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

On Tuesday, Uniswap announced three million unique wallets had transacted a total of 68 million times with a total volume of over $620 billion throughout the year.

Uniswap is an automated, open-source protocol built on the Ethereum blockchain that enables users to swap one digital asset for another. This type of transaction is called an "exchange" or a "swap". Uniswap allows anyone to easily liquidate their digital assets in exchange for other digital assets of equal value while eliminating the need for third-party services such as exchanges. With Uniswap, users can quickly and easily trade directly with other people by depositing funds into a smart contract, which serves as a pool of liquidity between traders.

In October, Uniswap announced its successful completion of a $165 million Series B funding round. Participating investors included A16z Crypto, Paradigm, SV Angel, and Variant on top of Polychain Capital. 

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In late November, the decentralized crypto exchange announced the launch of its non-fungible token (NFT) trading feature. This tool streamlines the process of purchasing digital collectibles from such popular marketplaces as OpenSea, X2Y2, and LooksRare.

Earlier this month, members of the Uniswap community concluded a vote to approve a reform of its existing voting system, making it simpler to govern their decentralized finance protocol.