Uniswap breaks $1T in volume — but has only been used by 3.9M addresses

cointelegraph.com:

Decentralized exchange (DEX) Uniswap has topped $1 trillion in total trading volume since launching on Ethereum in late 2018.

That comes from a relatively small user base however, indicating there is a lot of potential growth to come. According to data from Uniswap Labs, which are major contributors to the development of the protocol and ecosystem, the DEX’s number of cumulative addresses hit around 3.9 million this month after just over three years.

The data was posted via Twitter on May 24, with the Uniswap Labs team noting that: “Over the past three years, the Protocol has Onboarded millions of users to the world of DeFi, Introduced fair and permissionless trading, Lowered the barrier to liquidity provision.”

2/ Over the past three years, The Protocol has Onboarded millions of users to the world of DeFi Introduced fair and permissionless trading Lowered the barrier to liquidity provision pic.twitter.com/mT2ZzjMTav

Uniswap is currently supported on Ethereum and layer-2 scaling solutions Polygon, Optimism and Arbitrum. Uniswap Labs also revealed earlier this month that the DEX will be expanding out to two EVM-compatible chains in Gnosis Chain, and Polkadot-based para-chain Moonbeam Network.

In terms of trade volume Uniswap ranks well ahead of its competition in the DEX market. Data from CoinGecko shows that Uniswap’s V3 protocol generated $938 million worth of volume over the past 24 hours, representing 33% of the total market share.

In comparison, Binance Smart Chain-based PancakeSwap (v2) ranks second with $491 million and 17.3% of the market share.

When comparing Uniswaps’s 24 data with centralized exchanges (CEXs), its $938 million worth of volume places it well behind platforms such as Binance, FTX and Coinbase which