Uniswap Captures $2 Billion Locked, Dex Volume Outpaces Second-Largest Centralized Exchange

Uniswap Captures $2 Billion Locked, Dex Volume Outpaces Second-Largest Centralized Exchange

The decentralized exchange (dex) built on Ethereum, Uniswap has accumulated a whopping $2 billion in total value locked (TVL) this week. Tuesday’s data shows out of all the decentralized finance (defi) application’s Uniswap dominates the $11 billion landscape by over 18%.

Just recently, the defi space has touched a few new milestones as the ecosystem’s TVL this week has topped $11 billion. The dex Uniswap is dominating the defi landscape by 18.65% with over $2 billion TVL to-date.

Uniswap Captures $2 Billion Locked, Dex Volume Outpaces Second-Largest Centralized Exchange

Uniswap is followed by Makerdao ($1.9B), Aave ($1.56B), Curve.fi ($1.22B), and the Wrapped Bitcoin (WBTC) project ($990M). The Uniswap trading platform has captured a massive amount of demand this week with 104,324 unique users during the last seven days.

Today according to stats, the Uniswap dex is moving just as much trade volume as some of the top centralized exchanges (cex) globally. On Tuesday, Binance has the top trade volume as far as cex trade volumes are concerned with $2.5 million in 24-hour volume.

Coinbase Pro is the second-largest cex in terms of trade volume on Tuesday with $343 million trades during the last 24 hours. Uniswap is well above Coinbase Pro with $398 million today, making the dex the second-largest crypto exchange worldwide in terms of trade volume on September 29.

Uniswap Captures $2 Billion Locked, Dex Volume Outpaces Second-Largest Centralized Exchange

Dex volume in general has been quite large this week and during the last seven days Dune Analytics data shows 13 dex platforms saw $3.7 billion in trades. $2.3 billion of those swaps took place on Uniswap as it currently captures 63.7% of the trailing seven day average.

Uniswap Captures $2 Billion Locked, Dex Volume Outpaces Second-Largest Centralized Exchange

Cumulatively, all 13 dex platforms saw a whopping $24 billion in swaps during the last 30 days. Dex platforms following Uniswap’s trade volume lead include Curve.fi, 0x, Balancer, Kyber, Synthetix, Dydx, and the Bancor Network respectively.

Uniswap’s weekly and 24-hour trade volume has been a topical conversation on social media and crypto-related forums. A number of crypto enthusiasts wonder if dex volumes will someday supersede cex volumes entirely.

Ethereum proponents believe the rise of stablecoins and dex platforms like Uniswap are starting to prove ETH skeptics wrong.

“In the last bull market, critics said ETH had no use case besides scammy ICO’s,” the CTO and analyst Leon Fu from the web portal cryptocurrency.market recently told his 19,000 Twitter followers. “With the rise of stablecoins, Uniswap, and other protocols [that] enable actual utility [and] have nothing to do with ICO’s. Clearly, ETH skeptics were wrong,” he added.

What do you think about Uniswap’s massive trade volume this week and during the last 24 hours? Let us know what you think about this subject in the comments below.

The post Uniswap Captures $2 Billion Locked, Dex Volume Outpaces Second-Largest Centralized Exchange appeared first on Bitcoin News.



from Bitcoin News https://ift.tt/3inAnFL

Comments

Post a Comment

Popular posts from this blog

L2 Crypto Project Blast Achieves $660M TVL Amid Mockery for Key Developer Recruitment

Image
Recent data reveals that Blast, the new layer two (L2) blockchain platform, has amassed a significant $660 million in value within its decentralized finance (defi) protocol. Concurrently, while accumulating a variety of crypto assets, the initiative has commenced a search for experienced senior blockchain developers. While Amassing $660M, L2 Blast Project Searches for Developers In recent times, Blast has emerged as a focal point of interest. This project, conceptualized by Pacman , the mind behind the non-fungible token (NFT) marketplace Blur, has rapidly gained traction. Within a span of less than a week, the platform’s total value locked (TVL) soared to approximately $400 million. Concurrently, Blast faced allegations of resembling a Ponzi scheme. During this period, Paradigm, a principal investor in the project, admitted that the team had overstepped in certain aspects of communication and implementation. Pacman has also countered the Ponzi scheme allegations and further cl
Read more

Harsh Laws Make Bitcoin Holders Consider Renunciation or Dual Citizenship

Image
As digital currencies become a mainstay in society, a great number of governments have enforced strict tax guidelines, severe money transmission rules, and tough regulations. Because of a few nation-states’ harsh rules against cryptos, there are individuals who plan to renounce their citizenship in order to become stateless. Some people will also attempt to get double-citizenship, as both of these acts may help sovereign individuals avoid government intrusion and theft. Also Read: As FATF Regulations Galvanize, Crypto Mixing Applications Are Targeted A Cryptocurrency Advocate’s Quest for Financial Sovereignty May Involve Hard Choices It’s been close to 11 years since the inception of Bitcoin and during the last few years government agencies and law enforcement have been cracking down on digital currency holders. In certain areas around the world, a few countries have extremely difficult crypto laws and stringent capital gains taxes. Countries like the U.S. have imposed strict regul
Read more

2021 Bitcoin Price Predictions: Analysts Forecast BTC Values Will Range Between Zero to $600K

Image
As bitcoin has touched new price highs on Thursday nearing the $50k handle, people have been curious as to where the price will go in the future. Meanwhile, despite the gains so far, a number of luminaries, analysts, executives, and proponents from the crypto space believe the leading crypto asset will reach between $60k to six-digits this year. Mike Novogratz Predicts $100K Bitcoin: ‘Other CFOs and CEOs Are Saying, What Should We Be Doing?’ Satoshi Nakamoto’s invention has gained mass appeal in recent times as the leading digital asset bitcoin ( BTC ) has reached its highest value ever in 2021. On Thursday morning (EST), BTC spiked to an all-time high (ATH) at $48,697 per unit. Earlier in the morning at around 2 a.m., bitcoin was exchanging hands for $44,485 and saw an 8.98% increase since then. At the time of publication, at 6:30 p.m. (EST) on February 11, 2021, bitcoin (BTC) is swapping for $47,821 per coin. With BTC so close to the $50k mark, people have been forecasting
Read more