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.
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.
Also Read: BitMEX Founder Arthur Hayes Predicts Impending BTC Price Rally, Here’s Why
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.
Also Read: Elon Musk’s X Faces Potential $75 Mln Ad Revenue Loss Amid Major Brands Exiting
Ethena Labs has secured fresh funding from ArkStream Capital as it expands its ecosystem in…
The U.S. Securities and Exchange Commission has launched a task force designed to tackle cross-border…
Justin Sun Justin Justin Sun responded to World Liberty Financial freezing his wallet by promising…
Michael Saylor's Strategy (NASDAQ: MSTR) missed the inclusion in the S&P 500 index on Friday,…
MARA announced that it now holds $5.9 billion worth of Bitcoin. This cements its position…
The U.S. Senate Banking Committee has released an updated version of the draft Crypto Market…