The DeFi search continues to rage as the total number of DeFi users has surpassed 400,000. The monthly volume on DEX has increased 60 times in August.
Uniswap is the dominant platform accounting for 57% of users. The cumulative volume on DEXs in the last 30 days is more than $10 billion. Uniswaps’ weekly volume has risen 287 times since the beginning of June.
Uniswap is a decentralized exchange (DEX) which uses an auto-marketer technique. It utilizes liquidity pools which calculates the price based on the smart contract rather than buyer and seller side equivalence.
The total value locked in Uniswap pool has crossed $1 billion, currently at $1.08 bln. The Uniswap index on FTX has surged from $27,000 to $34,000 since the launch a 25% surge.
As reported earlier on Coingape, $UMA and $Sushi are gaining considerable momentum since last week. Sushiswap is the distant second of Uniswap, however, is gaining a lot of adoption. DeFi Framer John (alias) tweeted,
At current daily Uniswap volume, $90,000,000 a year would be going to @SushiSwap $SUSHI holders via the 0.05% take. P/E at 100mn sushi would be 3.7.
However, the extraction of rent without directly providing liquidity comes with its own risks. Hasu, a crypto researcher for Deribit tweeted,
the reason is that the job of a DEX is actually extremely simple, there is no place for governance, and therefore no justification for rent extraction.
Currently, the volume on Uniswap is comparable to top centralized exchanges including Coinbase. Moreover, innovation and development around these projects is unprecedented. Two of the most important developments in the last 24 hours have been lauch of yETH vault on yEarn and insurance offering.
Yinsure.finance will be offering insurance on their platform by Nexus Mutual, which eliminates a lot of risk from the investing.
Do you think Uniswap is better than SushiSwap? Please share your views with us.
Pro-crypto Mike Selig is reportedly the frontrunner to become the next chair of the U.S.…
Nate Geraci, president of Novadius Wealth Management, has predicted that several crypto ETF filings could…
Bitcoin-backed stocks of Strategy can now be accessed on Robinhood. This represents a significant move…
The Bitcoin ETFs have seen a huge turnaround this week, recording their largest weekly inflows…
Shiba Inu’s Layer 2 network, Shibarium, has returned online following a $4 million exploit that…
FLOKI has announced the launch of the first BNB chain exchange-traded product (ETP) in Europe.…