Victor Ugochukwu · Dec 1, 2020 . 8min read
DEX beast Uniswap crosses $3 billion in TVL even as DeFi steam cools off
Reaching the $3 billion in TVL, gradually, Uniswap inches towards a third of the entire locked-in value for DeFi protocols.
By Victor Ugochukwu · Oct 28, 2020 . 5min read
While the DeFi bull run may seem to have slowed down, DEX beast Uniswap has continued its run as one of if not the most valuable DeFi protocol as it reaches a new milestone breaking into $3 billion TVL level just a few hours ago.
According to date from Uniswap.Info, one of Uniswap’s verified websites, the TVL crossed and touched $3.05 billion a few hours back. Although it has retraced to $2.99 billion, the 24-hour DEX volume hovers around $233 million.
For average weekly trade volume, Uniswap has recorded more than $3.3 billion within the last seven days. This is a subtle improvement from the previous week, which was at least 168% lesser than this week.
For the broader DEX ecosystem, Data from Dune Analytics shows that over $466 million has passed through DEXes within 24 hours. Clearly, Uniswap gulped in $233 million, which is 50% of the entire trade volume. And for weekly DEX volume, the value stands at $7.7 billion, giving Uniswap 47% of the entire volume.
Nonetheless, September 2020 is still Uniswap’s best month in terms of trade volume. The DEX recorded over $15.4 billion in volume trade for September.
Uniswap’s TVL nearing a third of the entire DeFi locked-in value
Indisputably, Uniswap fuelled the DeFi bull run that culminated and cooled soon after the summer. As a platform that is endeared to by most of the DeFi enthusiasts, it saw many other DeFi protocols build off theirs from its codebase. While some were were just mere copycats, other AMMs like Sushiswap attempted to stage a vampire mining attack on the DEX beast.
Uniswap even though had its TVL slashed by close to 75% after the Sushiswap liquidity migration, the DEX since rebounded and consolidated on its success with the UNI token launch.
While the DEX was able to fend off “attacks” from direct competitors, Uniswap also rivalled traditional exchange in volume. It’s on record that Uniswap even surpassed Coinbase Pro in daily trade volume. A feat never before imagined, especially with the strength and high liquidity volume of traditional exchanges.
Gradually, Uniswap inches towards a third of the entire locked-in value for DeFi protocols where others like Maker, Aave, Compound exists.
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Komal Joshi · Nov 30, 2020 . 5min read