Uniswap, a decentralized exchange, has achieved a significant milestone by reaching over $2 trillion in total trading volume. This accomplishment was achieved more than five years after its launch in November 2018.

The milestone of $2 trillion was officially reached around 11:55 a.m. UTC on April 5, according to data from a Dune Analytics dashboard managed by Uniswap's strategy and operations lead, Zach Wong.

In anticipation of this achievement, Uniswap Labs informed the community about the upcoming milestone on April 4 at 6:00 p.m. UTC. To put this figure into perspective, Uniswap's trading volume surpassed the gross domestic product (GDP) of countries such as Australia, Brazil, and South Korea.

Uniswap Labs also added a fun element by offering $200 in USD Coin to the first person who records and shares a video of the Dune Analytics dashboard refreshing to show Uniswap's trading volume reaching $2 trillion.

The trading volume data is sourced from various blockchains that support Uniswap, including Ethereum, Polygon, Optimism, Arbitrum, Celo, BNB Chain, Base, Blast, and the Avalanche Network.

Despite facing stiff competition in the decentralized exchange (DEX) space, Uniswap remains the dominant player in terms of trading volume. In the past week alone, it recorded $21.6 billion in trading volume, significantly higher than its closest competitor, PancakeSwap, which reached $9.6 billion.

Uniswap's journey to this milestone took about 42 months to surpass the $1 trillion mark in trading volume, achieved in May 2022. However, it only took less than 24 months to reach the second trillion mark. DEXs like Uniswap facilitate token swaps without the need for intermediaries through the use of smart contracts.

Cointelegraph attempted to contact Uniswap Labs for comments but did not receive an immediate response.