Uniswap September Volume Tops August's $6.7B Record in 10 Days on Dizzying DeFi Demand

September is the fifth consecutive monthly all-time high for Uniswap volume.

AccessTimeIconSep 10, 2020 at 1:48 p.m. UTC
Updated Mar 2, 2023 at 10:38 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

Uniswap topped August’s record high trading volume in the first 10 days of September, reaching $6,729,691,041 mid-morning on Thursday, leaving almost three weeks to push further into record territory.

  • Last month’s $6.7 billion in traded volume was the leading decentralized exchange’s fourth consecutive all-time monthly high, as CoinDesk previously reported.
  • Curve, the second-largest decentralized exchange by traded volume, also surpassed August’s record of $1.87 billion Thursday, reaching $1.9 billion, according to Dune Analytics.
  • Liquidity on Uniswap, however, has dropped by over 60% to $619 million since Tuesday as the popular SushiSwap project successfully migrated from Uniswap to FTX’s decentralized exchange, Serum.
  • Coinciding with Uniswap’s exponential volume growth, market sentiment analysis by cryptocurrency research firm Markets Science shows similar increases in excitement over Ethereum and decentralized finance (DeFi).
  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
    • For example, both the quantity of tweets referencing Ethereum and the percentage of those tweets coming from unique Twitter users have steadily increased over the past three months, reaching yearly highs toward the beginning of September, the Markets Science analysis shows.
    • Even as decentralized exchange volumes continue to grow, Ethereum transaction fees have dropped 75% from their record highs of $15.21 on Sept. 2.
    • The average transaction fee was $3.86 Thursday, according to Blockchair.
    • Notably, Uniswap is one of the few decentralized trading platforms without its own token. Still, funding shouldn't be a problem as on Aug. 6 founder Hayden Adams announced the completion of an $11 million Series A round led by Andreessen Horowitz.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.