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Uniswap TVL more than doubled as it claims top DeFi spot with UNI launch

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The introduction of Uniswap’s token (UNI) unarguably stole the most attention on the decentralized finance (DeFi) industry, raising the decentralized exchange (DEX) as the largest protocol. In fact, Uniswap TVL, or Total Value Locked, has more than doubled from the token launch date to the present, according to the data shown on DeFi Pulse.

Uniswap TVL shoots up to $1.7 billion

Prior to the UNI launch, Uniswap TVL was sitting around $786.682 million. However, the entire value locked in the protocol began rising from the launch date, which is September 17. Currently, $1.789 billion has been locked in the protocol. This entails that more than $1 billion in value (Bitcoin, Ethereum, and DAI) was added in the protocol within a period of two days.

For the assets, Ethereum locked in Uniswap grew from 1.089 million on September 16 to 2.352 million at the moment. This represents about two percent of the current Ethereum supply in circulation. In the same period, the total number of Bitcoin on Uniswap TVL increase from 2.256K to 18.169K, while the number of DAI increase from 25.002 million to 153.418 million. 

UNI token: A boost for Uniswap

One can easily say that the introduction of the UNI token had a significant impact on Uniswap TVL. From the stats, the protocol climbed to DeFi’s top spot, becoming the largest protocol in the industry with a dominance rate of about 19 percent.

The token in question garnered a relatively huge point after it launched. Later on September 17, the token reached a peak at $4.08, which was about $2 increase from the initial price at $1.76. Currently, the UNI token trades at $6.83 on CoinGecko. The all-time high (ATH) is currently $8.40, which was recorded about 12 hours ago.

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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