• According to data from Dune Analytics, Uniswap recorded its highest number of unique tokens exchanged in a year with 725k in 2024.
• Uniswap recorded 209k unique tokens exchanged in 2023, 75k in 2022, and 41k in 2021.

The largest decentralized exchange (DEX) in terms of trading volume , Uniswap (UNI), has reached a historic milestone with 725,000 unique tokens traded so far in 2024. According to data compiled by Dune Analytics, this figure more than triples the 209k unique tokens exchanged in 2023, and represents around 10 times the 75k recorded in 2022.

Our examination of other metrics such as the total number of portfolios generated also showed incredible growth, rising from 3 million in May 2023 to 7.2 million in May 2024. This represents a 140% increase over the comparison year.

In terms of cumulative exchange volume, Uniswap exceeded $2 trillion on April 5, and also established itself as the largest DEX in terms of total value locked in (TVL) with $5.31 billion. This figure more than doubled the almost $2 billion recorded by PancakeSwap, which secured second place. Surprisingly, this result comes at a time when Uniswap Labs’ fees have risen from 0.15% to 0.25%. Following the implementation of the new trading fee, $661,000 was collected by the end of May.

According to experts, these figures are set to double or triple following the approval of Ethereum spot exchange-traded funds (ETFs). It’s worth recalling that trading volume on the decentralized exchange reached a colossal $5.5 billion when the Ether ETF craze peaked at the end of May. At that time, total DEX volume reached $11.2 billion. Our research also showed that the transaction volume recorded by Uniswap exceeded that of all the blockchains on which Uniswap operates.

Uniswap’s legal battle with the SEC

Recently, Uniswap received a Wells Notice from the U.S. Securities and Exchange Commission (SEC) regarding potential violations of U.S. securities laws. As previously reported, Uniswap responded with a 43-page document explaining why the Commission should not take legal action against it. In a statement issued by Uniswap General Counsel Marvin Ammori and submitted by CNF, almost all of the SEC’s allegations are based on false assumptions.

The SEC’s entire case rests on the erroneous assumption that all tokens are securities. Tokens are in fact simply a file format for value. The SEC essentially has to unilaterally change the definitions of exchange, broker and investment contract to try to capture what we’re doing.

Explaining the details of the notice, Uniswap CEO Hayden Adam revealed that the SEC has highlighted three key issues at the center of the dispute. The first concerns whether Uniswap’s interface constitutes a broker-dealer. The second concerns the status of UNI securities, while the third focuses on transparency and the absence of a contractual relationship between Uniswap and token holders.

In any case, crypto analyst Ali Martinez predicts that UNI could soon reach $10. At the time of going to press, UNI was trading at $8.3, having jumped 2% in the last 24 hours.