Uniswap hits a historic $2 trillion in trading volume

The world's most popular decentralized exchange by trading volume announced it has passed a whopping $2 trillion in total trading volume.

In a post to the social media platform X, Uniswap UNI -3.92% Labs announced that the cumulative trading volume transacted using its protocol had hit the historic mark. Since its founding in 2018, Uniswap has been one of the most used DeFi applications on the Ethereum ETH -2.82% blockchain and the leading decentralized exchange, or DEX, by trading volume.

Uniswap Labs also posted a link to a Dune Dashboard that tracks the protocol's all-time trading volume. In the last 24 hours, Uniswap trading volume was nearly $2.9 billion, according to the dashboard.

Unlike profit-driven, centralized exchanges like Coinbase, Kraken and Binance, Uniswap is a decentralized exchange, and its protocol is open source. Coinbase and Binance, both centralized exchanges, currently handle trading volumes significantly higher than Uniswap, according to The Block Data Dashboard .

In February, the Uniswap Foundation, which promotes the use of the Uniswap protocol, proposed governance changes that included augmenting the fee mechanism to reward users who delegated and staked their UNI tokens on the platform.