Uniswap Hits Historic Milestone: Becomes First DEX To Reach $3T in All-Time Volume

Uniswap has hit a major milestone in the decentralized finance market, becoming the first decentralized exchange (DEX) to reach a cumulative trading volume of over $3 trillion. 

Uniswap Hits $3 Trillion Historic Milestone

On Monday, May 12, Uniswap confirmed that it has become the first DEX to hit $3 trillion in trading volume. The historic achievement was confirmed by Uniswap's founder Hayden Adams in an X post.

Source: Hayden Adams on X

Uniswap was launched in 2018, and according to DuneAnalytics, it now sees an average daily trading volume of $3.3 billion. This is an important milestone because it is quite unusual for DEXs like Uniswap to reach very high liquidity figures because of their limitations.

The limitations of DEXs center around low liquidity, slow speeds and frequent network congestion. This makes Uniswap's $3 trillion cumulative trading volume of $3+ trillion a great milestone for the DEX market. It shows that, while DEXs still underperform their centralized counterparts, they are growing in adoption.

Source: Dune Analytics

Uniswap Remains the Dominant Force in the DEX Market

According to data from Dune Analytics, Uniswap remains the dominant force in the DEX market. Uniswap records a daily trading volume of approximately $3.3 billion. It holds a 23% share of the DEX market. Uniswap's closest competition, PancakeSwap, holds a 21% share of the DEX market.

The fact that Uniswap has more daily trading and a larger user base than PancakeSwap shows that a strong network effect is at work. The fact that Uniswap has better liquidity and more users means more traders want to use it, which helps Uniswap stay on top.

However, while Uniswap's trading volume has been on the rise, the Total Value Locked (TVL) of the decentralized exchange has been on the decline. According to DeFiLlama, the TVL of Uniswap sits around $5 billion. However, at its peak in 2021, the TVL of Uniswap was as high as $10 billion.

UNI's Reaction To the Milestone

There has been no major reaction of $UNI, the native token of the Uniswap exchange, to the announcement. Since the announcement on May 12, $UNI has been trading flat, with less than a 1% uptick in price on the 24-hour timeframe. 

Source: TradingView

However, because of the overall bullish crypto market sentiment as Bitcoin topped $100,000 last week, the price of the Uniswap token has been on the rise. On the weekly timeframe, UNI has gained more than 42% and now trades above $7 for the first time since March.

Uniswap's Innovation Drives Adoption

As part of the milestone announcement, Hayden Adams also revealed that Uniswap's own 7702 wallet is coming soon, along with support for other compatible wallets. The main aim of this initiative is to make using Uniswap much more straightforward. It will introduce 'one-click swapping' on the DEX. 

Uniswap's 7702 wallet is made possible by the activation of the EIP-7702 during the Ethereum Pectra network upgrade, which happened on May 7, 2025. Adopting EIP-7702 means Uniswap will provide extra security for users and make it much easier for people to start trading on the platform.

What This Milestone Means for the DEX Market

This landmark of $3 trillion in total trading volume for Uniswap is not only important for the platform, but also is a key milestone for the decentralized exchange market. It points to the increased adoption of DEXs. Reaching this milestone clearly reflects how users are gaining increasing faith in DEXs as reliable substitutes for centralized exchanges.