Skip to main content

Weekly Decentralized Exchange Volumes Near $20B, Uniswap Captures Lion’s Share, Pancakeswap Trading Climbs

Weekly Decentralized Exchange Volumes Near $20B, Uniswap Captures Lion's Share, Pancakeswap Trading Climbs

On Tuesday, the founder of the decentralized exchange (dex) Uniswap tweeted about the trading platform passing $10 billion in weekly trade volume for the first time. Decentralized trading volumes have grown massively, as dex platforms built on Ethereum have seen more than $18 billion in volume during the last week. Meanwhile, the dex Pancakeswap, an app that uses the Binance Smart Chain, has seen trade volumes skyrocket.

Uniswap’s 7-Day Stats Capture $10 Billion in Global Trade Volume

Decentralized finance (defi) has exploded during the last 12 months, as $58 billion in total value locked (TVL) is held in defi applications today. A great deal of this money is held on the Ethereum (ETH) blockchain, but a number of other blockchains are eating into this market.

Weekly Decentralized Exchange Volumes Near $20B, Uniswap Captures Lion's Share, Pancakeswap Trading Climbs
Seven-day and 24-hour dex trade volumes on April 21, 2021.

While liquidity pools are growing larger, dex volumes have grown immensely during the last few weeks as well. Hayden Adams, the founder of Uniswap, tweeted about a milestone for the dex he invoked as it recently captured $10 billion in seven-day trade volume.

“Uniswap weekly trading volume just passed $10b for the first time,” Adams wrote. “$10b/week is over $0.5 trillion per year,” he added. In terms of dominance using defipulse.com stats, Uni holds the third position in terms of TVL.

Weekly Decentralized Exchange Volumes Near $20B, Uniswap Captures Lion's Share, Pancakeswap Trading Climbs
Uniswap seven-day trade volume photo via Hayden Adam’s recent tweet on April 20, 2021.

Stats from Dune Analytics does not show Uniswap tapping the $10 billion mark, but awfully close at $9.7 billion. Dune Analytics has recorded $18 billion in dex-based swaps during the last week via 13 different dex applications. This includes Uniswap, Sushiswap ($3B), Curve ($2.1B), and 0x Native ($1.1B) respectively.

Alternative Chains See Demand

However, these days a dex called Pancakeswap, a platform that uses the Binance Smart Chain is pulling in significant trade volumes. It is becoming well known that the fees on Binance’s sidechain network are far less than Ethereum’s fees which have spiked considerably in recent times.

Weekly Decentralized Exchange Volumes Near $20B, Uniswap Captures Lion's Share, Pancakeswap Trading Climbs
Pancakeswap trade volumes on April 21, 2021.

Pancakeswap has seen over $4 billion in global swap volume during the last seven days and volumes have been increasing a great deal week over week. Pancakeswap’s biggest pairs this week include wrapped BNB/BUSD, safemoon/WBNB, and CAKE/WBNB.

Moreover, there are other projects seeing increased interest some of which are being constructed like Smartbch on BCH, others that have matured like Switcheo’s Demex, and projects just getting started such as Thorchain. Further, blockchains like Tezos, Polkadot, Cardano, and a number of others want a piece of the defi pie as well.

Additionally, the popular dex Uniswap has plans to launch version three (V3) during the first week of May. Uniswap V3 is expected to see a number of newly added features that could increase Uniswap’s volumes more so. Meanwhile, centralized exchanges (cex) platforms continue to face stronger competition from dex platforms coming from all sides.

What do you think about dex applications gathering major traction and significant trade volume during the past few weeks? Let us know what you think about this subject in the comments section below.



from Bitcoin News https://ift.tt/3ejsJfv
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more