Uniswap has achieved a significant milestone by becoming the first decentralized exchange to reach $3 trillion in total trading volume. Hayden Adams, the founder of Uniswap, proudly shared this achievement on May 12, expressing gratitude to the platform’s users and hinting at even bigger goals for the future. The milestone was highlighted through an infographic from a Dune Analytics dashboard, showcasing the remarkable growth and success of Uniswap.
Despite the impressive trading volume, Uniswap’s total value locked (TVL) currently stands at around $4.8 billion, which is less than half of its peak in 2021. This decline is reflective of the broader pullback in the decentralized finance (DeFi) market, with the total TVL of DeFi now at approximately $117 billion, compared to its peak of $174 billion in 2021 according to DeFiLlama data.
However, Uniswap continues to maintain strong monthly trading numbers, with over $150 billion in volume being traded each month in 2025. While the platform earned approximately $150 million in fees in January, this amount decreased to just over $60 million in April.
Recent upgrades such as Uniswap v4, launched in January, have introduced new features like flexible trading tools and lower gas costs. Additionally, the launch of Unichain, a new layer 2 network built on the OP Stack in February, has already processed more than $4 billion in volume. Unichain enables users to trade faster and more cost-effectively compared to Ethereum’s main network.
Following the Ethereum Pectra upgrade that 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, enabling features such as transaction batching, gas sponsorship, and smart recovery without the need to migrate to full smart contract accounts.
Uniswap’s native token, UNI, has shown positive performance, with a 1.4% increase at the time of writing and over a 40% rise in the past week. Despite this, UNI is still down more than 80% from its all-time high of $44.92 reached in May 2021. As Uniswap continues to innovate and adapt to market dynamics, it remains a key player in the DeFi ecosystem, paving the way for decentralized finance to thrive in the future.