Looming Uniswap V3 Sees DEX Surpass $50B All-Time High

Uniswap
Uniswap

Uniswap, the automated market maker (AMM), has recently surpassed a trading volume of $50 billion, marking a new all-time high. This comes by way of a tweet made by Hayden Adams, the founder of the Uniswap protocol.

Biggest Gas Guzzler out There

Adams made this announcement via Twitter, adding to this major milestone by highlighting that the volumes themselves were spread across 26,000 unique transactions.

Adams, through an earlier tweet, explained that the gas spent on Uniswap per day amounted to an impressive $420,000. What this means, is the decentralized exchange (DEX) spends around $150 million a year just on gas fees. As it stands now, Uniswap had amounted a gas usage of $12.7 million in total, according to ETH Gas Station. This effectively renders Uniswap the biggest gas guzzler within the list.

Questions Regarding Rug Pulls

Adams is nothing if not ambitious, and already floated around that someday the exchange could reach a trillion Dollars in volume. He even held a small poll to see when his followers expected this event would occur. The mini-poll garnered around 1,200 respondents, and almost half of them speculated that by 2021 the trillion-Dollar cumulative volume would be reached.

While many did congratulate the DEX on its achievement, several others started to ask about so-called “rug pulls” and their contribution to the volumes. Rug pulls stand as fake tokens, which are sadly ever-present in a decentralized exchange. These voices asked for figures detailing the financial losses from these events.

Another common question floating around Adams is the fabled V3 of Uniswap and when it can make an appearance and even be rolled out fully. The famous DEX’s third iteration stands at the ready in Github already, but mass deployment has yet to be achieved.

Uniswap v3 Expected Soon

Uniswap v3 promises a number of new features: Trading pair creation without both sides of the market already being there, dynamic trading fees, very low tolerance levels for slippage, and so on. It’s further expected for Optimistic Rollups to be implemented in order to enact Layer 2 scaling for low cost, high-speed transactions within the Ethereum Network, which has been getting rather pricy in gas fees as of late.

While no concrete data has been given by the founder nor from the team, it’s expected that Uniswap v3 will see its official launch very soon.

As it stands now, the total value locked in Uniswap saw an increase of 2.6% within the past 24 hours, going up to $1.37 billion in total. This comes by way of Defipulse.com.

Remember, all trading carries risk. Past performance is no guarantee of future results.

A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.