Uniswap has achieved a milestone by becoming the first decentralized exchange (DEX) to reach a total trading volume of $3 trillion. This landmark achievement was highlighted by Uniswap founder Hayden Adams on May 12 via a Dune Analytics dashboard. The DEX currently handles a daily trading volume of $3.3 billion, leading with a 23% market share.

PancakeSwap holds the position as the second-largest DEX by trading volume. Despite this success, Uniswap's native token, UNI, remains 84% below its peak price. Alongside its trading advancements, Uniswap plans to roll out a smart wallet utilizing Ethereum's Improvement Proposal EIP-7702 to simplify user transactions.

The platform continues to innovate amidst competition and challenges in the DeFi sector, as the total value locked in DeFi remains below its 2021 highs.