UNI Holders Continue to Increase as Uniswap Dominance Jumps 24% in Just Over a Month

The price of the DeFi token is taking a beating but the protocol continues to grow.

While centralized cryptocurrency exchanges struggle to live, with at least 75 of them closed down due to hacks and scams so far this year, Decentralized Exchanges (DEX) are leading 2020.

These past couple of weeks, even big exchanges like KuCoin and BitMEX weathered some storms.

Decentralized Finance (DeFi) has some part to play in this. With DEXs growing rapidly, as evident from its volume hitting $24 billion, an increase from $11.6 billion last month, a shift has been seen from CEXs to DEXs.

Until last year, the total monthly DEX volume never saw $500 million, and in 2020, it never went below this figure.

As we reported, the popular DEX Uniswap that saw $15 billion traded last month actually surpassed the volume on the leading centralized cryptocurrency exchange Coinbase. Increasing every month, Uniswap volume also makes up for 65% of all DEX volume as such the fourth largest crypto exchange by volume.

Liquidity on the platform also continues to hit new highs, keeping above $2 billion in October.

Interestingly, while the total value locked (TVL) in the DeFi sector decreased from $11.23 billion this week to $10.18 billion, TVL in Uniswap increased 12% to over $2 billion, becoming the first DeFi project to hit $2 billion in total crypto funds locked.

Uniswap is the dominant force in the DeFi ecosystem, with the amount of ETH locked in the project hitting a new high of 3.2 million. Uniswap’s dominance currently sits at 21.9%, up 24% from the beginning of last month, as per DeFi Pulse.

Its governance token UNI is currently trading at $2.64 in the red, down nearly 36% in the past seven days.

However, despite the recent fall in UNI's price, along with the rest of the DeFi tokens, the number of UNI holders continues to increase daily.

As per data source IntoTheBlock, as of Oct. 5, the number of addresses holding UNI tokens reached a new high of 85.02k addresses.

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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