Leading decentralized exchange platform (DEX) Uniswap continues to lead the industry as it approaches an average trading volume of $ 1 billion per day in January.
Just two-thirds of the month and the platform has already broken the previous monthly trading volume record of $ 15.3 billion set in September during the DeFi boom. The DEX topped $ 17 billion this morning and is well on its way to surpassing $ 25 billion by the end of January with a daily average of $ 855 million.
Uniswap traders are spoiled for choice with 1,558 coins traded in more than 2,400 pairs. However, the majority tend to prefer less risky trades. Trading between stablecoins such as USDC, Tether and DAI against ETH accounted for 45% of the USD 1.1 billion traded in the last 24 hours.
On December 15, Uniswap founder Hayden Adams tweeted that the platform had exceeded $ 50 billion in trading volume and asked the community when it would hit $ 1 trillion. Around 50% of respondents said this would happen in 2021.
The DEX, which currently trades around $ 70 billion, would have to average $ 2.7 billion per day to hit $ 1 trillion by the end of the year.
Uniswap strategy lead Matteo Leibowitz already claims that the trade volume will stay at $ 1 billion:
“USD 1 billion volume / day is the new normal.”
Adams compared this to the New York Stock Exchange and said, “2% of [NYSE] is the new normal for Uniswap. When 100% “
Uniswap is a legitimate company with $ 1 billion daily volume and $ 30 million daily revenue.
All with nearly $ 0 running costs created with just lines of code.
Uniswap employees are the liquidity providers
This is unprecedented in society https://t.co/zklYhny8wj
– adambrush.eth (@ paint_10) January 19, 2021
DEXs have generally been on a strong growth path for the past 30 days, up 112%. The total volume traded in the last 30 days is $ 43.3 billion, with about $ 1.5 billion added every day.
SushiSwap is the next strongest DEX at $ 8.2 billion, trading in January, double its previous monthly high of $ 3 billion set in December last year.