One of the largest smart contracts platforms based on the Ethereum blockchain, Uniswap has displaced US exchange, Coinbase in terms of its daily crypto trading volume.
According to statistics of the daily crypto trading volumes calculated over the course of a day, Coinbase was said to have processed about $370 million worth of transactions.
Taking a look at the major markets that are comprised of the said volume, first is leading digital asset Bitcoin, Ethereum, and buzzing coin, Orchid. Uniswap witnessed their highest ever daily transaction volumes as they processed transactions worth $440 million over the duration of a day. Uniswap cannot alter its trade volume because they are directly on the blockchain.
Top coins responsible for high crypto trading volume
If Uniswap tries to fake its crypto trading volumes, there would be massive costs attached because the fees required to complete a transaction on the blockchain has skyrocketed.
With this in mind, it means that all the daily volume is real as Uniswap boasts of high-grade projects on its blockchain. The majority of the tokens on the Uniswap protocol are popular tokens hence the level of participation by many traders. Other tokens on the blockchain that are just coming up are Cream here and ZZZ. Presently, there are about 200 coins present on the Uniswap blockchain.
Traders on the Uniswap blockchain might be prone to scam tokens
Any broker can add their program on the Uniswap protocol which can be good and very bad tokens. It is little wonder that they are scam projects on the Uniswap blockchain and have very high crypto trading volume. If a user decides to venture into this space, he would need to have done mountains of research in order not to fall prey to scam projects.
Access should not be granted to projects to be able to access a user’s metamask wallet so as not to be a victim of theft. It should be noted that most traders have two wallets where they keep their trading coins and where they put their real coins.