Uniswap hits record volumes on Friday with some interesting tokens such as Tendies, contributing, and skyrocketing at the same time. Following the latest altcoin news we can see that the decentralized exchange Uniswap made an outstanding performance so let’s read more.
Uniswap hits record volumes today, while it was launched in 2018 as a smart contract protocol that allows for a new automated token exchange on Ethereum. Even though the exchange is nearly two years old, its popularity came only this year as the DeFi space attracted a lot of retail and institutional investors. It has already eclipsed some of the top crypto exchanges in the United States in terms of trading volumes. The Ex-Messari product lead Qiao Wand said that Uniswap’s volumes surpassed the ones of Binance, Poloniex, and Gemini combined.
Uniswap did $126M volume last 24 hours. This is 1/3 of Coinbase. 1/2 of Kraken. More than Gemini, Polo, and Binance US combined.
Pretty incredible TBH.
— Qiao Wang (@QWQiao) July 31, 2020
The exchange did more than $155 million in total volume and compared to that, Gemini did $51 million, Binance US $38 million, and Poloniex $56 million according to the data from CoinGecko. The figures show that the DEX reached a massive one-third of the volume that Coinbase with $563 million did back in July and half of Kraken’s $330 million. Both of them are US-based companies for crypto trading known for their regulatory approach to digital assets and attracting an elite clientele.
🐔Poloniex is honored to list the future of fried crypto – Tendies ($TEND) will be listed this weekend. 🍗
— Poloniex Exchange (@Poloniex) August 1, 2020
Most of this volume can be attributed to the current Defi frenzy and yearn.fianance as well as Compound and synthetix, locking up assets on a certain protocol to earn interest up to 1000% which has been a huge factor. The rise of Uniswap and the allure of making millions attracted a lot of dubious projects on the market as yesterday a token called “Tendies” TEND did about $7 million on the platform, reaching a top-five in total volume. TEND is now priced at $0.69 with an increase of 320 percent in the past three days but despite the name, issuers see it as the “next-generation autonomous and hyper deflationary coin.” 51% of TEND tokens are burned per day, creating a token model supporting massive price swings:
24 hour volume:
Coinbase – $464M (or $240M if you exclude BTC)
Uniswap – $105M
Coinbase – valued at $8bn (last round)
Uniswap – 🦄
— Santiago R Santos (@santiagoroel) August 1, 2020
Despite the millions of dollars in VC funds supporting it, Coinbase is among the most notorious platform among crypto traders for its downtimes wherever BTC prices drop or rise by a few percentages in a short time. With the likes of Uniswap, CeFi exchanges could soon be forced to up their game.
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