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All you need to know about Uniswap’s performance in May

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Riding high on its achievements, Uniswap stated it was the world’s largest on-chain protocol, having executed transactions of over $1.5 trillion.

All you need to know about Uniswap's performance in May

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  • The rise in user count resulted in a 22% increase in network trading fees in May. 
  • UNI’s weighted sentiment rose last week, reflecting investors’ belief in the asset’s potential.

The world’s largest decentralized exchange (DEX) Uniswap [UNI] scripted a new growth story last month. The DeFi powerhouse took to Twitter to highlight that its monthly interface traders count reached 523,606 in May, an all-time high since the launch of its flagship V3 version exactly two years ago.

After further scrutinizing the data, sourced from on-chain analytics firm Dune, it was discovered that the May figure outperformed the previous best, set in January 2022, by a large margin.

Moreover, the figure represented a growth of more than 50% from the previous month.

The undisputed king of the DEXs

Riding high on its achievement in May, the Uniswap team emphasized that it was the world’s largest on-chain protocol, having executed transactions worth over $1.5 trillion.

It was also the largest decentralized application (dApp) on the Ethereum [ETH] chain, contributing heavily to the network’s liquidity and DEX volume.

Uniswap was the numero uno DEX in the Web3 space with a 24-hour volume of $832.78 million, which was more than thrice the total volume of the second-ranked PancakeSwap [CAKE]. To put things into perspective, this accounted for 87% of Ethereum’s total DEX volume.

Despite the dominance, the total volume on the protocol declined progressively since the record levels attained in March.

Source: DeFiLlama

Furthermore, the rise in users resulted in a 22% increase in network trading fees in May, according to Token Terminal.

But despite the surge in trading activity, liquidity on Uniswap dipped from the previous month. The total value locked (TVL) saw a reduction of around $100 million in May.

Source: Token Terminal

Tides may shift for UNI

Native token UNI exchanged hands at $5.02 at press time, marking a 24-hour drop of 1.16%, per Santiment. Nevertheless, the DeFi token’s trajectory over the past week was satisfying as it soaked gains of 1.4%.

UNI’s weighted sentiment also rose last week, reflecting investors’ belief in the asset’s potential. At the same time, it was trending on crypto-focused social networks, with more mentions and engagements.

Source: Santiment


Is your portfolio green? Check the Uniswap Profit Calculator


One of the reasons behind the change in market sentiment could be due to a recent proposal to deploy Uniswap’s V3 on the layer-1 blockchain Fantom [FTM].

Several proposals to expand Uniswap beyond Ethereum [ETH] have emerged in 2023. After successfully getting deployed on the BNB Chain, a go-ahead for Polygon’s [MATIC] zkEVM-V3 integration was given in April.

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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