A dramatic increase in revenue activity related to SushiSwap and similar protocols has led to this Uniswap is the first decentralized exchange (DEX) with a trading volume exceeding $ 1 billion in a 24-hour period.
According to the cryptocurrency data aggregator CoinGecko Uniswap V2 is currently the third largest exchange by normalized trading volume with a normalization volume of USD 1.02 billion. in ERC-20 tokens that changed hands on the last day.
CoinGecko ranks Uniswap under Binance and OKExThis equates to $ 6.25 billion and $ 1.1 billion daily trading respectively. The decentralized exchange now outperforms major centralized platforms like Coinbase Pro, Huobi Global, and Bitfinex.
The boom in productive agriculture has also led Uniswap to suddenly become the premier Decentralized Financial Protocol (DeFi) for $ 1.69 billion in secured funds.That equates to 18.05% of the total insured value in the industry’s smart contracts, according to DeFi Pulse.
However, analysts predict that the Uniswap dominance can be short-lived as competing forks provide extreme incentives to liquidity providers that has increased rapidly in the past few weeks.
SushiSwap, an unaudited arm of Uniswap, has already attracted $ 1.47 billion in insured funds through what many refer to as a “vampire attack” designed to suck up Uniswap’s liquidity.
Rival platforms provide extreme incentives for high yield farmers to withdraw To set LP tokens, the tokens made available to Uniswap’s liquidity providers on their platform migrated the main DEX’s liquidity. Due, LP tokens grown on SushiSwap currently account for over 72% of the total funds secured on Uniswap.
SushiSwap isn’t the only platform looking to derive liquidity from Uniswap;; There are similar unchecked uniswap forks like yuno.finance, hotdogswap, pizzafinance, and kimchi that attract high yield farmers with yields in excess of a million percent. Though local token hot dogs quickly caught attention, it fell from $ 4,000 to $ 1..
Uniswap will also face increasing competition from decentralized exchanges that focus on tokens from competing networks., including the upcoming polka swap platform.
The platform JustSwap, linked to Tron (TRX), recently emerged as roughly the second largest DEX USD 200,000 in daily tradingaccording to CoinGecko. However, some analysts believe that JustSwap’s volume could be inflated by laundry, which artificially boosts ratings.