UNISWAP (DEX) – Competition takes a slam down as Uniswap hits $1 trillion in trades volume, and maybe changes things for UNI’s current declined state.
Since UNISWAP launched on the Ethereum blockchain, there’s been a steady rise in the overall trade volume. As a growing network that started with a relatively small user base, it has accumulated over $5 billion worth in total value locked (TVL). Before this hit, it was recorded as the 5th largest sum in the DeFi ecosystem. Although the growth rate of the decentralized exchange could be said to have been attributed to major contributors to its protocol and ecosystem. According to https://cointelegraph. com/news/uniswap-breaks-1t-in-volume-but-has-only-been-used-by-3-9m-addresses is a supported exchange on Ethereum layer-2 scaling solution, polygon, it not only tops $1 trillion but also branches out into two Ethereum virtual machine (EVM) chains in the Gnosis chain, and Polkadot-based moonbeam network. These recent developments and evolution of the DEX could be what takes it to an overall best rank in all decentralized chains, and although this newest growth spurt brings lots of promises, including to its native asset UNI, UNISWAP hasn’t been left without big player competitors like Binance based Pancake swap and Kraken. As well as newer and other competitors like Gemini, Exeno and maybe Crypto.com. UNISWAP decentralized exchange aggressively attracts demand and liquidity as it grows, but it can’t be said for its native asset, the UNISWAP (UNI) coin, which dropped 67% and sits at $5.5, previously at an all-time high of $44.92. These new developments and the current $1 trillion hits could be what changes the game for the UNI coin. Will UNI coin move over its current volume in the future?