Uniswap is struggling with DEXs making headlines with increasing volumes

UNI had many difficulties entering the spot market. In fact, they are trying very hard to hold onto 17th place, but on the other hand, Uniswap’s performance in DeFi is slowly becoming an interesting story.

UNI 4-hour price table | Source: Tradingview

However, as Uniswap is slowing down, the rest of the decentralized exchange market (DEX) appears to be picking up pace.

Uniswap and DEXs

This week the DEXs did exceptionally well. While DeFi is still a burgeoning area of ​​the crypto space, it has made a lot of strides over the past few weeks.

Amazingly, total DEX trading volume soared 33.3% this week, surpassing the $ 43.8 billion mark. Unsurprisingly, PancakeSwap rose the most (56.71%). Even if Uniswap achieved a solid volume of 40%, the number of network participants has decreased somewhat.

DEX trading volume | The source: Coin98

In fact, the number of daily active users of Uniswap V2 suddenly increased to 55,000 about 2 weeks ago. Since then, the index has fallen back below 40,000. Additionally, overall liquidity also decreased, which resulted in Sushi and PancakeSwap taking the lead.

Number of active users of the DEX | Source: Coin98

Also, the interesting observation is that, despite having a higher TVL and significantly more users, most of the top DEXs are not as popular. In fact, with the exception of Pancakeswap and Uniswap, none of the top DEXs made it into the top 10 list by social signals.

DEXs by popularity | The source: CryptoRank

Leading this list are names like Shibaswap, Babyswap, LZswap, .. and their total value does not exceed $ 900 million. This shows that the community is still obsessed with the SHIB and DOGE trend.

In particular, it doesn’t matter whether DOGE or SHIB fall, as one of the eponymous assets / protocols seems to be dependent on their social presence. In addition, many other relevant protocols are likely to use the same promotion. However, the community always seems to focus on popularity rather than functionality.

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Minh Anh

According to AMBCrypto

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