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Uniswap has just etched its name into the digital marble of the crypto universe. Three trillion dollars in cumulative volume. A staggering figure, a historic first for a DEX. Yet, behind the confetti, some signals call for caution. Because while the numbers shine, the backdrop is more nuanced.
In Brief
- Uniswap becomes the first DEX to surpass 3,000 billion dollars in trading volume.
- Despite this feat, its TVL remains half that of its 2021 peak.
- The UNI crypto stagnates, while Uniswap prepares a wallet compatible with EIP-7702.
A Thundering Feat, but Depth to be Put in Perspective
It took guts: in an ecosystem still young, Uniswap established itself as the crossroads of decentralized exchanges.
Three trillion dollars is the footprint left on the asphalt of the blockchain. Hayden Adams, founder of the protocol, did not miss the chance to celebrate the moment on X, with a screenshot from Dune Analytics in support, like a victory before another revolution.
However, today’s numbers also tell another crypto story. The daily volume hovers around 3.3 billion dollars, with a crypto market share of 23%. Impressive, certainly, but slightly down compared to rivals like PancakeSwap, now flirting with 2.7 billion dollars and a 21% share. Competition is fierce, and Uniswap’s lead is no longer as unrivaled.
As for the total value locked (TVL), another thermometer of DeFi dynamism, it caps at 5 billion dollars. Half of the peak reached in 2021. Even though the entire DeFi ecosystem shows a global TVL of 124 billion according to DeFiLlama, it is a clear reminder: enthusiasm has cooled down, and caution prevails.
Innovation Continues, but UNI Crypto Struggles
Behind the scenes, Uniswap is nevertheless preparing its transformation. On May 12, Adams announced the imminent launch of their wallet compatible with EIP-7702, a proposal signed by Vitalik Buterin, freshly integrated with the Pectra update.
The idea? More flexible, smarter Ethereum accounts capable of transforming into ephemeral contracts to enhance security. A proactive response to future threats, including those arising from quantum computing.
But while technology advances, the UNI crypto is struggling. CoinGecko places it around 7 dollars, far, far from its 45-dollar peak in 2021. More than an 84% drop in four years. A underperformance that contrasts with the protocol’s technical achievements. The crypto market, it seems, remains skeptical about the valuation.
In short, Uniswap reminds us that in crypto, numbers alone are not enough. Innovation, however spectacular, must convince beyond developers. And the next revolution might very well happen where it is least expected. Meanwhile, Ethereum is betting big on institutional staking.
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Fascinated by Bitcoin since 2017, Evariste has continuously researched the subject. While his initial interest was in trading, he now actively seeks to understand all advances centered on cryptocurrencies. As an editor, he strives to consistently deliver high-quality work that reflects the state of the sector as a whole.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
