DeFi adoption booms as Uniswap processes over 100,000 transactions per day

DeFi adoption

Uniswap’s recent announcement that it processes about 100,000 transactions daily confirms that DeFi adoption has grown considerably.

As far back as 2018, the platforms couldn’t tie down major projects as digital assets traders preferred centralized platforms over them due to their cost and time efficiency.

Looking into the decentralized platforms’ activities in the past months, they have witnessed a massive concentration of projects on the Ethereum platform.

Uniswap leads the DeFi adoption race, CEO says

Uniswap has consistently pushed DeFi adoption as traders across the crypto market have been forced to abandon leverage trading. Based on recent statistics, Uniswap has hosted the majority of the DeFi projects hosted on the Ethereum blockchain.

This development means that many traders have moved to Uniswap, hence the growing popularity that the DeFi sector has enjoyed.

In the words of the Uniswap CEO, Hayden Adams, as a result of the interest of traders, Uniswap, now verifies and completes 100,000 transactions in a day. As a result of the massive transaction processed by Uniswap, its daily trading volume is $100 million.

Uniswap plans to develop V3 to shake the DeFi sector

The success of Uniswap is coming after the outfit finished a funding round, which totaled around $11 million, which was raised in a Series A funding.

The funding round was championed by Anderssen Horowitz, amongst other high-value investors. With the funds, Uniswap aims to hire experts in respective fields like developing, which is a crucial aspect of building the Uniswap V3.

If this version is completed, Uniswap will look to get more traders into its platform, which would bring about massive DeFi adoption across the market.

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Kamsi King

Written by Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.