Key Takeaways
- Uniswap has surpassed $1 trillion in cumulative buying and selling quantity.
- Three and a half years after its launch, Uniswap remains to be one of many prime protocols in DeFi.
- Spectacular quantity and complete worth locked haven’t saved its token value from trending downward, nonetheless.
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The Uniswap protocol has surpassed a lifetime cumulative buying and selling quantity of $1 trillion, regardless of its struggling token value.
Trillion-Greenback Milestone
In the present day, the Uniswap group celebrated a powerful milestone because the protocol handed a lifetime cumulative buying and selling quantity of $1 trillion.
Deployed on the Ethereum mainnet in November 2018, Uniswap was among the many earliest decentralized exchanges ever launched. Its mission was to offer a non-custodial platform upon which to swap, commerce, and earn on the blockchain. Three and a half years later, the protocol has seen greater than a trillion {dollars} of quantity move by means of it.
Uniswap at the moment boasts a day by day quantity of $1.4 billion—3 times as a lot as that of its closest competitor, Pancakeswap ($500 million), and nineteen instances greater than that of the second greatest decentralized alternate on Ethereum, Sushiswap ($71 million). It reached an all-time excessive day by day quantity of $8.8 billion on Nov. 10, 2021.
It additionally sports activities greater than $5.9 billion in complete worth locked (TVL) throughout Ethereum, Polygon, Optimism, and Arbitrum, whereas Sushiswap and Balancer at the moment every have $2.1 billion, Bancor $631 million, and 1inch $10 million. The one protocols to have extra worth locked are lending protocols akin to MakerDAO ($9.7 billion), Curve ($9.1 billion) and Aave ($8.6 billion).
Uniswap’s all-time excessive TVL was $10.5 billion on Dec. 1, 2021. It hovered in a variety between $6 billion and $8 billion in TVL till the market downturn provoked by the Terra meltdown on Might 7.
Regardless of these spectacular metrics, the market capitalization of the protocol has been in a gentle downtrend for greater than a yr. Uniswap’s absolutely diluted market cap all-time excessive was $33.3 billion in early Might 2021, with its UNI token reaching $42.33. In the present day, its absolutely diluted market cap is at $5.3 billion, and its token value at $5.49.
This isn’t distinctive to Uniswap. As Crypto Briefing has reported, your complete DeFi sector has been buying and selling in a bear market since early Might 2021 regardless of retaining or bettering fundamentals. Even prime protocols have misplaced over 80% of their worth. UNI is at the moment down 87% from its all-time excessive.
Nevertheless, the market downtrend has left the Uniswap group undeterred. On Might 23, it voted nearly unanimously to launch the protocol on two different blockchains, Gnosis Chain and Moonbeam Community.
Disclosure: On the time of writing, the creator of this piece owned ETH and different cryptocurrencies.
