Uniswap Becomes First DEX to Surpass $3 Trillion in All-Time Volume

Uniswap Hits $3 Trillion in Lifetime Volume, Becoming First DEX to Reach the Milestone

Decentralized exchange (DEX) Uniswap has made history by becoming the first DEX to surpass $3 trillion in all-time trading volume, even as its total value locked (TVL) and native token UNI remain well below previous peaks.

Uniswap founder Hayden Adams celebrated the achievement on May 12 via X, sharing a Dune Analytics dashboard that marked the moment the milestone was crossed. Currently, Uniswap processes around $3.3 billion in daily volume, according to Dune, with DeFiLlama reporting a slightly lower figure of $3 billion and a 23% share of DEX market volume.

Trailing closely is PancakeSwap, which reported $2.7 billion in daily volume and holds a 21% market share.

Uniswap reaches total trade volume milestone. Source: Hayden Adams

Despite its dominant trading activity, Uniswap's TVL sits just under $5 billion—approximately half of its peak in 2021. This mirrors a broader trend in DeFi, where the total value locked across all protocols remains down from late 2021 highs. DeFiLlama reports current DeFi TVL at $124 billion, while DappRadar places the figure slightly higher at $132 billion, with Ethereum-based protocols still comprising more than half of the total.

UNI Token Lags Behind Platform Growth

While Uniswap's on-chain metrics remain strong, its governance token UNI hasn’t followed suit. UNI is currently trading at $7.14, down more than 84% from its all-time high of $45 in May 2021. On May 12, it recorded a daily loss of 3.4%, according to CoinGecko.

Uniswap Announces Smart Wallet Integration

Alongside the trading volume milestone, Adams also revealed that Uniswap will launch its own smart wallet compliant with Ethereum’s new EIP-7702 standard. “We’re rolling out our own 7702 wallet and supporting other 7702 wallets,” Adams posted, aiming to enable seamless, one-click swaps for users.

EIP-7702, which went live with Ethereum’s recent Pectra upgrade on May 7, allows externally owned accounts (EOAs) to act like smart contracts during transactions and adds protections against potential future threats like quantum computing. Trust Wallet has already rolled out support for smart accounts, and Uniswap is preparing to follow suit.

With its trading volume dominance and tech-forward wallet initiative, Uniswap continues to lead the decentralized exchange space—even as its token valuation and locked capital lag behind the explosive growth of the 2021 cycle.