Uniswap’s New Normal is Recording 2% of NYSE Volume per Day, with Zero Downtime
Meanwhile, Sushiswap is fast catching up, bringing Uniswap’s DEX volume share from above 70% to under 50% in nearly five months.
After rallying hard the past few days, DeFi tokens see some red today following Bitcoin and Ether, which are incurring losses. There are a few exceptions like HOT (56%), Akropolis Delphi (51%), Wrapped nexus (28%), REN (15%), KAVA (12%), and REP (10%), but the majority is down by 6% to 28%.
When it comes to the largest DeFi token with a $2.25 billion market cap, Uniswap, it is no different as UNI trades just under $8.
Meanwhile, on-chain activity on the popular decentralized exchange (DEX) is heating up with over a 55% increase in adjusted transfer value. On January 16th, UNI’s adjusted transfer value reached its highest level since September 24th, 2020.
The popular DEX is trading nearly $1 billion in volume in the past 24 hours, bringing its past 7 days volume to about $5.4 bln. Also, more than 110k unique addresses are trading on the platform, trailing the last 7 days.
Uniswap is a legitimate business with $1 billion in daily volume, generating $30 million in daily revenue.
All with next to $0 in operating costs, created with nothing but lines of code.
Employees of uniswap are its liquidity providers
This is unprecedented in society https://t.co/zklYhny8wj
— adambrush.eth (@brush_10) January 19, 2021
The community is super excited about the growth Uniswap is seeing, gradually amping up to match up with centralized cryptocurrency exchanges whose volume exploded during the bull rally.
While Uniswap surpassed Coinbase volume briefly last year, on Jan. 11, the CEX saw a record 9.56 billion in volume; the day Bitcoin price crashed to nearly $30k.
However, the record volumes on CEXs has them going down more than ever, with the leading exchanges Coinbase and Binance constantly seeing downtimes.
“Friendly reminder that @UniswapProtocol has never gone down since the initial launch of Uniswap v1 in November 2018,” said Hayden Adams, the Uniswap protocol creator.
The protocol also has the largest treasury in DeFi, “a war chest for future development,” with Adams asking the community for suggestions to allocate this UNI.
“~$500M worth of UNI has already vested to the Uniswap governance community treasury out of $4b total (based on current price),” Adams added “Dream big.”
when 100%? https://t.co/psF5NrtF8E
— Hayden Adams 🦄 (@haydenzadams) January 19, 2021
The project currently has $2.93 billion in total value locked (TVL) consisting of 1 million ETH and 3.99k BTC, and 167.7 DAI.
However, SushiSwap is fast catching up, which had resulted in Uniswap losing its market share from 70.6% at the end of August 2020, when SushiSwap forked it, to the current 49.7%, while Sushi has gained the second-largest DEX volume share at 21.3%.
Meanwhile, the team is currently hard at work on Uniswap V3, which is rumored to address high transaction fees and improve slippage.