Journalist
Posted:
- Uniswap has surpassed $1.7 trillion worth of swaps.
- UNI made attempts to recover but to no avail at the time of writing.
According to a recent update from Uniswap [UNI]the protocol has successfully achieved a trading volume of over $1.7 trillion. The figure represented the total number of swaps performed on the platform across all versions of Uniswap.
This performance is particularly notable given the recent absence of significant movements in daily volume.
Uniswap volume increases in November
Based on DefiLlamas analysis of Uniswap’s daily volume, no major changes have occurred recently. The graph showed a consistent trend with no significant events.
However, there was one in March, when the network saw significant activity. The increase in the number of students led to a daily volume of more than $13 billion. Subsequently, volume stabilized but maintained a respectable trend.
Notably, there was a resurgence in volume around November, when it reached $1 billion. At the time of writing this amounted to more than $1.2 billion.
TVL approaching YTD high
In 2023, performance in the broader cryptocurrency market has been sluggish. This trend was also evident in Uniswap’s Total Value Locked (TVL), which showed an upward trajectory, per DefiLlama.
In January, TVL started at around $3.3 billion and fell to around $3 billion in October. However, in November there was a shift in this pattern, marking the beginning of an upward trend.
At the time of writing, TVL was approximately $4 billion, reflecting an increase of almost $1 billion since the beginning of the year.
UNI is fighting to regain the losses
AMBCrypto’s evaluation of UNI’s price on Santiment showed there were no significant milestones. The chart shows that UNI has struggled to maintain its price level, which has remained around $6.
The challenge was clearly reflected in the observed decline, making it a task to maintain this price range.
Source: TradingView
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After a notable loss in the previous trading session, there were indications that attempts were being made to claw back some gains. At the time of writing, UNI was trading around $6.1, reflecting a slight increase of over 2.5%.
Furthermore, as of the last update, the Relative Strength Index (RSI) was above 50. Despite being in a bullish trend, it is worth noting that the strength of this trend was not particularly strong.