The total all-time trade volume for the Uniswap automated market maker has surpassed $50 billion according to protocol founder Hayden Adams.
Adams posted the major milestone adding that it has been split across 26,000 unique trading pairs.
🤯 Looks like @UniswapProtocol passed $50b in all time volume last week.
🧦 This is split across 26,000 unique trading pairs
🚀 Just need to do this 19 more times to hit 1 trillion pic.twitter.com/P4eQTnX4Aq
— Hayden Adams 🦄 (@haydenzadams) December 14, 2020
In an earlier tweet, Adams said that there was $420k per day gas spent trading on Uniswap which puts it on pace for $150 million per year just in gas fees. ETH Gas Station reports that Uniswap has had $12.7 million in gas usage over the past 30 days – the highest gas guzzler in the list.
He commented that a trillion dollars may not be out of the question and held a mini-poll to see when readers would think this may happen. Almost half of the 1,200 respondents thought Uniswap would hit a trillion dollars in cumulative volume in 2021.
Many of the reactions were congratulatory but several asked about the breakdown of ‘rug pulls’, fake tokens which are rife on the platform, and financial losses from that figure.
When Uniswap v3?
Another commonly asked question was when is Uniswap version 3 likely to make an appearance and be fully rolled out. The third iteration of the popular DEX has already appeared on Github in late September but it has yet to be deployed to the masses.
A number of features are expected such as dynamic trading fees, the ability to create trading pairs without having both sides of the market, and very low slippage tolerance levels. Optimistic Rollups are also likely to be implemented for Layer 2 scaling and high speed, low cost transactions on the Ethereum network.
The official launch is likely to be very soon though no concrete date has been announced by the team or founder.
DeFi TVL at All-Time High
Uniswap’s total value locked has increased by 2.6% over the past 24 hours to $1.37 billion according to Defipulse.com. This has placed it at fifth spot in the TVL list, just behind Aave. UNI prices were trading up 3.6% over the past 24 hours at $3.38.
The total figure for TVL is back to its all-time high of just shy of $15 billion marking a 2100% increase since the beginning of the year.
Maker retains the top spot with $2.67 billion in collateral lockup and a market share of 18%.