+ 0.00
+ 0%
+ 0.00
+ 0%
+ 0.00
+ 0%
+ 0.00
+ 0%

Uniswap's Weekly Trading Volume Crosses $10B As UNI Token Rallies

April 22, 2021 1:54 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
Uniswap's Weekly Trading Volume Crosses $10B As UNI Token Rallies

Uniswap, the largest decentralized exchange in the crypto space, boasted record weekly trading volumes of $10 billion.

What Happened: The protocol’s native token UNI was trading at an all-time high of $36.03 at the time of writing, gaining over 15.00% overnight after seeing a 181% increase in 24-hour trading volumes.

Uniswap has managed to remain the market leader among decentralized exchanges (DEXs), despite the fact that token swaps on the DEX come at a significantly higher cost.

Since Uniswap is built on Ethereum (CRYPTO: ETH), users are subject to high transaction costs ranging between $55 to $72.

This has given competitor DEXs like PancakeSwap and Mdex an advantage.

Why It Matters: According to data from CoinGecko, Uniswap’s 24-hour trading volume stood at $2.9 billion, while PancakeSwap reported volumes in excess of $3.5 billion for the same period.

There is good news around the corner for Uniswap, which comes in the form of Uniswap v3, which will go live on May 5.

A part of the solution is Optimism, a layer 2 scaling solution for Ethereum.

Optimism is scheduled to be deployed later this year, resulting in those transaction costs coming down by a significant amount.

See also: How to Buy Uniswap (UNI)

According to an announcement from the team, Uniswap v3 contracts have already been deployed to all the major Ethereum testnets.

Related Articles

Cardano, Dogecoin Spike As Bitcoin, Ethereum Lose Momentum On Elon Musk, Binance Jolts

As Bitcoin (BTC) and Ethereum (ETH) lose the spark, Cardano (ADA) and Dogecoin (DOGE) are seeing some smart gains. What Happened: BTC traded 0.62% higher at $50,150.95 at press time. The apex cryptocurrency, by market capitalization, has fallen 10.9% over a seven-day trailing period. read more

Coinbase Shares Rise On Q1 Revenue, To Offer Dogecoin In 6 To 8 Weeks

Coinbase Global Inc (NASDAQ: COIN) had its first quarterly earnings report as a publicly-traded company Thursday after market close. read more

Tesla Stops Taking Bitcoin. What Elon Musk Is Up To And Why He Will Likely Transition To Ethereum

Meme via the Portfolio Armor art department and Imgflip.  Elon Musk Discovers Bitcoin Mining Burns Coal read more

Dogecoin Millionaire? A Luxury Penthouse Is Waiting In Portgual To Be Snagged With Your Coins

Cryptocurrency investors with Dogecoin (DOGE) to spare can now spend some of their Shiba Inu-themed coins to purchase luxury condos in Portugal, according to reports. read more