The massive increase in breeding activity associated with sushiSwap and similar protocols has led to Uniswap becoming the first decentralized exchange (DEX) with a 24-hour trading volume exceeding $ 1 billion.
According to cryptocurrency aggregator CoinGecko, Uniswap V2 is currently the third largest exchange with a regular volume of $ 1.02 billion in ERC-20 tokens that were traded on the last day.
CoinGecko ranked Uniswap below Binance and OKEx, which account for $ 6.25 billion and $ 1.10 billion in intraday trading, respectively. The decentralized exchange is now launching large centralized platforms such as Coinbase Pro, Huobi Global, and Bitfinex.
The boom in cashback transactions also saw Uniswap suddenly become the highest decentralized finance (DeFi) protocol in closed-end funds worth $ 1.69 billion, accounting for 18.05% of the total closed smart contracts for the sector under DeFi Pulse. …
Divi Plus has Uniswap at # 1
However, analysts predict that Uniswap’s dominance may be short-lived, as competing forks create strong incentives for liquidity providers to proliferate quickly in recent weeks.
SushiSwap, the unedited spike of Uniswap, raised $ 1.47 billion in closed-end funds through what many call a “vampire attack” designed to get money out of Uniswap.
Competing platforms offer strong incentives allowing farmers to bet on LP tokens – tokens provided to Uniswap liquidity providers – on their platform, as well as transferring funds from the flagship DEX. As a result, LP tokens were withdrawn to SushiSwap, which currently represent over 72% of the total money locked on Uniswap.
Sushi Swap isn’t the only platform looking to soak up Uniswap’s liquidity, with similar unaudited Uniswap forks like yuno.finance and Hotdogswap, pizza funding, and kimchi bait producing farmers with projected returns sometimes in excess of millions of percent. Despite immediate attention, the original Hotdogs token dropped from $ 4,000 to $ 1 in just five minutes before today.
Uniswap will also face increasing competition from decentralized exchanges targeting the tokens of rival networks, including the upcoming Polkaswap platform.
According to CoinGecko, the JustSwap (TRX) Tron platform recently became the second largest DEX with nearly $ 200,000 in daily trading. However, some analysts believe JustSwap could be overstated by the laundry business, artificially raising its rating.