The decentralized exchange (dex) Uniswap has seen a massive amount of trade volume during the last seven days. Following Uniswap’s rapid increase in global trade volumes, the platform’s founder Hayden Adams celebrated the dex outpacing the centralized exchange Coinbase’s volumes this past weekend.
News.Bitcoin.com recently reported on the decentralized finance (defi) economy’s total value locked (TVL) assets nearing $8 billion in value. While a mad rush toward defi coins and applications has been taking place during the last few months, dex trade volumes have been soaring.
Data from Dune Analytics shows that close to $11 billion has been swapped on dex platforms like Uniswap, Curve, Balancer, and 0x. But Uniswap is commanding most of the trade volume and on Monday the exchange captures 62.8% of all dex swaps.
This past weekend Hayden Adams, the creator of Uniswap, tweeted about the massive trade volumes that have been settled on the platform in recent days. “Wow, Uniswap Protocol 24-hour trading volume is higher than Coinbase for the first time ever,” Adams said. “Hard to express with how crazy this is,” the Uniswap founder added.
Defi proponents congratulated Adams and said: “Huge congrats to Uniswap team – When NYSE flippening?”
On Monday, August 31, Uniswap is still capturing significant trade volumes with $537 million swapped during the last 24 hours. Uniswap captured over $2 billion in global trade volume during the last seven days.
The number of Uniswap traders (unique addresses that traded, maker and taker) on Monday is roughly 78,027. The two dex applications that trail behind Uniswap include Curve and Balancer respectively.
Curve captured 16.6% of Monday’s dex trade volume with $71 million in global swaps. Balancer has 8.71% of today’s global dex trade volume and has seen $66 million in trades. Most of the other dex platforms behind Uniswap, Curve, and Balancer only represent 1-3.38% of the dex swaps on August 31.
These smaller dex platforms in terms of trade volume include 0x, Kyber, Dydx, Idex, and Synthetix.
Uniswap is essentially two smart contracts on Ethereum and an open-source market that allows for onchain market maker swaps. Uniswap allows traders to utilize lists of ERC20 token pairs that they can swap for in a noncustodial manner.
The platform supports coins like ETH, MANA, BAT, WBTC, YFI, DAI, KNC, LEND, MKR, USDT, USDC, and more. The aggregate of all the dex platforms has seen $22.7 billion swapped in the last 12 months and a 107% increase in 30 days.
Much of these trades are taking place on Uniswap and this trend doesn’t seem to be abating anytime soon.
What do you think about Uniswap’s massive volume in recent days? Let us know what you think about this subject in the comments section below.
The post Defi Platform Uniswap Outpaces Coinbase Pro in Global Trade Volume appeared first on Bitcoin News.
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