Popular decentralized exchange, Uniswap has just recorded a huge landmark in the crypto-verse.
It has now surpassed $50 billion in all-time trade volume, within a short time frame.
Some hours ago, Uniswap founder, Hayden Adams shared the data recently recorded by the decentralized exchange via his Twitter handle revealing the exchange has processed a lifetime volume of $51.7 billion across 26,000 trading pairs — equaling nearly $2 million per pairing on average.
? Looks like @UniswapProtocol passed $50b in all time volume last week.
? This is split across 26,000 unique trading pairs
? Just need to do this 19 more times to hit 1 trillion pic.twitter.com/P4eQTnX4Aq
— Hayden Adams ? (@haydenzadams) December 14, 2020
What you should know: Members of the Crypto community are rushing into Uniswap, on the consideration that it’s the preferred structure for advanced crypto functionalities like yield farming, where global investors can earn huge returns by lending cryptos in exchange for interest payments.
How Uniswap earns money: Uniswap is designed to be a decentralized protocol. All fees go to market liquidity facilitators, and none of the founding partners get a cut from the transactions that occur through the protocol.
- Currently, the transaction fee paid for these market liquidity providers is 0.3% per successful transaction. That said, these are added to the liquidity pool, but these market liquidity facilitators can redeem them at any time.
- Uniswap is a decentralized exchange protocol built on the Ethereum network.
- Uniswap has no book or any centralized platform for executing trades. It allows users to trade without a middleman or third party, with a high degree of decentralization and censorship-resistance.
However, a significant amount of crypto stakeholders have recently expressed their reservations as regards the source of most of Uniswap exchange trading volume taking into consideration the platform features no KYC and no vetting process for listed Cryptos.