Bullish DeFi growth: Uniswap (UNI) trading volume hits $ 100 billion

Uniswap (UNI) is the first decentralized finance (DeFi) trading platform to generate over $ 100 billion in volume. This was just announced by the founder of the protocol, Hayden Adams.

„Uniswap has just become the first decentralized trading platform that has processed a volume of over 100 billion dollars – an exciting milestone for DeFi,“ said Adams in the tweet

This milestone is a logical continuation of the “ DeFi boom ” that began last summer. Uniswap’s rise to prominence eventually resulted in the platform slowly dwarfing Coinbase and other centralized trading platforms in early September.

“Second day in a row where Uniswap Volume> Coinbase. This month several DEXes like Curve, 1inch, Balancer also have volume on par with major exchanges like Kraken, Bitstamp, Gemini, etc. Most of these CEXs have multi-billion ratings. ETH is still sub-50B mktcap ”, says the pseudonymous trader CL.

Notably, Uniswap’s monthly trading volume reached $ 20 billion in January alone, clearly demonstrating the exponential growth of the sector. For comparison: The daily volume of the platform has already increased to over $ 1.14 billion (data from crypto metrics platform CoinGecko).

At the time of writing this article, the total value of the dollar locked in Uniswap is approximately $ 4 billion, according to DeFi Pulse

But while Uniswap is one of DeFi’s top dogs today, its competitors are quickly catching up. For example, the Binance Smart Chain Ecosystem (BSC) is currently on the fast lane to overtake Ethereum in terms of volumes, as a decentralized application (dapp) – the algorithmic money market protocol Venus – entered last month Generated $ 14 billion in transaction volume, according to a recent report from DappRadar.

“Venus is the largest dapp on BSC in January with $ 14 billion in transaction volume. Venus positioned itself number one in terms of transaction volume thanks to more than $ 24 billion in the last 7 days, ”the researchers said on February 11th.

Today, Venus‘ daily volume has already exceeded $ 10 billion. This is serious competition.