The DEX volume grows year-over-year and It gave birth to a variety of crypto market winners in the past year but not all grew as high as Uniswap did. The UNI token performed well but its dominance resulted in DEX volume growing more than 1000 times in one year so let’s read more in today’s crypto news.
The DeFi summer of 2020 put the category on the map and even created a new wave of altcoin all-stars. At the end of the hot trend, Uniswap debuted its UNI token as it increased 700% from the November lows. The demand for the token is soaring which signals that there’s something more happening on the platform and the investors know about it. Uniswap experienced a rise in the trading volume while the total DEX volume grew by over 1000 times in one year from $39.5 million to $43.5 billion as per the research by Arcane Research.
All of the major platforms increased along with the rising crypto market interest but few dominated as Uniswap did. The decentralized exchange volume broke down and Uniswap represented 46% of the total volume of $20 billion. The decentralized exchanges allow investors to swap a token for another via a privately-owned ETH wallet. The exchanges of this nature existed for some time but Uniswap’s take and features provided the allure that attracted investors to start using them. The brand and the fact that this is a thriving platform put the native UNI token in similar demand. The buying frenzy took the token to $13 up from under 1$ per coin.
What stimulated the growth was the platform’s token longevity that placed it at the center of the DeFi space. The decentralized exchange volume’s 1000x year growth is only proof of impact and it is only the start of the budding brand.
As recently reported, Perpetual Protocol is a Defi project offering a decentralized perpetual contract using the layer-two ETH scaling solution xDAi which emerged as the sixth-biggest DEX by weekly trading volume after it only operated for a month. Based on the data from Dune Analytics shared by Perpetual Protocol the DEX weekly traded volume of about $299 million will rank the project above Kyber, DyDX, and Synthetix below Balancer
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