Ethereum in better shape than ever – In spite of an insane increase in transaction costs on Ethereum, the DeFi protocols continue to break records. This time it’s the king of DEX, Uniswap, which has just surpassed $100 billion in volume.
Who will dethrone King Uniswap?
Last December, Uniswap surpassed $50 billion in cumulative volume for the first time since its launch. This record was set following a year 2020 of madness for decentralized finance protocols.
While it took almost 2 years to reach the first $50 billion, the additional $50 billion was surpassed in the space of 3 months. Information that developer Ethereum Hayden Adams was quick to share on Twitter.
In the last 24 hours alone, Uniswap has recorded more than $1.1 billion in volume. The protocol is now the 18th largest trading platform in terms of volume. Despite this, the exchange is still a long way from the 23 billion recorded by Binance in the last 24 hours.
DeFi is doing well
For its part, the rest of the DeFi ecosystem is doing well, with approximately $40 billion deposited into its various protocols.
Although its volumes are the largest in DeFi, Uniswap is only fifth in terms of value deposited in its pools. MakerDAO leads the DeFi protocols, followed by Aave, Compound, Curve and Uniswap.
The entire ecosystem manages to continue to evolve, despite the unprecedented increase in Ethereum’s fees. Should King Bitcoin be worried? We will see what happens next.