Uniswap can reach an average of $ 1 billion in daily trade volume in a short period of time, with most transactions between Ethereum and stablecoins.
Leading the industry
Uniswap, the leading decentralized exchange or DEX platform, continues to lead the industry as it approaches an average daily trading volume of $ 1 billion for January.
Only two-thirds of the month have passed, and the platform has already exceeded the previous monthly trade volume record of $ 15.3 billion set during the DeFi boom in September.
DEX has exceeded $ 17 billion as of this morning and is on track to exceed $ 25 billion at the end of January, with an average daily average of $ 855 million.
Uniswap traders have a hard time choosing with 1,558 coins traded for more than 2,400 pairs, but most prefer less risky trades. Trading against ETH among stabilcoins such as USDC, Tether, and DAI accounted for 45% of the $ 1.1 billion traded in the past 24 hours.
On December 15, Uniswap founder Hayden Adams said the platform had surpassed $ 50 billion in all-time trading volume and asked the community when it would reach $ 1 trillion. About 50% of respondents said this will happen in 2021.
DEX, which is currently approximately $ 70 billion in trade volume of all time, needs to average $ 2.7 billion every day to reach $ 1 trillion by the end of the year.
Matteo Leibowitz, Uniswap strategy leader, claims that the $ 1 billion trade volume is permanent:
“$ 1 billion daily volume is the new normal.”
Adams compared this with the New York Stock Exchange and “2% of [NYSE] is the new normal for Uniswap. 100% when? ” asked.
DEXs are generally in a strong growth trajectory, increasing by 112% in the last 30 days. The total volume traded in the last 30 days reached $ 43.3 billion, adding about $ 1.5 billion each day.
SushiSwap became the next strongest DEX with a $ 8.2 billion transaction from January to date and has already doubled its previous high of $ 3 billion set in December last year.