The crypto market significantly improved this year, but volatility persisted. Despite this, Uniswap managed to maintain its dominance over the decentralized market.
In fact, it remains one of the largest decentralized exchanges in the ecosystem, commanding over $4 billion in total value locked (TVL) across all blockchains.
Activity on Uniswap
In yet another milestone, the protocol officially surpassed $1.5 trillion in trading volume in April, according to Uniswap Labs, the crypto firm behind the DeFi trading platform, which quoted data from Dune Analytics.
The trading volume on Uniswap has been increasing for quite some time. The regulatory clampdown in the US and a banking crisis that caused the USDC stablecoin to de-peg triggered an influx of investors in decentralized exchanges in the first quarter of the year. This gave a major leg up to Uniswap as investors rushed to the platform to exchange USDC for wrapped ether and other tokens.
After recording $70 billion in trading volume in March alone, Uniswap flipped its centralized counterpart, Coinbase, for the second month in a row. While the platform has seen its trading volume surge during times of turmoil, the previous spikes have been brief. This indicated that the popular DEX may not be able to retain the lead for a long time.
But Uniswap has also been experiencing a spike in transaction count. The increased activity comes in the backdrop of a “memecoin frenzy” prompted largely by Pepe (PEPE), a new memecoin that launched last week and has since blown up in value. As a result, daily active users on Uniswap recently surged near 85,000, marking a notable high since May 2021.
Uniswap Mobile Wallet
The latest surge comes just a week after Uniswap announced the launch of a mobile wallet application to promote broader DeFi wallet adoption and support on-the-go trading.
The new product offering is designed to allow users to purchase crypto with a 2.55% fiat on-ramp fee. It also enabled users to swap funds on popular DeFi platforms, such as Polygon, Arbitrum, and Optimism.