Uniswap broke $1 trillion in volume but has about 3.9 million addresses only this month so let’s find out more in today’s latest Blockchain news.
The decentralized exchange Uniswap broke $1 trillion in total trading volume since launching on the Ethereum network in late 2018. This came from a smaller user base but indicated that there’s a lot of potential growth to come. As per the data from Uniswap Labs, all major contributors to the development of the ecosystem led to the number of cumulative addresses hitting around 3.9 million this month after over three years.
The data was posted on Twitter with Uniswap Labs team noting:
“Over the past three years, the Protocol has Onboarded millions of users to the world of DeFi, Introduced fair and permissionless trading, and Lowered the barrier to liquidity provision.”
2/ Over the past three years, The Protocol has
🛹 Onboarded millions of users to the world of DeFi
💸 Introduced fair and permissionless trading
🚰 Lowered the barrier to liquidity provision pic.twitter.com/mT2ZzjMTav— Uniswap Labs 🦄 (@Uniswap) May 24, 2022
Uniswap is now supported on Ethereum and Polygon, Optimism and Arbitrum and Uniswap Labs also revealed that this month, the DEX will expand out to two EVM-compatible chains in the Gnosis chain and the Moonbeam Network. In terms of trading volume, Uniswap ranked ahead of other competitors and the data from CoinGecko shows that the Uniswap V3 protocol generated $938 million worth of volume in the past day and it represents 33% of the total marekt share.
Binance Smart Chain-based PancakeSwap ranked second with $491 million and 17.3% of the market share. Compared to the 24-hour data with other centralized exchanges, the $938 million worth of volume places it behind platforms like FTX, Coinbase, and Binance which generated $12.2 billion, $1.95 billion, and $1.79 billion respectively. Uniswap surpassed about $5.93 billion worth of total value locked in the fifth biggest sum in the DEFi sector as per DEFI LLama while PancakeSwap ranked seventh with $4.27 billion worth of TVL and MakerDAO represented the biggest platform with $9.82 billion in tVL.
Despite the ability to attract more demand and liquditiy, it didn’t do much to sway the price of UNI in 2022 so since the start of January, UNI dropped to near 67% to sit at $5.59 at the time of writing and its ATH of $44.92 was back in Early May 2021 but now is down 87.5% since then.
As recently reported, The DeFi giant Uniswap swept 50% out of the market share on Polygon and managed to achieve this feat three months after the deployment on the network. Uniswap Labs is the company behind the popular Defi protocol and referred to the data compiled by Dune Analytics which showed a market share of 49% on Polygon and a new proposal to deploy Uniswap v3 was initially submitted in November a year ago by Polygon co-founder Mihailo Bjelic and was met with the strong support of over 72 million UNI tokens pledged as a vote for the proposal.
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