Uniswap Dominates Decentralised Market

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By A D

Uniswap, the world’s largest decentralised exchange, has reached yet another milestone, surpassing $1.5 trillion in cumulative trading volume. Uniswap’s trading volume has grown by more than 1,000% since the beginning of the year. In march alone, Uniswap recoded trading volume of $70 billion. This achievement is a testament to the explosive growth of decentralised finance (DeFi) and Uniswap’s position as one of its major players.

The DeFi ecosystem has seen incredible growth in recent years, with decentralised exchanges at the forefront of the movement. Uniswap has been a key player in this ecosystem, providing traders with a decentralised platform to exchange tokens in a trustless, peer-to-peer manner. It has recorded over $4 billion in total value locked (TVL) across all blockchains.

Recently, Uniswap’s daily active users increased to close to 85,000, a remarkable high since May 2021. One of the most notable is the rise of “meme coins” such as Dogecoin and Shiba Inu, which have generated a tremendous amount of interest and trading activity on the platform. One meme coin that has seen particular success on Uniswap is Pepe Mania, which has surged in popularity in recent weeks.

Read: Meme Coin Frenzy: PEPE Takes the Market by Storm

The UNI token has also been performing fairly well. It has maintained a steady bullish momentum , up over 16% in a week. The support for the UNI/USD pair is at $5.25, which is well above the average volume for this pair and suggests there is some strong buying pressure among traders.The market capitalization for UNI/USD currently stands at $5.46 billion.

the interface of uniswap mobile app
The Uniswap mobile wallet app allows users to trade on Uniswap and swap on other decentralised exchanges.
Image Courtesy:Uniswap

In addition to its impressive trading volume, Uniswap has seen a number of significant developments in recent months. The decentalised exchange launched their mobile wallet app. The Uniswap mobile wallet app allows users to trade on Uniswap and swap on other decentralised exchanges and manage their cryptocurrency holdings all in one place.

However, Uniswap’s position as a leader in the DeFi space is not without its challenges. The recent expiration of the protocol’s BSL license has opened the door for other projects to fork the code and create their own decentralised exchanges. This development could lead to increased competition in the space and pose a threat to Uniswap’s dominance.

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