Is $1 billion a day in volume the ‘new normal’ for Uniswap?

Is $1 billion a day in volume the 'new normal' for Uniswap?

Leading decentralized exchange, or DEX, platform Uniswap continues to lead the sector as it nears an average of $1 billion a day trading volume for the month of January.

Only two-thirds of the way into the month and the platform has already surpassed the previous monthly trade volume record of $15.3 billion set in September during the DeFi boom. The DEX passed $17 billion as of this morning and is on track to surpass $25 billion by the end of January with a daily average of $855 million.

Uniswap traders are spoilt for choice with 1,558 coins traded in more than 2,400 pairs, however the majority tend to favor less risky trades. Trading between stablecoins, such as USDC, Tether and DAI, against ETH, made up 45% of the $1.1 billion traded in the last 24 hours.

On December 15, Uniswap founder Hayden Adams tweeted that the platform had passed $50 billion in all-time trade volume and asked the community when it would hit $1 trillion. Approximately 50% of respondents tipped this would occur in 2021.

Currently sitting around $70 billion in all time trade volume, the DEX would need to average approximately $2.7 billion each day in order to hit $1 trillion by the end of the year.

Uniswap strategy Lead Matteo Leibowitz is already claiming $1 billion trading volume is here to stay:

“$1bn volume/day is the new normal.”

Adams compared this to the New York Stock Exchange, saying “2% of [NYSE] is the new normal for Uniswap. When 100%?”

Uniswap is a legitimate business with $1 billion in daily volume, generating $30 million in daily revenue.

All with next to $0 in operating costs, created with nothing but lines of code.

Employees of uniswap are its liquidity providers

This is unprecedented in society https://t.co/zklYhny8wj

— adambrush.eth (@brush_10) January 19, 2021

DEX’s in general have been on a strong growth trajectory over the last 30 days, increasing by 112%. The total volume traded in the last 30 days is $43.3 billion with approximately $1.5B added each day.

SushiSwap is the next strongest DEX with $8.2 billion traded in January to date, already double its previous monthly high of $3 billion, set in December last year.

Title: Is $1 billion a day in volume the ‘new normal’ for Uniswap?
Sourced From: cointelegraph.com/news/is-a-billion-a-day-in-volume-the-new-normal-for-uniswap
Published Date: Wed, 20 Jan 2021 03:09:18 +0000

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Clint Lewis

Clint Lewis –Business I am Clint Lewis I have finished my four-year college education in English writing and I hold a master’s degree in Business from Stanford University. Writing about business and finance is in great interest. I have great command overwriting due to my five-year experience which incorporates articles, web substances, and web journals. I generally love to play with work, in both my profession and education.  I additionally had teaching experience of 2 years at the eminent college to show business and specialized composition and presently, I am working as an educator and preparing writer and creator. I am unimaginably social, and I love to travel and investigate the world.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Close Bitnami banner
Bitnami