Ethereum Decentralized Exchange Uniswap Records $620 Billion in Trading Volume This Year

Ethereum Decentralized Exchange Uniswap Records 0 Billion in Trading Volume This Year

On Tuesday, Uniswap announced that three million unique wallets made 68 million transactions totaling more than $620 billion for the entire year. Uniswap is an open-source, automated protocol built on the Ethereum blockchain that allows users to exchange one digital asset for another. This type of transaction is known as an “exchange“. Uniswap allows anyone to liquidate their digital assets in exchange for other digital assets of equal value while eliminating the need for third-party services. as an exchange.

Uniswap allows users to quickly and easily trade directly with others by depositing funds into a smart contract that serves as a liquidity pool between traders. In addition to Polychain Capital, participating investors included A16z Crypto, Paradigm, SV Angel, and Variant.

The decentralized cryptocurrency exchange announced the debut of its non-fungible token (NFT) trading feature in late November. The process of buying digital collectibles from well-known online markets like OpenSea, X2Y2, and LooksRare is simplified by this tool. The Uniswap community completed a vote earlier this month to approve a change to its current voting system that will make it easier to manage its decentralized finance protocol.

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