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