Popular decentralized financial exchange (DeFi) Uniswap announced Tuesday that it has processed $1 trillion in trading volume over its lifetime.
According to data from CoinGecko, Uniswap ranked first among decentralized exchanges (DEX) with $1 trillion in trading volume in the last 24 hours; leading centralized exchange Binance recorded nearly $15 billion in the same period. This is a sign that traders continue to favor centralized exchanges over DEXs.
But Uniswap, originally an Ethereum project, continues to expand its reach across the DeFi ecosystem. It plans to deploy "Uniswap v3" next on Gnosis Chain and Moonbeam Network.
According to Uniswap data, DEX trading volume has increased by $500 billion since the fourth quarter of 2021.
In addition to facilitating crypto trading, Uniswap also recently launched a Web 3 Ventures wing and hired a new head of policy as it seeks to navigate crypto regulation.
Uniswap did not respond by press time.