TLDR
- Uniswap has become the first decentralized exchange (DEX) to reach $3 trillion in all-time trading volume
- Current daily volume is around $3-3.3 billion with 23% DEX market share
- Total Value Locked (TVL) is just under $5 billion, about half of its 2021 peak
- UNI token trades at $7.03, down 84% from May 2021 peak of $45
- Uniswap plans to launch its own EIP-7702 compatible smart wallet with one-click swapping
Uniswap has made history by becoming the first decentralized exchange (DEX) to hit $3 trillion in all-time trading volume. This milestone was announced by Uniswap founder Hayden Adams on May 12, 2025, showcasing the platform’s growing role in the decentralized finance ecosystem.
The exchange currently processes about $3.3 billion in daily transactions according to Dune Analytics data, while DeFiLlama reports a slightly lower figure of $3 billion over the past 24 hours. These numbers put Uniswap at the top of the DEX market with a 23% share of daily volumes.
PancakeSwap trails behind as the second-largest DEX with $2.7 billion in volume and a 21% market share. This competitive positioning highlights Uniswap’s leading role in the decentralized trading landscape.
Despite the volume achievement, Uniswap’s Total Value Locked (TVL) sits at just under $5 billion. This figure represents approximately half of what it was during its peak in 2021. The drop mirrors the overall DeFi sector, which has seen its total value locked fall to around half of late 2021 levels.
Current industry data shows the total DeFi TVL between $124-132 billion, with more than half concentrated on the Ethereum blockchain. These figures reflect the sector’s partial recovery from previous market downturns.
Token Performance and Technical Analysis
The UNI token hasn’t matched the platform’s operational success. It currently trades at $7.03, which represents an 84% decrease from its all-time high of $45 reached in May 2021. The token showed a 3.4% loss on the day of the volume announcement.
Recent price action has been more positive for UNI holders. The token has increased 6% over the last 24 hours and registered an impressive 38.6% gain over the past week. These movements have brought its market cap to $4.42 billion with 24-hour trading volume of $485.64 million.
Uniswap
UNI Price
Technical indicators present mixed signals for UNI. The token recently reached a peak of about $7.12 before pulling back slightly to the $7.01 level. Bollinger Bands have widened, indicating increased volatility, with the price touching the upper band around $7.62 – typically considered an overbought signal.
The Relative Strength Index (RSI) supports this view, having decreased from an overbought reading of 78.58 to 68.67. This suggests the rally’s momentum may be slowing. However, the Moving Average Convergence Divergence (MACD) remains above zero, indicating ongoing bullish sentiment despite a narrowing histogram showing diminishing momentum.
Support levels at $5.43 and $4.74 could provide a safety net if prices retrace further. Market analysts suggest that a healthy pullback to the $6.40-$6.80 zone might help the market reset before continuing upward.
Upcoming Smart Wallet Development
Alongside the volume milestone, Adams announced plans for Uniswap to roll out its own “7702 wallet” and support other wallets using this standard. The goal is to enable one-click swapping for all users, potentially lowering barriers to entry for decentralized trading.
we're rolling out our own 7702 wallet and supporting other 7702 wallets through EIP 5792
with the goal being 1 click swapping for all users
— Hayden Adams 🦄 (@haydenzadams) May 12, 2025
EIP-7702 is an Ethereum Improvement Proposal that was implemented with the Pectra upgrade on May 7. Led by Ethereum co-founder Vitalik Buterin, this proposal enhances Ethereum accounts to better withstand potential quantum computing threats and allows externally owned accounts to temporarily function as smart contracts during transactions.
Trust Wallet has already launched a smart account-compatible upgrade, with Uniswap set to follow. This development could further streamline the user experience on the platform, potentially driving additional volume growth.
The $3 trillion volume milestone and wallet development come as Uniswap maintains its leadership position in the DEX market. While the UNI token price remains well below all-time highs, recent price action and continued platform development suggest ongoing momentum for the pioneering decentralized exchange.
