On-chain data from Dune Analytics showed Uniswap Protocol reached $3 trillion in all-time trading volume on Monday. The analytics firm also noted that the cryptocurrency exchange platform processes about $3.3 billion in daily transactions.
The crypto exchange platform also announced its upcoming 7702 wallets and support for other 7702 wallets through EIP 5792. The firm argued that the wallet enhances Ethereum accounts to withstand potential threats from quantum computing and temporarily allows externally owned accounts to function as smart contracts during transactions.
Uniswap reaches $3T in all-time trading volume
The Uniswap Protocol just crossed $3T in all-time swap volume
Uniswap Protocol has become the first decentralized exchange to surpass $3 trillion in aggregate all-time volume. Uniswap founder Hayden Adams acknowledged the milestone in a post on May 12, which showed a screenshot from the Dune Analytics dashboard tracking the progress towards the achievement.
According to the analytics platform, Uniswap’s daily volume is $3.3 billion. DeFillama also reported that the decentralized exchange leads the DEX market with a 23% share in daily volumes, which itreports as slightly lower at $3 billion over the past 24 hours.
On-chain data also showed that PancakeSwap is the second-largest DEX in volume, with $2.7 billion and a 21% DEX market share.
Uniswap Protocol total trading volume. Source: Dune Analytics.
DeFillama noted that Uniswap’s total value locked (TVL) is hovering under $5 billion, roughly half of its 2021 all-time high. The decline reflects an overall trend in the DeFi space, where the TVL has also halved since late 2021. DeFillama shows a DeFi TVL of $124 billion, while DappRadar reports $132 billion, with more than half of this total on Ethereum.
Uniswap’s native token, UNI, has followed the opposite trajectory as it remained down more than 84% from its peak price of $45 in May 2021. At the time of publication, on-chain data from CoinGecko showed the digital asset had dropped 3.4% on the day of the volume announcement, and was exchanging hands around $7.
On-chain data also showed that UNI has increased 6% over the last 24 hours and registered an impressive 38.6% gain over the past week. The token’s movements have brought its market cap to $4.42 billion with a 24-hour trading volume of $485.64 million.
Uniswap announces its upcoming 7702 wallet
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
Uniswap founder Hayden Adams announced on May 12 that the decentralized exchange is rolling out its own 7702 wallet, which will support other 7702 wallets. He added that the wallet’s goal is to provide one-click swapping for all users, enhancing their experience and making decentralized exchanges more accessible.
EIP-7702 is an Ethereum Improvement Proposal led by Vitalik Buterin that went live with the Pectra upgrade on May 7. Pectra acknowledged that Ambire and Trust Wallet were among the first wallets to support the EIP-7702, enabling existing accounts to leverage abstraction features.
Ambire noted that EIP-7702 brings smart account functionality to existing user accounts, letting them temporarily act as smart contracts. The firm said that it results in the advantages of account abstraction being accessible without creating new dedicated on-chain addresses, rendering the transition of existing addresses possible.
Trust Wallet alsolaunched new features, allowing users to pay gas (transaction fees) in tokens such as stablecoins instead of Ether. Uniswap is also set to follow the company with the launch of its smart account-compatible upgrade for its users.
Chen described the upgrade as the biggest since Ethereum’s full transition to proof-of-stake in the merger event. He acknowledged that users will be able to pay fees in tokens other than Ether and bundle multiple actions in one transaction, like approving, swapping, and signing a transaction, all at once.
Chen also noted that the new wallet will support sponsored transactions, where third parties can cover gas fees to onboard new users, and automated actions such as subscriptions, dollar-cost averaging, and more.
Trust Wallet’s CEO highlighted that all the wallet’s features will become available to existing users without recreating new accounts with new seed phrases. He added that the company’s vision is to evolve wallets from static key holders into intelligent, user-friendly agents.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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