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Uniswap Registers Record $10B in Weekly Trading Volume

The Ethereum blockchain may continue to have high transaction fees, but that hasn’t stopped people from flocking to the network’s DeFi platforms, and Uniswap serves as proof for that.

For the first time ever, the decentralized exchange has recorded over $10 billion in weekly transaction volume, which represents a 26% increase from the previous seven days.

Decentralized exchanges (DEXs) let users swap tokens without having to give up custody of the coins to a third party. They are considered to be the primary onramp to the world of DeFi, which lets people earn interest or take out crypto loans without having to use financial institutions.

Uniswap is also known for being one of the original DEXs built atop Ethereum. Users are permitted to trade ERC20 tokens, stablecoins (such as USDC and Tether), and Uniswap’s own UNI governance token, which lets users vote on changes related to the platform.

The competition is stiff as Uniswap has to compete for customers with SushiSwap, 1inch, and several other Ethereum-based DEXs, to which we also add the non-Ethereum DEXs like Binance Smart Chain’s PancakeSwap since people are now searching for ways to evade Ethereum’s high fees.

In order to stay ahead, Uniswap V3 is prepared to be launched on May 5th with improvements to both liquidity and trading efficiency.

Source: Decrypt.com

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