Journalist
Posted:
- Four months after launch, Uniswap X volume reached $1 billion.
- Activity on the network has increased, but is now down.
According to information from Dune Analytics, Uniswap Based on the Dune dashboardthe milestone would have been impossible without the input of market makers Tokka Labs and Wintermute.
A market maker is an individual or entity involved in providing liquidity to the market. In return, the market maker receives profits from buying and selling.
The Uniswap [UNI] team launched Uniswap The mission of the permissionless trading protocol was to provide trading services to various Automated Market Makers (AMMs) and liquidity providers.
The big guns don’t play
AMBCrypto’s review of the data showed that Wintermute and Tokka Labs were involved in 60% to 80% of the total daily trading volume.
This increase means that there is an increasing demand for open-source trading protocols by market players. As expected, Uniswap continues to reign as the king of the Decentralized Exchange (DEX) sector.
Source: Dune Analytics
Even though Uniswap’s weekly volume fell, it still led the DEX cohort. However, there has been one notable change in the industry, and that was KyberSwap. KyberSwap is the main trading protocol of Kyber Network’s liquidity hub.
Over the past seven days, KyberSwap’s DEX volume increased with 4831%. As a result, 24-hour volume reached $966.15 million, which was close to Uniswap’s $1.22 billion. Should KyberSwap’s volume repeat this performance, Uniswap is at risk of losing its top position.
Additionally, a review of Dune Analytics’ data revealed that Uniswap’s gain was $115,030 on November 23. This value represents the highest daily turnover the protocol has achieved since early November.
Sales skyrocketed, but now…
The increase in revenue from then on implies that the protocol earned more trading costs. It also means an increase in the portion of fees collected from liquidity providers such as Wintermute and Tokka Labs.
Source: Dune Analytics
Around the same period, active addresses on the Uniswap network rose to a monthly high. Active addresses show the level of interaction users have with a project. The increase therefore means that there was an increase in the number of transactions.
However, press time data showed that the statistic had decreased, indicating a decrease in network activity.
In terms of network growth, Santiment showed the metric dropping to 120. Network growth shows the number of new addresses participating in transfers.
Realistic or not, here it is UNI’s market cap in ETH terms
If network growth increases, it means there is an increase in traction. However, Uniswap’s network growth slowed, indicating that adoption of the protocol is far from reaching all-time highs.
Source: Santiment