In the decentralized exchange (DEX) landscape, Uniswap has long been perceived as the undisputed leader. With its dominant market presence and widespread adoption across Ethereum and layer-2 networks, Uniswap has consistently ranked at the top in terms of trading volume and user activity. However, a recent report from Messari titled “1inch Q2 2022 State Report” sent shockwaves through the crypto community by suggesting that 1inch surpassed Uniswap in quarterly trading volume—a claim that demands closer scrutiny.
According to the report, total DEX trading volume in Q2 2022 exceeded $81 billion**, marking a 31% decline since Q4 2021. Within this, **1inch accounted for $31 billion (39%), while Uniswap recorded $23 billion (28%). At first glance, this appears to signal a dramatic shift in DEX leadership. But is this data accurate?
Let’s dive into the numbers, compare sources, and clarify the confusion—because in decentralized finance, data provenance matters just as much as the headline.
Uniswap’s Official Trading Volume: A Different Story
To verify these claims, we turn to Uniswap’s official analytics dashboard, which provides real-time and historical data for both V2 and V3 of the protocol.
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Here's what the data shows:
- Uniswap V3 alone generated over $42 billion in trading volume in April 2022.
- Extrapolating across Q2 (April–June), Uniswap V3 reached approximately $140 billion.
- Meanwhile, Uniswap V2 added another $52 billion during the same period.
- Combined, **Uniswap’s total Q2 volume hits around $192 billion**—nearly **eight times higher** than the $23 billion reported by Messari.
This stark discrepancy raises an immediate red flag: where did Messari get its numbers?
Tracing Messari’s Data Source: The Dune Dashboard
Messari cites Dune Analytics as the source for its DEX volume metrics. Upon inspecting Messari’s public Dune dashboard, we can analyze the raw data behind their report.
After aggregating monthly figures from March to May 2022:
- The combined Uniswap V2 and V3 volume on Dune exceeds $160 billion.
- This is still below Uniswap’s own reported $192 billion but significantly closer than the $23 billion figure cited in the report.
Why the gap between Dune and Uniswap’s internal data?
Several factors explain this:
- Incomplete token pricing: Dune relies on external price feeds, which may not capture accurate valuations for low-liquidity or newly launched tokens.
- Cross-chain limitations: Newer Uniswap deployments on chains like Arbitrum, Optimism, or Polygon might not be fully indexed.
- Delayed data ingestion: Some transactions may be processed retroactively.
While discrepancies exist, a $160B vs. $192B difference is within reasonable statistical variance. But $23B? That’s a red flag.
Third-Party Verification: CoinGecko and The Block
To further validate, let’s examine independent aggregators like CoinGecko and The Block, which track DEX volumes using multiple on-chain sources.
CoinGecko Data
After exporting and manually summing daily volumes from April 1 to June 30:
- Uniswap V3: ~$135.2 billion
- Uniswap V2: ~$14 billion
- Total Uniswap Q2 volume: ~$149.2 billion
This aligns more closely with Dune and Uniswap’s own estimates—still nowhere near $23 billion.
Now, what about 1inch?
- According to CoinGecko, 1inch’s Q2 volume was only $27 million—yes, million, not billion.
- Even accounting for potential underreporting due to limited token coverage or routing activity, this number is astronomically lower than the claimed $31 billion.
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Clearly, something is off.
The Block’s Estimates
The Block offers another credible benchmark:
- Uniswap (V2 + V3): ~$207 billion in Q2 2022
- 1inch: ~$20 billion
While The Block’s 1inch figure is much higher than CoinGecko’s, it still falls short of surpassing Uniswap—and certainly doesn’t reach $31 billion.
So how did Messari arrive at $31 billion for 1inch?
One possibility: double-counting routed volume. Unlike pure DEXs like Uniswap, 1inch is a DEX aggregator, meaning it routes trades across multiple platforms (including Uniswap itself). If all routed volume is counted as “1inch volume” without deduplication, totals can be inflated.
The Core Issue: Apples vs. Oranges
Here lies the fundamental misunderstanding: comparing 1inch and Uniswap directly is misleading.
| Aspect | Uniswap | 1inch |
|---|---|---|
| Type | Decentralized Exchange (DEX) | DEX Aggregator |
| Function | Hosts liquidity pools and executes trades | Routes trades across multiple DEXs |
| Volume Source | Native trades on Uniswap pools | Includes trades executed on SushiSwap, Curve, Balancer, and even Uniswap |
When a user trades via 1inch, the actual swap may occur on Uniswap V3. Yet, some data providers count that volume under both platforms—leading to inflated totals and false narratives about market share.
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In essence:
- Uniswap creates liquidity.
- 1inch optimizes access to it.
Comparing their raw volumes without adjusting for overlap is like comparing a restaurant’s sales to a food delivery app that includes orders from dozens of restaurants—including that same restaurant.
Key Takeaways: What This Means for Investors
The idea that 1inch “overtook” Uniswap isn’t supported by credible data. More importantly, it reflects a broader issue in crypto analytics: misinterpreted metrics can drive false narratives.
Core Keywords Identified:
- Decentralized Exchange (DEX)
- DEX Aggregator
- Trading Volume
- On-Chain Data
- Uniswap
- 1inch
- Data Accuracy
- DeFi Analytics
These keywords naturally emerge from the discussion and should guide SEO optimization—ensuring visibility for users searching for insights on DEX performance, data reliability, and protocol comparisons.
Frequently Asked Questions (FAQ)
Q: Did 1inch really surpass Uniswap in trading volume in Q2 2022?
No credible data supports this claim. Most reliable sources—including Uniswap’s own analytics, CoinGecko, and The Block—show Uniswap maintaining a significant lead in trading volume during Q2 2022.
Q: Why did Messari report such different numbers?
Messari likely relied on a misconfigured or incomplete dataset from Dune Analytics. Additionally, aggregators like 1inch often have inflated volume due to double-counting routed trades across multiple DEXs.
Q: What’s the difference between a DEX and a DEX aggregator?
A DEX (like Uniswap) hosts liquidity pools where trades occur. A DEX aggregator (like 1inch) scans multiple DEXs to find the best price and routes the trade accordingly—it doesn’t host pools itself.
Q: How can I verify DEX trading volume accurately?
Use multiple trusted sources like:
- Official protocol dashboards (e.g., info.uniswap.org)
- Reputable aggregators (CoinGecko, The Block)
- On-chain analytics platforms (Dune, Nansen)
Always cross-reference and understand each platform’s methodology.
Q: Is 1inch still important in DeFi?
Absolutely. While it doesn’t generate native volume like Uniswap, 1inch plays a crucial role in optimizing trade execution and reducing slippage for users across the DeFi ecosystem.
Q: Should we trust crypto analytics reports blindly?
Never. Always question the source, methodology, and definitions behind the numbers. In DeFi, transparency is powerful—but so is critical thinking.
Final Thoughts
The narrative that “1inch overtook Uniswap” serves as a cautionary tale about data interpretation in decentralized finance. While eye-catching headlines grab attention, they often obscure deeper truths about how protocols operate and how metrics are calculated.
Uniswap remains the dominant force in DEX trading volume when measured accurately. Meanwhile, 1inch continues to play a vital—but different—role as a smart routing layer atop the DeFi stack.
For investors, developers, and analysts alike, the lesson is clear: look beyond the headline. Verify the source. Understand the model. Because in Web3, data literacy is financial literacy.