs Ventures, aiming to “bring millions of people into the emerging Web3 economy” and invest in additional crypto-based enterprises.
Shortly after, though, two American law firms filed a lawsuit against Uniswap, alleging it for “violating the securities laws by offering and selling securities in the form of digital tokens.”
Moreover, the attorneys claimed that the DeFi exchange had allowed unlawful activities like “pump and dump” and “rug pulls.”
It is worth noting that this has not been the first lawsuit against Uniswap. Last September, the US SEC launched an investigation against its developers, aiming to determine how clients utilize the exchange and how it operates in general.