|As cumulative trade volumes hit $100 billion in the wake of the decentralized finance boom, Uniswap’s decentralized exchange hit a significant milestone on Monday, February 15.|
According to cointelegraph.com, Hayden Adams, CEO of Uniswap, tweeted Monday that the site was the first decentralized exchange to handle transactions of over $100 billion. Using data from Dune Analytics, as of Monday, Adams demonstrated cumulative volumes of $101.5 billion. The chart highlights the rapid rise in Uniswap since the beginning of the first DeFi bull market in mid-2020.
According to CoinGecko, Uniswap has processed transactions worth over $1.2 billion in the last 24 hours, making it among the biggest cryptocurrency trading exchanges.
Over the past eight months, decentralized exchanges often referred to as DEXs, have seen their volumes rise considerably. Because of the rapid adoption of DeFi management tokens, they are now targeting centralized-exchange dominance.
Uniswap has emerged as an essential part of the DeFi market due to its first-ever advantage and ability to accommodate new token projects. The exchange airdropped 400 UNI tokens to customers in late 2020, who had already contributed to its liquidity. The 400 UNI were worth about $3,500 at the time of the airdrop. The tokens are currently worth $8,400 combined.