The decentralized exchange’s (DEX) smart contract Uniswap V3 ranked first on Ethereum in terms of commissions in 2022.
Uniswap V3 used up over 2.8 million gas in 2022, as evidenced by Dune Analytics. Uniswap V2, the DEX’s previous version, used nearly three times less gas, indicating that users massively flocked to Uniswap V3.
The total volume of transactions processed by Uniswap V3 reached 15.5 million, with OpenSea being the closest “competitor” to the protocol among Ethereum dApps. Uniswap V3 also leads in the number of unique addresses, with over 1.5 million.
The DEX’s success was noted by Hayden Adams, Founder of Uniswap Labs, which developed the protocol: “Cool to see Uniswap V3 was the most used contract on Ethereum by a wide margin for 2022 (and V2 still top 5).” He also noted that updates to routing and liquidity algorithms greatly improved the crypto exchange’s UI, so the number of failed transactions in V3 was nearly half as often as in V2.
Uniswap Labs representatives reported that Uniswap processed 68 million transactions in 2022, with DEX’s total trading turnover of $620 million. Overall, 3 million unique wallets used the platform’s services during the year. The platform’s success led to a Series B round in October that exceeded all expectations and brought Uniswap Lab into the rank of unicorns with a $1.66 billion valuation. The round was led by Polychain Capital, with A16z Crypto, Paradigm, SV Angel, and Variant also among the investors.
Recall that earlier in December, Telegram representatives announced plans to launch their own decentralized crypto exchange and wallet.
