Total number of Uniswap wallets more than doubles in the past year

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Quick Take

The total number of wallets on the decentralized exchange rose 140%, from 3.03 million in May 2023 to 7.26 million in May 2024.
The doubling comes as Uniswap surpassed a historic $2 trillion in cumulative trading volume in early April.

The total number of wallets on the decentralized exchange (DEX) Uniswap UNI +3.21% skyrocketed from 3.03 million in May 2023 to 7.26 million in May 2024—an increase of approximately 140%, according to Dune Analytics data.

Uniswap's rise in swappers coincides with other records on the platform. On Apr. 5, Uniswap surpassed a historic $2 trillion in cumulative trading volume. The DEX is also the largest by total value locked at $5.31 billion, with PancakeSwap coming second at nearly $2 billion.

Uniswap's native token, UNI, traded hands at $7.09 at 1:21 p.m. ET on May 2. UNI saw a 5.10% increase of $0.34 in the past 24 hours, according to The Block Price page for the token.

The past year's success for the protocol has also come with some scrutiny. The U.S. Securities and Exchange Commission intends to sue Uniswap in what appears to be a regulatory crackdown against decentralized finance (DeFi), The Block previously reported.

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About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.