Uniswap’s August Volume Topples July $1.76B Record in Less Than Two Weeks

uniswap-august-1
13 August 2020

Uniswap’s August trading volume beat July’s record high less than halfway into August, surpassing $1.76 billion, leaving more than two weeks to push further into record territory.

  • Current monthly volume marks the fourth consecutive record high for the leading decentralized trading and automated market-making platform. 
  • In the past 24 hours, Uniswap reported $213 million in volume, accounting for more than 60% of all decentralized exchange volume, according to Dune Analytics.
  • The record-setting volume comes amid a continued speculative frenzy over new and experimental decentralized financial applications, causing volumes across all decentralized platforms to soar.
  • The new high also comes less than three months after version 2.0 of the protocol launched with a plethora of new features.
  • Notably, at the end of July, Coinbase-backed startup Dharma integrated Uniswap to its mobile trading app.
  • As trading volume grows, Ethereum network fees are skyrocketing. Average transaction fees have spiked 600% to $5.27, according to Blockchair.
  • Despite the fees, decentralized trading volume "doesn't look like it will be slowing down anytime soon," said Jack Purdy, decentralized finance analyst at Messari, provided the "money-making opportunities continue to outweigh the cost."
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Uniswap monthly volume since January 2019
Source: Dune Analytics, CoinDesk Research