Decentralized exchange Uniswap has become the first DEX to reach $1 billion in daily volume amidst the ongoing craze for yield-farming protocols.
Uniswap generated more than $1 billion in trades on September 2 amidst a surge in ethereum DEX usage. Dune Analytics data shows the exchange accounted for the vast majority of ethereum’s decentralized protocol usage.
Dune’s research also showed the total user base for decentralized finance (DeFI) is nearing 400,000, up from 293,000 at the beginning of August.
According to data compiled by CoinGecko, Uniswap is now the fifth-largest cryptocurrency exchange overall, trailing just behind Coinbase Pro. In addition, the exchange leads all DEXs in daily volume by a large margin, generating more than $831 million in trades over the last 24 hours compared to second-place Justswap’s $325 million.
Uniswap’s rise has coincided with the boom in yield farming, which incentivizes investors to lock their funds into interest-bearing protocols.
Despite the growing industry, ethereum co-founder Vitalik Buterin remains wary of yield farming. As previously reported, Buterin said he would steer clear of the space until it settled down into “something more sustainable.”
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