Uniswap on the path to unlock $1BN in daily trade volume
Based on recent activity, the decentralised exchange (DEX) is close to averaging $1 billion in daily trade volume
The fourth-placed DeFi protocol by total value-locked, according to DeFi Pulse, is on its way to unlocking a new normal. Uniswap has recorded positive figures over the last few days that show it is headed to realise $1 billion a day in volume.
The platform leads in its category with a total value locked (TVL) of $2.92 billion, followed by Curve Finance at $2.12 billion. Its clone platform, SushiSwap, occupies third place with a TVL of $1.99 billion. Neither comes close to Uniswap in terms of trading volume, however.
Uniswap has eclipsed its previous monthly trade volume record set back in September. Fueled by the DeFi frenzy at the time, the platform recorded a monthly volume of $15.3 billion. Its volume, as of writing, is already north of $17 billion, and it’s not even three weeks into January. If this uptrend [a daily average of $855 million] persists, the platform will likely trump $25 billion by the end of the month.
Meanwhile, traders are enjoying the reinvigorated strength that has brought along with it several potential trading options. Currently, there are over 1,500 coins available to trade in about 2,400 pairs. Ethereum and stablecoins account for the bulk of the trades happening on the exchange.
Uniswap’s Matteo Leibowitz welcomed the $1 billion trading volume average via a post on Twitter. He claimed that the new average figure was not a fleeting thing but one that will be around for a while.
It is just over a month since Uniswap founder Hayden Adams announced that the exchange had surpassed $50 billion in all-time trade volume. He went on to ask Uniswap traders when they thought the platform would touch $1 trillion in a poll. 49.5%of the respondents agreed that the exchange would achieve this feat in 2021.
Uniswap has added a volume of $20 billion since the poll was conducted. If the DEX is to hit $1 trillion by the end of the year, it needs to average about $2.7 billion daily — which is a long shot at the moment.
The post Uniswap on the path to unlock $1BN in daily trade volume appeared first on Coin Journal.
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Sam Grant, @KhareemSudlow
