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The year-long DeFi boom has been focused on the decentralised exchange.
In the midst of the current decentralised finance boom, Uniswap’s decentralised exchange set a new weekly volume high on Tuesday, with total transactions reaching $10 billion.
CEO Hayden Adams tweeted the milestone on Tuesday with an accompanying chart showing a 25.7% weekly increase in volumes. If Uniswap manages to maintain its current pace, it will process over $500 billion worth of transactions in a year.
🔥 @Uniswap weekly trading volume just passed $10b for the first time!!!
👀 $10b/week is over $0.5 trillion per year pic.twitter.com/ZibcDT9Zob
— Hayden Adams 🦄 (@haydenzadams) April 20, 2021
According to CoinGecko, the 24-hour trading rate on Uniswap is expected to be about $1.9 billion. Over the same 24-hour stretch, PancakeSwap and Mdex both officially handled more than $3 billion in transactions.
Uniswap is a common forum for investors seeking to gain access to new and existing DeFi ventures, as well as other so-called secret crypto jewels that are not yet accessible on major centralised exchanges such as Coinbase, Kraken, or even Binance. Over the last six months, a retroactive airdrop of 400 UNI tokens has aided the platform’s appeal. Based on the new value of UNI, those 400 tokens are now worth $12,000 each.
In February, the decentralised exchange hit a significant landmark when gross trading volumes exceeded $100 billion for the first time. Uniswap’s explosive rise since mid-2020 has reflected the first DeFi bull market, as Cointelegraph noted at the time.
According to the most recent market data, almost $112 billion has been invested in DeFi ventures. The overall value locked stood at more than $123 billion last week, before a massive market crash wiped out more than $300 billion of total crypto value.