Uniswap (UNI) Becomes Top DeFi DEX, but Here Is the Problem

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The latest cryptocurrency credit crisis revealed DeFi protocols’ resilience compared to centralized lenders. Uniswap is among the platforms that stayed afloat amidst current intense market situations. Let us dig deeper.

Up & Away

Uniswap took a massive blow during the latest crypto winter, similar to the overall cryptocurrency sector. However, the recent relief phase with lucrative data had the protocol growing. The latest stats discovered Uniswap’s market shares in connection to Coinbase neared a 50-50 split.

Recently, Uniswap outperformed Curve as DeFi’s decentralized exchange with the leading TVL (total value locked). Uniswap is the top decentralized finance DeFi after outshining Curve Finance. Interestingly, Curve has led this metric for over one year until May. It plunged after immense losses.

Uniswap’s total value locked has declined 24% since May, whereas Curve noted a 69% plummet. That confirms enormous Curve’s withdrawals amidst the crash, ultimately helping the Uniswap protocol.

Also, Uniswap dominated the volumes processed by ETH decentralized exchanges. Uniswap V2 & V3 account for 65% of the overall Ethereum decentralized exchanges market. That represents nearly $9.6 billion volume processed within the previous week alone.

Now there’s Uniswap’s total revenue since July 2021. Though the month hasn’t ended, downtrends appear visible following the May 2022 slump. That also shows the deteriorating conditions of DeFi decentralized exchanges amidst the crypto winter.

Wait, There’s More

Latest WhaleStats data shows Uniswap has attracted whale activity. The update revealed that Uniswap is among the most utilized ‘smart’ contract protocol by the leading 1,000 Binance whales on July 24.

However, UNI didn’t show positive growth over the previous week. The native coin declined by 1.97% within the past seven days to change hands at $7.02 during this publication. That comes even with the market’s relief rally.

Meanwhile, the crypto market revealed downturns over the past days, with most digital coins recording overnight losses. While publishing this content, the global cryptocurrency market capitalization slid to $1.01 trillion, following a 3.52% drop within the past day.

On the other past, the crypto volume gained 4.40% within the past day to $65.44 billion. Meanwhile, total DeFi volume stands at $5.84 billion, an 8.92% of the overall crypto market’s 24hr volume.

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