DeFi protocols, in contrast to centralised lenders, proved their resiliency during the recent crypto credit crisis. Uniswap is one company that has survived despite the challenging economic climate.
Uniswap is Going Places
Like the rest of the cryptocurrency business, Uniswap was severely impacted by the recent crypto winter.
However, encouraging signs have been gathered during the present respite period, and growth has begun. More recent research has shown that Uniswap and Coinbase are now about evenly split in terms of market share.
Overtaking Curve as DeFi’s DEX with the greatest Total Value Locked, Uniswap has taken the lead. The market share held by Curve Finance has been overtaken by Uniswap, the main DeFi DEX. Until May, Curve had led the industry in this statistic by a wide margin.
Uniswap’s TVL has fallen by 24% since the beginning of May, while Curve’s has fallen by 69%. Massive withdrawals on Curve during the crash may have aided Uniswap, as suggested by this data.
In terms of the volume handled by Ethereum DEXs, Uniswap also demonstrates its preeminence.
65 percent of the Ethereum DEXs market is held by Uniswap V2 and V3, respectively. About $9.6 billion has been transferred via the protocol in the past week.
And there is further evidence that DeFi DEXes are in freefall this crypto winter.
But That’s Not All
Recent WhaleStats data shows that UNI is seeing widespread adoption among whales. An update reveals that as of July 24th, Uniswap was one of the most utilised smart contracts by the top 1000 Binance whales.
However, the UNI token has not been growing during the previous week.
At press time, the price of the native token was $7.01, down 1.97 percent from a week earlier. This occurs despite the market’s temporary upward trend on the news of relief.
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