Uniswap tops $50B in lifetime volume, but where’s it coming from?

CoinTelegraph

Leading decentralized exchange Uniswap has surpassed $50 billion in all-time trade volume, a major milestone for the DEX sector.

On Dec. 15, Uniswap creator Hayden Adams tweeted data indicating the platform has processed a life-time volume of $51.7 billion across 26,000 unique trading pairs — equating to nearly $2 million per pairing on average.

If Uniswap were to maintain its recent volumes of $10 billion per month over the past three months, Adams estimates the platform would exceed $1 trillion in life-time volume in eight years.

How To Get Free Crypto  

Some from the crypto community have expressed skepticism regarding the source of much of Uniswap’s volume — with the platform featuring no KYC, and no vetting process for listed tokens.

Twitter user ‘cyber_hokie’ insinuated that much of the platform’s volume came from darknet markets, money laundering, and wash-trading — although Uniswap’s fixed fee schedule would make wash-trading cost prohibitive.

The platform has been a destination for ill-gotten funds. In September, the hacker who stole $200 million of crypto from Hong Kong-based exchange KuCoin sent $1.2 million worth of SNX to Uniswap for laundering, intensifying concerns regarding the potential for criminal actors to abuse the platform.

Twitter user ‘QueenCryptoCat’ speculated that “half” of Uniswap’s volume may have been generated by tokens that ultimately comprised little more than ‘rug-pulls,’ asking:

Coinbase Banner  

“Is it possible to break down the rug v. vs legitimate volume?” 

Since launching its second “V2” iteration on May 18, Uniswap’s total value locked has skyrocketed from $36.5 million to rank as the fifth-largest DeFi protocol with $1.37 billion today, according to DeFi Pulse.

Uniswap has faced constant competition from forked clones and “vampire attacks” seeking to siphon away its liquidity, with rival automated market maker SushiSwap currently ranking behind Uniswap as the sixth-largest DeFi project with $1.07 billion under management.

According to Dune Analytics, Uniswap represents 59.5% of weekly DEX volume, followed by 0x with 12.9%, SushiSwap with 11%, and Curve with 10.2%.

Weekly DEX volume: Dune Analytics

Uniswap also dwarfs its opponents by number of traders, with more than 101,000 unique addresses interacting with the protocol in the past seven days. SushiSwap ranks second with 3,392, followed by Kyber with 1,662, Curve with 982, and 0x with 859.

FreeBitcoin Banner  

The highly anticipated Polkadot-native DEX Polkaswap may also emerge as a major competitor to Uniswap in 2021, although an estimated release date for the project is currently unknown.

Go to Source
Author: Samuel Haig


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.