Uniswap’s 7-day trading volume stood at $9.7 billion during this publication. That saw it extending its dominance in the decentralized exchange (DEX) market.
Furthermore, Uniswap exceeded Coinbase in trading volume recently. That also confirms the flourishing reputation of DEXs within the industry. Nevertheless, does Uniswap has all it takes to conquer challenges from rivals like Curve Finance?
Up – The Only Way
The latest on-chain data has solidified Uniswap’s market dominance. The platform recorded a 1920 new user milestone this year in May (despite the second-quarter ambush). The protocols saw nearly 2K new users on May 7 and 8 before drastic plummets emerged as Ethereum recorded relentless declines.
Nevertheless, July confirmed user growth, with network activity growing multifold during this phase. Meanwhile, the average user noted steady growth, increasing to 100. Nearly 6 million users swapped tokens. About 1/3 of these (1.92M) utilized Uniswap V3, whereas 96% (1.86M) only traded.
Meanwhile, only 3% of Uniswap V3 swappers delivered liquidity. 2% of overall liquidity providers offered liquidity but didn’t utilize the swap functionality. Uniswap V3 has seen substantial NFT trades increase since Q3 started. The trading volume surpassed 533K during mid-July sessions, printing a new milestone recently.
The week under review matched with Blockchain.com introducing UNI on its network. Furthermore, UNI has enjoyed increased whale accumulation lately. Whale Stats data shows UNI overtook INU as the highly traded altcoin among top-500 ETH whales.
UNI’s Stand
While publishing this post, UNI traded near $8.25, following bullish activities that triggered a 22.5% surge this week. That puts the alternative token approximately 150% high from its 2022 lowest mark. Nevertheless, UNI witnessed a rare plunge this week, losing 5.64% within the past 24 hours.
Meanwhile, the crypto spectrum sees bearish tendencies after the latest impressive upticks. The global cryptocurrency market cap dropped 3.09% over the last day to $1.05 trillion, confirming slides by most tokens. Bitcoin declined by 166% in the 24 hours to trade at $22,919.68.
That welcomes declines in the altcoin market, with Ethereum dropping 5.76% over the past day. While publishing this content, Ethereum struggled to retain $1,600, changing hands at $1,588.
Editorial credit: Vladimka production / shutterstock.com
