2 November 2024
Uniswap The First Decentralized Exchange To Cross $1 Billion
There has been an increase in the trading volumes of decentralized exchanges, especially Uniswap, as many traders flock to DeFi to grab high APY tokens. Almost everyday, new yield farming projects are introduced and their tokens are traded on Uniswap. This trend has led the trading volume of Uniswap to cross over a $1 billion mark.
As per the market report from the CoinGecko, the cryptocurrency data aggregator, Uniswap crosses its trading volume as high as $1.1 billion. Currently, the leading decentralized exchange could rank as one of the largest exchanges, just after Binance and OKEx which saw $6.25 billion and $1.10 billion respectively.
The trading volume of Uniswap has surpassed prominent centralized cryptocurrency exchanges like Coinbase Pro, Bitfinex, and Huobi Global. At the moment the Uniswap trading volume has come to $100 million, but it doesn't deny the fact that the decentralized exchange is performing well.
As per the Defi Pulse data, $1.77 billion has been locked in the protocol. The volume has caused the decentralized exchange as the highest DeFi protocol on DeFi Pulse, outperforming the likes of Maker, Aave, and Curve Finance. As of now, Uniswap comes with the market dominance of 19 percent in an industry where $9.34 billion in assets has been locked.
The booming yield farming market could be the reason for the increase in trading activities of Uniswap. Although, there is a fear that chances might be overthrown by its rivals, who are offering liquidity providers their high incentives tokens.
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