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Uniswap has reached a new milestone by becoming the first decentralized exchange to hit $3 trillion in total trading volume.

Hayden Adams, the founder of Uniswap, shared the benchmark on May 12 in post on X. He thanked users for their participation and hinted at bigger goals in the future. Hayden attached an infographic from a Dune Analytics dashboard showing just how far the platform has come. 

Even though Uniswap’s trading volume is high, the platform’s total value locked is now around $4.8 billion, less than half of its 2021 peak. This decline is consistent with a significant pullback in the larger decentralized finance market. DeFi’s total TVL is now about $117 billion, compared to a peak of $174 billion in 2021, according to DeFiLlama data.