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."