- Uniswap is now the first DEX in history to cross three trillion dollars in trading volume.
- The UNI token price climbed as smart wallet upgrades have gained more attention.
- Daily trade volume shows Uniswap still leads ahead of PancakeSwap in the DeFi space.
Uniswap has become the first decentralized exchange (DEX) in history to surpass $3 trillion in total trading volume, as announced by CEO Hayden Adams on May 12, 2025. Sharing a chart on X, Adams celebrated the milestone with the caption: “Uniswap is the first DEX to $3T volume. Bet it’s the first to 10. Grateful to everyone who swapped along the way as we decentralize the global finance system.” The chart, based on Dune Analytics data, shows consistent growth from 2019 to May 2025, with sharp rises especially after 2021.
Market Leadership Backed by Volume and Adoption
According to Dune Analytics, Uniswap handles $3.1 billion in daily trading volume. DeFiLlama reports a slightly lower 24-hour volume of $3 billion, but both affirm Uniswap’s 23% daily market share, the highest among all DEXs.
In second place, PancakeSwap registers $2.7 billion in daily volume with a 21% market share, underscoring Uniswap’s leadership. However, its Total Value Locked (TVL) has dropped significantly to just under $5 billion, about half of its 2021 peak. This decline reflects a broader DeFi market contraction. As per DeFiLlama, the total DeFi TVL ranges between $124 billion and $132 billion, with Ethereum contributing over 50% of the total.
Infrastructure Growth: EIP-7702 and Smart Wallet Support
Adams also announced Uniswap’s support for EIP-7702, Ethereum’s new wallet upgrade rolled out on May 7 through the Pectra update. The proposal improves resilience against quantum computing threats and allows regular accounts to act temporarily as smart contracts during transactions.
“Rolling out our own 7702 wallet and supporting other 7702 wallets … with the goal being one-click swapping for all users,” Adams added on X. While Trust Wallet users already access smart accounts, Uniswap plans to follow soon with its own integrated experience.
Related: Uniswap Integrates Sony’s Soneium Layer 2 for Web3 Creators
UNI Token Activity and Market Metrics
According to CoinMarketCap, Uniswap’s UNI token trades at $7.14, up 0.29% in the last 24 hours. It has a market cap of $4.49 billion and an FDV of $7.14 billion.
However, trading volume stood at $334.49 million, marking a 28.86% decline from the previous day. The circulating supply stands at 628.68 million UNI against the total supply of 1 billion. Uniswap thus ranks #29 by market cap on the platform.
