Key Takeaways:
- Uniswap protocol achieves another milestone.
- The updated version of the De-Fi exchange will soon be available on two new blockchain networks.
The decentralized crypto trading protocol, Uniswap of Uniswap Labs has today crossed the $1 trillion mark in terms of the trading volume. The first version of the protocol was launched in November 2018 in the form of a proof-of-concept for the Automated Market Makers (AMMs). The unique feature of the protocol is that it supports automated liquidity.
In May 2020, an upgraded version of the protocol was made available to the consumers, followed by their latest update which was offered in May 2021. These advanced versions offered more options to liquidate crypto tokens within a price range.
Within three years, the protocol on-boarded over a million users and introduced them to the world of Decentralized Finance (De-Fi). It also brought fair and permissionless trading while lowering the constraints to liquidity protocol.
According to the data collected from DeFi Pulse, Uniswap Labs is the third-largest De-Fi platform and has a valuation of $7.05 billion. It is making continuous attempts to make the decentralized space more familiar to the masses.
On May 23, the firm announced its proposal to launch on Gnosis and Moonbeam network has been approved by the government token holders unanimously. Uniswap is all set to launch Uniswap v3 on both the blockchains.
