Uniswap has reached a new milestone by becoming the first decentralized exchange to hit $3 trillion in total trading volume.
Hayden Adams, the founder of Uniswap, shared the benchmark on May 12 in post on X. He thanked users for their participation and hinted at bigger goals in the future. Hayden attached an infographic from a Dune Analytics dashboard showing just how far the platform has come.
Even though Uniswap’s (UNI) trading volume is high, the platform’s total value locked is now around $4.8 billion, less than half of its 2021 peak. This decline is consistent with a significant pullback in the larger decentralized finance market. DeFi’s total TVL is now about $117 billion, compared to a peak of $174 billion in 2021, according to DeFiLlama data.
Still, Uniswap’s monthly trading numbers remain strong. It has seen over $150 billion in volume each month in 2025. It earned roughly $150 million in fees in January, but in April, this amount decreased to just over $60 million.
Recent upgrades have helped keep the platform growing. Uniswap v4 , launched in January, introduced new features like flexible trading tools and lower gas costs. Its new layer 2 network, Unichain, launched in February and built on the OP Stack, has already processed more than $4 billion in volume. Unichain helps users trade faster and more cheaply than on Ethereum’s (ETH) main network.
Following the Ethereum Pectra upgrade, which went live on May 7, 2025, Uniswap implemented support for EIP-7702.This Ethereum Improvement Proposal allows Externally Owned Accounts to temporarily act like smart contracts during a transaction. This enables features such as transaction batching, gas sponsorship, and smart recovery without migrating to full smart contract accounts.
Uniswap’s token, UNI, is up 1.4% as of press time and over 40% in the past week. Still, it’s down more than 80% from its all-time high of $44.92 set back in May 2021.
