Decentralized exchange (DEX) Uniswap reached a new historical record showing the strength of the decentralized finance market (DeFi).
The main platform in the DeFi sector exceeded US$ 100 billion in accumulated volumes. As Hayden Adams, CEO of Uniswap, pointed out, the volume is a record with respect to DEX.
Using data from Dune Analytics, Adams showed the volumes accumulated in the company. In addition, he revealed how DeFi's strength has become a fever among crypto investors.
It is worth mentioning that Uniswap's volume in the first half of 2020 was not even close to billions.
Uniswap displays high volume
Decentralized exchanges have seen their volumes grow considerably over the past eight months.
Now, they are beginning to threaten the dominance of centralized exchanges, such as Binance, Bitfinex, among others. That's because DeFi's governance tokens are rapidly gaining acceptance by investors.
The increase in commercial activity also came at a cost as, as Ethereum-based DEXs and chain transactions continue to grow, so do transaction fees.
This has led exchanges like Uniswap to “charge” up to $ 100 in fees only during periods of network overload.
Either way, Uniswap's success was a key to the boom in the DeFi industry thanks to its pioneering ability to accommodate new token projects that were once hostages to centralized exchanges and had to pay to be listed.
In addition, in late 2020, the exchange transferred 400 UNI tokens to users who previously contributed to its liquidity.
At the time of the airdrop, 400 UNI were worth about $ 3,500 and today tokens are worth $ 8,400.
The growth of the DeFi market can also be seen from the crypto values blocked in the protocols. Altogether, more than US $ 57.6 billion are already blocked to provide liquidity to the market.
In this regard, analysts have pointed out that a drop in the price of Bitcoin should not affect the DeFi market. On the contrary, it should boost the sector further.