Uniswap Makes History by Becoming the First Decentralized Exchange (DEX) to Hit $3 Trillion in All-Time Trading Volume

This milestone was announced by Uniswap founder Hayden Adams on May 12, 2025, showcasing the platform's growing role in the decentralized finance ecosystem.

Uniswap has become the first decentralized exchange (DEX) to hit $3 trillion in all-time trading volume, a milestone announced by founder Hayden Adams on Friday, May 12.

The exchange currently processes about $3.3 billion in daily transactions according to Dune Analytics data, while DeFiLlama reports a slightly lower figure of $3 billion over the past 24 hours. These numbers place Uniswap at the top of the DEX market with a 23% share of daily volumes.

PancakeSwap trails behind as the second-largest DEX with $2.7 billion in volume and a 21% market share, highlighting Uniswap’s competitive positioning in the decentralized trading landscape.

However, despite the volume achievement, Uniswap’s Total Value Locked (TVL) sits at just under $5 billion. This figure represents approximately half of what it was during its peak in 2021. The drop in TVL coincides with the overall decline in the DeFi sector, which has seen its total value locked fall to around half of late 2021 levels.

Current industry data shows the total DeFi TVL between $124-132 billion, with more than half concentrated on the Ethereum blockchain. These figures reflect the sector’s partial recovery from previous market downturns.

The UNI token hasn’t matched the platform’s operational success. It currently trades at $7.03, which represents an 84% decrease from its all-time high of $45 reached in May 2021. The token showed a 3.4% loss on the day of the volume announcement.

However, recent price action has been more positive for UNI holders. The token has increased 6% over the last 24 hours and registered an impressive 38.6% gain over the past week, bringing its market cap to $4.42 billion with 24-hour trading volume of $485.64 million.

Technical indicators present mixed signals for UNI. The token recently reached a peak of about $7.12 before pulling back slightly to the $7.01 level. Bollinger Bands have widened, indicating increased volatility, with the price touching the upper band around $7.62 – typically considered an overbought signal.

The Relative Strength Index (RSI) supports this view, having decreased from an overbought reading of 78.58 to 68.67, suggesting that the rally’s momentum may be slowing.

But the Moving Average Convergence Divergence (MACD) remains above zero, indicating ongoing bullish sentiment despite a narrowing histogram showing diminishing momentum.

Support levels at $5.43 and $4.74 could provide a safety net if prices retrace further. Market analysts suggest that a healthy pullback to the $6.40-$6.80 zone might help the market reset before continuing upward.

Along with the volume milestone, Adams announced plans for Uniswap to roll out its own "7702 wallet" and support other wallets using this standard. The goal is to enable one-click swapping for all users, potentially lowering barriers to entry for decentralized trading.

we're rolling out our own 7702 wallet and supporting other 7702 wallets through EIP 5792

with the goal being 1 click swapping for all users

— Hayden Adams 🦄 (@haydenzadams) May 12, 2025

EIP-7702 is an Ethereum Improvement Proposal that was implemented with the Pectra upgrade on May 7. Led by Ethereum co-founder Vitalik Buterin, this proposal enhances Ethereum accounts to better withstand potential quantum computing threats and allows externally owned accounts to temporarily function as smart contracts during transactions.

Trust Wallet has already launched a smart account-compatible upgrade, and Uniswap is set to follow suit. This development could further streamline the user experience on the platform, potentially driving additional volume growth.

The $3 trillion volume milestone and upcoming smart wallet support highlight Uniswap's continued innovation and leadership in the decentralized exchange market.