Decentralized exchanges (DEXes), especially Uniswap, are seeing increased trading activities in their platform as many people flock to DeFi to grab high APY tokens. More yield farming projects are being introduced almost every day, with their tokens being traded on Uniswap. Amid the trend, Uniswap daily trade volume recently crossed the $1 billion mark.
Uniswap daily trade volume exceeded $1 billion
According to the market report from the cryptocurrency data aggregator, CoinGecko, Uniswap daily trade volume crossed the one billion mark to as high as $1.1 billion on Wednesday. At the time, the leading decentralized exchange could rank as one of the largest exchanges, just after Binance and OKEx which saw $6.25 billion and $1.10 billion respectively.
Again, Uniswap daily trade volume surpassed that of popular centralized cryptocurrency exchanges like Coinbase Pro, Bitfinex, including Huobi Global. Although at the moment, Uniswap daily trade volume has shaded about over $100 million, as it sits at exactly $949,614,122, it doesn’t dispute the fact that the decentralized exchange is performing well.
Data from DeFi Pulse shows that $1.77 billion has been locked in the protocol. This value has ranked the decentralized exchange as the highest DeFi protocol on DeFi Pulse, outperforming the likes of Maker, Aave, and Curve Finance. Meanwhile, Uniswap has a market dominance of 19 percent in an industry where $9.34 billion in assets has been locked.
Notably, the increased trading activities in Uniswap can be related to the booming yield farming market. However, many people fear that Uniswap might be overthrown by its rivals, who are offering liquidity providers their high incentives tokens. For instance, SushiSwap, which recently forked from Uniswap is providing liquidity providers with its high yield token dubbed Sushi.