Uniswap, a decentralized exchange platform, has achieved a significant milestone with its trading volume surpassing $2 trillion, marking a remarkable feat within five and a half years of its launch.

According to data from Dune Analytics, Uniswap hit this milestone on April 5, showcasing its dominance in the decentralized exchange space.

Expecting Uniswap Protocol to hit $2T in all-time volume in the next 24 hours 👀

Ahead of this achievement, the Uniswap team made a public announcement, challenging users to update the Dune Analytics dashboard with a video clip showing the trading volume exceeding $2 trillion. The first person to accomplish this task would receive 200 USDC tokens.

Uniswap currently holds the top position among decentralized exchanges, with a 31.5% market share in trading volume, as per DefiLlama data. Its closest competitor, PancakeSwap, lags behind with a market share of 14.6%.

Despite this milestone, Uniswap’s native token, UNI, experienced a slight decline in value, dropping by 4.5% to $10.73 over the past 24 hours. The cryptocurrency’s market capitalization also decreased to $6.4 billion, according to CoinMarketCap.

In February, the Uniswap Foundation introduced a new incentive strategy for UNI token holders. This initiative involves distributing protocol transaction fees among token holders actively engaged in managing the protocol. The foundation retains control over critical fee-related parameters.

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