Uniswap's first-quarter volume swelled more than 225% compared to Q4 2019
Uniswap, the non-custodial, automated market-maker exchange protocol, saw it's quarter-over-quarter volume surge by over 225% between Q4 2019 and Q1 2020.
A good portion of that boost, perhaps unsurprisingly, came in the form of 'Black Thursday,' the mid-March crypto market event that saw the price of bitcoin, ether and other cryptocurrencies swing significantly. Uniswap saw an all-time monthly high of $191.4m in March.
Volumes then fell roughly 60% in April ($77.3m). May, according to available data, is on course to see around $100m in protocol volume.
As noted by The Block's Matteo Leibowitz, markets for three assets –DAI, USDC, and MKR markets – continue to comprise a majority of trading. In April, the three assets alone comprised roughly 72% of all volume.
The busy quarter comes as the release of Uniswap's v2 approaches. As The Block previously reported, the new version will introduce features like ERC20 pairs, more manipulation-resilient price oracles and flash swaps.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.