DeFi’s leading decentralized exchange has made another record after reaching $50 billion in all time volume last week, as revealed by the founder Hayden Adams.
On Twitter, Adams showcased the milestone reached by Uniswap and stated that the volume is split across 26,000 unique trading pairs. This marks the highest levels of trading volume of any exchange in DeFi.
Uniswap continues its path as the most popular choice for investing in DeFi tokens. With more than $50 billion in all time volume on Uniswap, there is nothing that beats this project in its specific niche. Apart from this week’s milestone, the DEX also managed to reach a daily gas spending of $420,000.
On a yearly level, the platform would process up to $150 million in just gas fees if the current rate was kept. According to market data provided by ETH Gas Station, the leading DeFi project has already spent $12.7 million on gas over the past 30 days.
Under his newest Tweet, Adams published a poll for users to vote on. The founder has asked the community about when Uniswap might hit one trillion dollars in cumulative volume. Per the results, 49.1% of voters predict 2021 as the year, followed by 2022, and 2023.
As is the case with the DeFi community, a majority of Crypto Twitter members have congratulated Adam’s and the entire Uniswap team on the new feat.
However, the DEX is still far away from its place as the most dominant DeFi project. DeFi Pulse ranks Uniswap as the 5th best protocol based on the number of collateralized assets hosted. As a reminder, it used to be the number one DEX in all of crypto with a dominance ratio of around 20%.
Will Uniswap all time volume surge with V3?
Will the upcoming Uniswap V3 change the situation and reenact the platform’s overall dominance in the DeFi market? A future upgrade rollout should considerably improve the DEX, bringing in many changes such as dynamic trading fees, low slippage tolerance, low-cost transactions, and high-speed ETH transactions.
The team’s GitHub page already features Uniswap V3, which the developers have not finished yet. Accordingly, founder Hayden Adams has made no remarks about the platform’s launch. Since we suspect that the team plans to do a surprise launch, it is highly possible that we will not see Uniswap V3 anytime soon.
SushiSwap may ‘flip’ Uniswap soon
SushiSwap, a contender and fork of Uniswap, may soon flip the other decentralized exchange. Ever since Uniswap halted its yield farming rewards program that lasted for months, liquidity keeps migrating from Uniswap to SushiSwap. Due to that reason, the formerly dominant protocol has lost its strength.
Will SushiSwap flip Uniswap and completely replace it? Fear of a not so decentralized governance model has pushed users away from Uniswap.
Moreover, its lack of new features and LP designs has forced traders to look elsewhere. If developers continue with their behavior, SushiSwap might as well flip Uniswap in the near future. At the time of writing, the SUSHI DEX is only $300 million away from overthrowing its competitor.
If flipped, will there be a far more drastic effect after that? Probably not. But it will still set a precedence never seen before in crypto history as forks rarely surpass their rivals.