Uniswap X Surpasses $1 Bln In Trading Volume, UNI Price Up 24%

Uniswap X, the permissionless and open-source protocol for trading across Automated Market Makers (AMMs) and other liquidity sources, has reached a milestone, with its cumulative trading volume surpassing $1 billion since its launch in July this year.

Market makers Wintermute and Tokka Labs have consistently dominated, accounting for 60%-80% of the daily trading volume.

New Fillers Taking Over On Uniswap X

Despite the current Defi market domination, there is room for new and different players to emerge on top. In a noteworthy event, a recently onboarded Filler on Uniswap X claimed the top spot within the past month.

Currently, there are 15 active Fillers, with 4 more onboarding. The competition among Fillers is intensifying, raising questions about the optimal number of Fillers to achieve the best price and the shortest transaction time.

In the last month, a new Filler disrupted the status quo by capturing over 50% of the volume since its onboarding, dramatically reducing the 2nd filler’s share from 90% at the launch to approximately 20%. The 3rd Filler also commands around 20% of the trading volume, and notably, all three top performers are market makers.

A market observer and an X user initiated the conversation by sharing a spicy take, questioning the competitiveness of pricing when just a few market makers supply a significant portion of the volume. The ongoing criticism of Request for Quote (RFQ) in DeFi, where 2-3 market makers often dominate volume, raises intriguing considerations about the overall competitiveness of pricing.

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Uniswap Surges As Defi Market Hits 14-Month High

Since the latest crypto bullish wave, Uniswap (UNI) has been the best-performing top coin. Over the last seven days, the Uniswap price has increased by around 24%, from roughly $5.09 to $6.35.

The transaction lifted UNI’s market value to $4.8 billion, its highest level since August. UNI is currently valued more than Bitcoin Cash (BCH), but it is still 86% less than its all-time high, which reached its peak in 2021.

Additionally, it has been seen that token holders are cutting out a profit after the price jump. As per Lookonchain data, user stevu.eth withdrew a substantial amount of UNI tokens from Binance, holding a sizable amount valued at $3.18 million.

Talking about the whole Defi market, the ecosystem is blooming. As of November 2023, the total Defi market cap resides at $58 billion according to TradingView data. The Defi market hit the valuation 14 months after the previous Defi bubble in 2022.

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