Uniswap’s RWA volume hits 2.5B – ‘Crazy to see it happening after all these years’

Ethereum-based decentralized exchange (DEX) Uniswap is grossly undervalued according to digital asset manager Bitwise. The firm’s leadership said the DEX is currently viewed as a “crypto trading app” eyeing the $2 trillion market.

But this is a “wrong framing” according to Bitwise CIO Matt Hougan. For him, the DEX is now not restricted to the crypto market. Credit and stock markets, amid a rapid tokenization boom, are also up for grabs.

For his part, Hunter Horsely, Bitwise CEO, noted,

The TAM for platforms like Uniswap, Aave, Morpho, etc is expanding beyond just crypto asset volume. ‘Onchain finance’ is a big opportunity for the space.

Amid tokenization and prediction markets, most analysts believe DEXs and crypto venues’ total addressable market (TAM) covers traditional capital markets.

Currently, the crypto segment is only $2T. Gold’s market is $30T, while the stock and credit sectors stand at $150T and $350T, respectively.

In other words, crypto trading venues can eye a nearly $600T capital market. And Uniswap is already making moves for this expanded potential.

Uniswap’s RWA boom

Since the Robinhood Chain integration last month, Uniswap has seen massive traction. One of the major growth segments is real-world assets (RWA) tokenization. The sub-sector has hit record $2.5B in volume, dominated by tokenized stocks.