- Uniswap surpassed all others as the second-biggest market for Ethereum trading.
- The exchange has facilitated more than $1 billion in Ethereum deals.
In the last 24 hours, Uniswap has seen more trading volume in Ethereum than any other exchange, second only to Binance. As a result of the unexpected and catastrophic collapse of FTX, traders are moving in droves to DEXs. Recently, Uniswap surpassed all others as the second-biggest market for Ethereum trading.
Over the last 24 hours as of the tweet, Uniswap has facilitated more than $1 billion in Ethereum deals, more than double the volume of Coinbase, the world’s second-largest CEX in terms of the overall trading volume.
Demand for Decentralized Exchanges
Uniswap’s native cryptocurrency, UNI, is up 6% today, trading at $6.23 with a market value of $4.7 billion. UNI is built on the Ethereum blockchain. Since the fall of FTX, Uniswap’s user activity has skyrocketed as the decentralized exchange gains popularity as a safe haven for those who no longer trust the centralized operators.
Moreover, a total of more than $55,500 in new wallets are being added to Uniswap every single day. Uniswap Labs advised users, as the FTX situation developed, to utilize decentralized exchanges that don’t rely on a central server. Additionally, all DEX action occurs on-chain, is public, verifiable and subject to user approval.
A few hours earlier, they discussed how easy it is to use the web app by comparing it to sending an email. It was said that both email and Uniswap are free and open-source, non-proprietary technologies that form the backbone of the Internet. So, it’s as easy as sending an email to trade tokens on Uniswap.
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