Uniswap became the first decentralized exchange with over $ 1 billion daily trading volume
The surge in yield farming activity due to decentralized finance protocols led to Uniswap becoming the first DEX to trade more than $ 1 billion in 24 hours.
According to the aggregator CoinGecko, the daily trading volume of ERC-20 tokens on the platform is currently $ 1.02 billion, which is the third largest among all existing crypto exchanges. Uniswap V2 is second only to Binance and OKEx with $ 6.25 billion and $ 1.1 billion, respectively.
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In addition to being ahead of the popular centralized platforms Huobi and Bitfinex, the decentralized exchange has also become the leading DeFi protocol with $ 1.77 billion in smart contract assets. According to the DeFi Pulse website, this impressive fund is 18.05% of the total value. funds blocked in decentralized finance protocols.
Despite the current success, experts predict that Uniswap will not be able to maintain its leading position for long due to aggressive actions of competitors. As an example, they cite the SushiSwap fork, which has already raised $ 1.47 billion to its platform through a strategy of “vampirism”, pumping liquidity and poaching competitors’ token holders. Similar methods are also used by yuno.finance, Hotdogswap, pizzafinance and others.
The increased user activity leads to network congestion and an increase in Ethereum transaction fees up to $ 16, which makes small transactions unprofitable.