- Across all blockchains, it still commands over $4 billion in total value locked (TVL).
- Uniswap’s DAUs have surged approximately 85,000, an all-time high since May 2021.
Even though the crypto industry has seen substantial growth this year, volatility has been a constant. In spite of this competition, Uniswap has maintained its position as the decentralized market leader. Across all blockchains, it still commands over $4 billion in total value locked (TVL), making it one of the biggest decentralized exchanges in the ecosystem.
Another significant benchmark was reached in April, when the protocol’s trading volume crossed $1.5 trillion, as reported by Uniswap Labs, the cryptocurrency company behind the DeFi trading platform, using statistics from Dune Analytics.
The Uniswap Protocol has officially passed $1.5T in trading volume 🚀 pic.twitter.com/Fjd8IP7ngc
— Uniswap Labs 🦄 (@Uniswap) April 24, 2023
Uniswap’s volume of trades has been growing steadily over the last several years. Due to the US government crackdown and the financial crisis that led to the USDC stablecoin de-peg, investors flocked to decentralized exchanges in Q1.
Flipped Coinbase
Investors flocked to Uniswap to trade USDC for wrapped ether and other tokens, giving the platform a significant boost. In March alone, Uniswap recorded $70 billion in trade volume, flipping its centralized competitor, Coinbase, for the second consecutive month.
Although the platform’s trading volume has historically increased during times of turbulence, these increases have often been short-lived. The results suggested that the dominant DEX may not be able to maintain the lead for long.
However, Uniswap has also seen an increase in the number of transactions. This has led to a recent spike in Uniswap’s DAUs to approximately 85,000, an all-time high since May 2021. Just a week ago, Uniswap announced the release of a mobile wallet application to encourage widespread use of the DeFi wallet and facilitate transactions while users were on the move.
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