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DeFi Uniswap Maintains Ranking Despite Token’s Collapse

DeFi Uniswap Maintains Ranking Despite Token’s Collapse
  • Uniswap DEX continues to lead the DeFi market, at almost 20% dominance. It stands strong against Aave and Curve Finance.
  • It contributes a 26.9% market share out of the overall DEX market value of $1.5 billion.
  • UNI token has dropped to almost 30% in the last 24 hours.
  • UNI’s launch triggered a spike on Ethereum’s gas fees.
  • Today, the DeFi market has a total value locked (TVL) amounting to $9.77 billion.

Decentralized exchange (DEX) Uniswap continues to remain at the top of the DeFi ranking today, despite the collapse of its newly-launched governance token UNI.

UNI Token Drops Value to 30%

Launched last week, UNI is an Ethereum-based token that is expected to promote Uniswap’s growth using a decentralized mechanism. The token has 1 billion UNI minted at the genesis that will become available in the next four years.

UNI Token Price Chart (Source: CoinGecko)
UNI Token Price Chart (Source: CoinGecko)

On September 18, the token was seen to reach an all-time high of $7.82 from its launching price of $1 on September 17. However, the price of the token did not manage to hold its high price for a long time. In the last 24 hours, the token price dropped to almost 30% along with its trading volume.

At launch date, UNI has reached a $140 million market capitalization. Accordingly, this event has triggered the gas fees on the Ethereum network to spike. In the past weeks, it was reported that these fees continued to surge up due to the unstoppable demand of users using the DeFi space. Nevertheless, this will not stop investors from investing in the token.

Uniswap Is Still the DeFi Leader

Despite the challenges that the UNI token is now facing, Uniswap continues to defend its throne as the number one DeFi platform. Today, the DeFi market has a total value locked (TVL) amounting to $9.77 billion and almost 20% of it was contributed by the leading DEX. Following its lead are  DeFi lending protocol Aave and fellow Curve Finance DEX.

Uniswap TVL (Source: DeFi Pulse)
Uniswap TVL (Source: DeFi Pulse)

Remarkably, this DEX performance has been solid for the last few weeks as it exceeded Coinbase’s daily trading volume. As of press time, Uniswap has a 24-hour trading volume of $422,225,589, a 26.9% market share from the overall DEX market value of over $1.5 billion.

In addition, the DeFi space is now more better than ever. It is seen in the past days that the TVL of the DeFi space remains to be above $1 billion. This is an indication that decentralized finance is on the right track.

Read Also: DeFi Continue Skyrocketing Throughout August

A dedicated market analyst focused on the highs and lows of the cryptocurrency market. With a background in Business Administration, he tries to unfold his financial perspective to global readers.