The crypto market improved significantly this year, but volatility persisted. Despite this, Uniswap managed to maintain its dominance over the decentralized market.

In fact, it remains one of the largest decentralized exchanges in the ecosystem, with over $4 billion in total value locked (TVL) across all blockchains.

In yet another milestone, the protocol officially surpassed $1.5 trillion in trading volume in April, according to Uniswap Labs, the cryptocurrency firm behind the DeFi trading platform, citing data from Dune Analytics.

Trading volume on Uniswap has been increasing for quite some time. Regulatory crackdown in the US and a banking crisis that led to the depegging of the USDC stablecoin triggered an influx of investors on decentralized exchanges in the first quarter of the year. This gave Uniswap a huge advantage, as investors rushed to the platform to exchange USDC for wrapped ether and other tokens.

After recording $70 billion in trading volume in March alone, Uniswap turned around its centralized counterpart, Coinbase, for the second month in a row. While the platform has seen its trading volume increase during turbulent times, previous spikes have been brief. This indicated that the popular DEX may not be able to retain leadership for long.

But Uniswap has also seen an increase in the number of transactions. The surge in activity comes against the backdrop of a “memecoin frenzy” sparked in large part by Pepe (PEPE), a new memecoin that launched last week and has since risen in value. As a result, daily active users on Uniswap recently increased to close to 85,000, marking a notable high since May 2021.

Uniswap Mobile Wallet

The latest increase comes just a week after Uniswap announced the launch of a mobile wallet app to promote broader DeFi wallet adoption and support trading on the go.

The new product offering is designed to allow users to purchase cryptocurrencies with a 2.55% fiat entry fee. It also allowed users to trade funds on popular DeFi platforms, such as Polygon, Arbitrum, and Optimism.

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