Uniswap is back – The rise of decentralized finance seems unstoppable, and the Uniswap exchange platform is no exception. In January alone, Uniswap achieved a record volume of USD 30 billion.
2021 as beautiful as 2020 for the DeFi?
With the hype of DeFi throughout 2020, the first figures for 2021 suggest an equally flourishing year for this ever-expanding ecosystem.
Already, in January, the decentralized exchange platforms (DEX) recorded a record volume of 60.9 billion dollars.
And, for once, Uniswap leads the way with $30 billion, half the volume recorded by all DEXs.
This new record eclipses the one set last September, with a total of $30 billion, of which $18.65 billion is attributed to Uniswap.
UNI to the moon ?
At the same time, Uniswap’s governance token, UNI, also broke new records.
Launched only a few months ago, it has already reached a new ATH of $20, following an increase of almost 100% over the previous 7 days.
The price has since fallen back to around $17.5, which still puts Uniswap in 13th place in the ranking of capitalized cryptosystems.
Unfortunately for him, the competition in the DEX ecosystem is tough. Indeed, SushiSwap, Uniswap’s community fork, is starting to grab market share from the unicorn, as pointed out by Mira Christanto, researcher for Messari Crypto.
Yes! Between December 2020 and January 2021, the volume of SushiSwap exploded by 300%, from $3 billion to $12.2 billion.
This phenomenon can be explained by the merger of SushiSwap and the yEarn Finance protocol.
In any case, Uniswap will once again have to be even more ingenious in order not to be overtaken by its own fork. Will this be easy in 2021? We can’t wait to find out.