The Ethereum decentralized exchange, Uniswap, has announced that it saw $620 billion in trading volume in 2022. Moreover, the announcement stated that the exchange hosted 68 million transactions from 3 million unique wallets.
The automated decentralized exchange is built on the Ethereum blockchain and is one of the most prominent decentralized exchanges. In conjunction with its recently executed funding round and the newly announced NFTs, the year is ending on a high note for Uniswap.
Uniswap Sees 68 Million Transactions
It has undeniably been a horrendous year for those in the cryptocurrency industry. The much-discussed “crypto winter” seemed to last the entirety of 2022, with scandal abounding in the final months of the year. The collapse of FTX, bankruptcies, and Bitcoin’s failures have defined a down year for the market as a whole.
Yet, one platform that seems to be ending the year on a positive note is the well-known Ethereum decentralized exchange, Uniswap. Taking to Twitter, Uniswap Labs announced that it saw a remarkable $620 billion in trading volume this year. Subsequently, the exchange witnessed 68 million transactions from 3 million unique wallets.
Uniswap is an automated, open-source protocol that is constructed on the Ethereum blockchain. The exchange allows users to swap digital assets, one to one, hence the name of the platform. The decentralized model allows ease of liquidation of one digital asset in exchange for a different kind. Perhaps the greatest benefit of Uniswap is the elimination of a third-party, empowering peer-to-peer trading through the deposit of funds into a smart contract.
The massive increase in trading volume isn’t the only positive development for Uniswap this year. It was also reported by Blockworks that the exchange was valued at an incredible $1.6 billion after a monumental $165 million funding round. Additionally, that was the largest amount of funding ever secured by a decentralized finance company.