The crypto market has seen several upheavals since 2022, but Uniswap has maintained its place in the defi field. It is remains the world’s largest decentralized exchange, with over $4 billion in total locked value (TVL) across all blockchains.
Uniswap Labs claims Dune Analytics statistics indicating that the platform surpassed $1.5 trillion in trading volume in April. Due to the implementation of harsh laws in the United States, as well as the collapse of the centralized exchange FTX, investors have flocked to decentralized platforms.
For the second month in a row, the platform trading volume has exceeded Coinbase’s. The recent Pepe meme trend is another reason that has contributed to Uniswap’s success. This issue has fueled interest in non-fungible tokens (NFTs), which are one-of-a-kind digital assets held on the blockchain. With many users flocking to the platform to buy and sell these assets, the platform has been at the forefront of the NFT boom.
Uniswap‘s daily active users have risen to approximately 85,000, a significant increase from May 2021. This increase comes just a week after the site announced the release of a mobile wallet app to help push Defi use. This wallet solution allows customers to purchase cryptocurrencies with a 2.55% fiat on-ramp cost. It also enables users to exchange currencies on popular DeFi platforms like Polygon, Arbitrum, and Optimism.
The strong trading volume of the platform demonstrates the growing popularity of decentralized exchanges as well as the demand for more open and transparent trading platforms. It will be interesting to observe how Uniswap and other decentralized exchanges continue to disrupt the existing financial system as the bitcoin market evolves.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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