In previous posts we had become quite used to seeing Uniswap reigning supreme as the top DEX project in the Defi sphere as per DefiPulse. Even after “vampire” attacks Uniswap always seemed to manage to get back to the top spot in terms of Total Value Locked in the platform.
But that is not the case lately, Curve Finance has managed to surpass Uniswap and now holds 4.6 B USD in TVL.
And their current daily transaction volume averages about 160 M USD for the last week.
Now, the fact that Curve is now at number one doesn’t mean that Uniswap has fallen at all. In terms of TVL Uniswap is near its All Time High at USD 4.46B. At the same time, even though Ethereum gas prices have gone thru the roof lately making transactions in the platform a lot more costly, this week’s average daily volume stood around USD 1B, an all-time high for the protocol.
A look at Sushiswaps numbers paint a similar picture.
We can see the TVL in the protocol has not dropped at all. To the contrary we see the protocol is near its ATH at USD 3.54 B. Average daily trading volume has edged up a little bit this past week, to a little under USD 500M.
What we can gather from looking at these numbers is that the Defi space is by no means being harmed by the increase in gas prices. Even though all these platforms work on the Ethereum network they have not had a drop in the transaction volumes. One can only wonder how those volumes would be if gas prices went down to reasonable levels.