Uniswap is now bigger than the entire decentralized finance space just two months ago, as the trading protocol becomes the first to pass the $2 billion milestone.

• Uniswap clocked the record figure just after midnight (UTC) Monday and currently has $2.06 billion worth of crypto assets locked in, according to crypto rankings website DeFi Pulse.
• Testament to its neck-breaking growth, there's now more value just in Uniswap than there was in the entire DeFi space on July 9.
• As of press time, there's now more than $11 billion in total value locked (TVL) in DeFi, with Uniswap making up approximately 18% of that.
• Based on Ethereum, Uniswap utilizes an automated market-making system leveraging liquidity pools so users can exchange or "swap" between ether (ETH) and any ERC-20 token.
• Holders are incentivized to deposit tokens in these liquidity pools with interest and a cut of the swap fee – the total balance in these pools together make up Uniswap's $2 billion TVL.
• Monday's news shows just how much Uniswap's fortunes have changed in the past few weeks.
• Back in early September, $830 million worth of vital liquidity moved to rival protocol SushiSwap, leading to Uniswap's TVL to plunge to just $400 million by September 10.
• A week later, in order to coax users back, Uniswap launched its own native UNI token and airdropped over $500 million to wallet addresses who had been using the protocol since before September.
• UNI token has led users to quickly snap back to Uniswap and its TVL was approximately $1.8 billion just days after the token launched.
• The platform plans to issue and distribute 4 billion UNI tokens to the community over the next four years.
• The next biggest DeFi project, peer-to-peer lending platform Maker, trails slightly behind Uniswap at $1.96 billion TVL, according to DeFi Pulse.