UNI’s trading volume surpassed $100 billion as of today and Uniswap became the first decentralized finance trading platform to generate this huge amount in volume as the protocol founder Hayden Adams announced so let’s read more about our latest altcoin news.
UNI’s trading volume made Uniswap the first decentralized platform that is able to process over $100 billion in volume which is an exciting milestone for DeFi as Adams noted. The milestone is a logical continuation of the DeFi Boom which started back in 2020. Uniswap’s rise to the top led to the platform surpassing Coinbase and other centralized trading platforms back in September. One trader dubbed CL noted:
“Second day in a row where Uniswap volume > Coinbase. This month, multiple DEXes like Curve, 1inch, Balancer, also have volume on par with big exchanges like Kraken, Bitstamp, Gemini, etc. Most of these CEXs have multi-billion valuations. ETH is still sub-50B mktcap.”
Second day in a row where Uniswap volume > Coinbase.
This month, multiple DEXes like Curve, 1inch, Balancer, also have volume on par with big exchanges like Kraken, Bitstamp, Gemini, etc.
Most of these CEXs have multi billion valuations.
ETH is still sub 50B mktcap.
— CL (@CL207) August 31, 2020
Uniswap’s monthly trading volume has reached $20 billion in January alone which only shows the strong potential and the growth of the sector. For comparison, the platform’s daily volume already surged to over $1.14 billion according to the data from CoinGecko. At press time, the total dollar value in Uniswap hit $4 billion as per DefiPulse.
— Hayden Adams 🦄 (@haydenzadams) February 15, 2021
However, while Uniswap is one of the main players in DeFi today but its competitor is catching up. For example, the Binance Smart Chain ecosystem is also on the fast track to surpass Ethereum in terms of volume as one dapp in particular, Venus, generated $14 billion in transaction volume last month as per the recent report by DappRadar:
“Venus has become the biggest dapp on BSC in January with $14 billion in transaction volumes. Venus positioned itself in the number one position in terms of transaction volume, thanks to more than $24 billion in the last 7 days.”
The daily volume of Venus already surpassed $10 billion which is strong competition. As recently reported, The trading volume on Uniswap for Wrapped BTC records the highest volume ever of nearly $143 million. More than 166,000 BTC were transferred to the blockchain and the daily WBTC trading volume on Uniswap increased by 100x since September last year. 22Bitcoin’s price is close to the all-time high but this is not the only metric rising to record levels as wrapped BTC is trading on the Uniswap exchange and it is growing.
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