Uniswap Grows By Nearly 470% In Less Than A Month

Ketaki Dixit DeFi News PublishedOctober 6, 2020 | ModifiedOctober 6, 2020

Uniswap Grows By Nearly 470% In Less Than A Month

DeFi has been the talk of the town and riding along is Uniswap Protocol, which has shown immense growth in recent weeks. The decentralized on-chain protocol on Ethereum continued to lead the pack in terms of the total value locked in, hitting a fresh all-time high of $2.38 billion yet again on the 6th of October. Despite a minor slip, the TVL continued to hover close to this level and at the time of writing, it stood at $2.28 billion.

Source: DefiPulse

The figures have grown exponentially since the massive drop on the 10th of September during which it registered a TVL of $401.377 million. Since then, the TVL has increased by a staggering 468.5%. This was followed by Maker with $1.82 billion and Curve Finance with $1.18 in total value locked, according to data from the crypto analytic platform, IntoTheBlock.

Source: IntoTheBlock

The price of Uniswap’s native token, UNI, on the hand, has failed to respond to the protocol’s popularity. Since the beginning of the month, the DeFi token has been on a consistent downtrend and hit a new low of $3.04, at press time, after a drop if 14.61% over the last 24-hours.

Exceeds Coinbase Yet Again

Uniswap’s monthly trade volume exceeded that of crypto exchange Coinbase. However, this was not the first time, that the world’s largest DEX came head-on with another popular CEX platform. Uniswap reportedly surpassed Coinbase Pro in terms of trade volume back in September. While this was a big new back then, which rose a sentiment of the growing DeFi dominance in a space dominated by centralized platforms, this time, however, not all were excited about it. Well-known crypto writer Zack Voell tweeted,

“I’m seeing lots of tweets celebrating Uniswap volume passing Coinbase volume. So an exchange with over 13,000 markets just barely passed the volume of an exchange with 93 markets? Incredible. Wow. If you want to support Uniswap, maybe pick better data comparisons Face with tears of joy.”

UniCats Alleged Scam 

Due to the growing popularity, Uniswap has attracted several imposters and fraudulent entities. According to Alex Manuskin, Researcher at crypto wallet ZenGo, an anonymous user reportedly lost $140,000 worth of UNI, to yield farming project UniCats. The victim lost 26,000 and 10,000 UNI that was worth around $94,000 and $38,000, respectively in two transactions. The tokens were then swapped for a little over 416 Wrapped Ether on Uniswap.

UniCats had several victims from which the platform allegedly siphoned off nearly $200,000 worth of crypto from them.

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Ketaki Dixit 94 Articles
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