Hayden Adams, the creator of decentralized exchange Uniswap, tweeted today about the historic achievement for the young exchange, as it became the first decentralized exchange to process more than $100 billion in cumulative volume.
Uniswap owes its popularity to the simplicity of its user interface and ease of use, where it allows users to swap ERC20 tokens without the need for AML or KYC requirements and restrictions of centralized exchanges like Binance or Coinbase.
Its use and exponential growth started in the summer of 2020, with the surge of decentralized finance (DeFi).
Another big thing that made Uniswap liked among its users was the introduction of its own UNI token in September 2020. UNI is a governance token, which gives its holder a vote in the decision-making process of the exchange.
The airdrop was a big and eagerly expected event for the community, as 400 UNI tokens were airdropped (given) to any address which interacted with Uniswap. At the time of airdrop, 1 UNI token was priced around $4, which made airdrop worth around $1,600. Many users interacted with several addresses and claimed worthy rewards. Today’s price of 1 UNI is around $20, which places it as the 14th cryptocurrency by market cap.