- During the market selloff last week, the trading volume on DEX sky-rocketed.
- Uniswap benefited the most from Ethereum’s market crash.
Last week, the crypto market crashed. Major cryptos like Ethereum downshifted from ATH of $4,357 to $1,853. However, some DEX started recovering from the losses. Also, Ethereum and some DeFi assets recover some of the losses.
Concerning this, Glassnode, the crypto aggregator, said there are bright spots in the DeFi ecosystem. This includes stablecoins and liquidity.
With heightened volatility, DEX volume rocketed to all-time highs. Record volume of $11.7B was set on May 19th amid selloff. Uniswap dominated with $5.7B in volume on $5.8B of liquidity, while Sushiswap was in a dominating second position at $2.8B on $3.5B of total liquidity.
Further, the crypto aggregator said that the number of daily traders has also seen massive growth. Besides, the 30-day number of unique daily traders in DEXs is at an ATH, a 5-day number of traders.
Glassnode said DEX assets benefitted the most. Specially UniSwap. To continue, the firm added that Uniswap remains dominant despite its persistent limited incentives. Also, the use for the governance token. As Uniswap v3 flips v2 and Bitcoin, the trend only grows stronger.
Furthermore, Glassnode added SushiSwap to the list of dominants. The firm said that UNI and SUSHI’s clear dominance has lent to lower drawdowns and stronger relief. Glassnode also said Bancor has shown strength among heightened revenue and a healthier price to sales. While Curve’s market cap seems small, its FDV exceeds $5.5B.