DeFi News

Uniswap DEX, First DeFi Protocol to Exceed $2 Billion TVL

  • Uniswap reaches all-time high TVL of $2.07 billion.
  • Uniswap TVL contributes to almost 18.75% of the entire DeFi space.
  • UNI token is a contributing factor to the DEX’s growth in value.
  • Ethereum gas fee continues to surge.

Decentralized exchange Uniswap made an all-time high record as it reached over $2 billion total value locked (TVL) today. This is the first in the history of DeFi.

Source: DeFi Pulse
Source: DeFi Pulse

In the past months, the DeFi space has introduced itself well in the crypto market. In fact, the DeFi market was able to maintain its TVL above $1 billion since June and continue skyrocketing up until August.  Recently, the overall DeFi TVL hit the $9 billion mark.

This is a result of the surge of different DeFi platforms inside the ecosystem. At the top of the list is Uniswap. Today, it became the first DeFi protocol to reach a TVL of over $2 billion. This TVL contributes to almost 18.75% of the entire TVL of the DeFi space.

Furthermore, Uniswap’s UNI token was said to be a contributing factor in the massive growth of the DEX’s value. Notably, UNI hits a $140 million market cap at its launch date and has rebounded its price from its downfall. UNI is presently traded at a high price of $4.39, with a trading volume of 322,203,378.

Source: DeFi Prime
Source: DeFi Prime

In addition, Uniswap was also the most traded DeFi protocol. Based on the graph above, it continues to be on the lead in terms of traded volume in the past month. The latest trading volume of Uniswap amounts to $338,416,324, leaving behind its decentralized exchange competitor Curve Finance that has a trading volume of $85,030,609.

These events made the inventor of the Uniswap protocol Hayden Adams react in Twitter:

On the other hand, the Ethereum platform, which the Uniswap protocol used, was also seen to be tagging along with the victory of the DeFi protocol. Currently, ETH was traded at a high price of $355, with a 103.9% growth in the past year. However, due to the increasing demand inside the DeFi space, the ETH gas fees continue to surge high with a gas price of 130gwei.

CoinQuora Staff

CoinQuora is an online publication that aims to educate about news, exchanges, and markets in the cryptocurrency and blockchain industry

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