Milestone Reflects DEX Market Maturity, Though TVL Remains Below 2021 Peak
Uniswap, the leading decentralized exchange (DEX), has officially surpassed $3 trillion in all-time trading volume, becoming the first DEX in history to hit this milestone.
Uniswap founder Hayden Adams highlighted the achievement in a May 12 post on X, sharing a screenshot of a live Dune Analytics dashboard that counted up to the record-breaking volume.
“Absolutely mind-blowing milestone for decentralized finance,” Adams wrote. “This is just the beginning.”
Uniswap is the first DEX to $3T volume 🦄
Bet its the first to 10
Grateful to everyone who swapped along the way as we decentralize the global finance system 🌐 pic.twitter.com/945Ab0Jpsl
— Hayden Adams 🦄 (@haydenzadams) May 12, 2025
Market Share and Trading Volume Still Dominant
Uniswap continues to dominate the DEX space with:
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$3.3 billion in daily trading volume, per Dune Analytics
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23% DEX market share, according to DeFiLlama
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Closely followed by PancakeSwap, which has $2.7 billion in daily volume and a 21% share
Despite Uniswap’s success in trading volume, its total value locked (TVL) remains subdued at just under $5 billion, approximately half of its peak TVL in 2021.
This reflects broader trends in the DeFi market, where overall TVL across all protocols is also down from its highs:
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$124 billion in DeFi TVL, according to DeFiLlama
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$132 billion, according to DappRadar, with over half of that on Ethereum
UNI Token Still Lags Behind Platform Performance
Uniswap’s native governance token, UNI, has not kept pace with the protocol’s usage growth.
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Trading at $7.19, UNI is still down over 84% from its all-time high of $45 in May 2021
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The token dropped 3.4% on the day the $3T milestone was announced, according to CoinGecko
Investors remain cautious, with price action lagging platform adoption — a trend seen across many DeFi tokens during the current cycle.
Uniswap to Roll Out Smart Wallet Powered by EIP-7702
Alongside the volume milestone, Adams also revealed that Uniswap is launching its own smart wallet compatible with the recently introduced EIP-7702.
“We’re rolling out our own 7702 wallet and supporting other 7702 wallets … with the goal being one-click swapping for all users,” Adams said.
EIP-7702, led by Ethereum co-founder Vitalik Buterin, went live with the Pectra upgrade on May 7. The proposal enhances Ethereum’s wallet architecture by:
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Enabling externally owned accounts (EOAs) to temporarily function as smart contracts
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Improving security against future threats like quantum computing
Trust Wallet has already adopted smart account compatibility, and Uniswap’s integration is expected to further streamline DeFi user experiences, especially for swapping and managing tokens.
Final Thoughts: A Milestone for DeFi, But Tokenomics Still Lag
Uniswap’s $3 trillion volume milestone cements its position as the cornerstone of decentralized trading, even as market conditions keep token prices and TVL below previous peaks.
With EIP-7702 ushering in a new era of smart account wallets, Uniswap is not just leading in volume — it’s helping shape the next generation of user interfaces in DeFi.
While UNI token holders may still be waiting for a breakout, the protocol’s ongoing innovation and adoption suggest that the fundamentals have never looked stronger.
