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Uniswap Records DEX Dominance at 42% Amid DeFi Rally

Uniswap Records DEX Dominance at 42% Amid DeFi Rally
  • Uniswap has recorded a 42% market dominance among all DEXs.
  • Following Uniswap in the rankings are Sushiswap, PancakeSwap, and 1inch.
  • DeFi protocols and platforms are overtaking many cryptocurrencies in terms of market capitalization.

Uniswap has maintained its dominance in the decentralized exchange (DEX) category, hitting 42.67% at the time of writing, according to CoinMarketCap.

Top 10 DEXs
Top 10 DEXs (source: CoinMarketCap)

As the above image shows, Uniswap has a sizable gap from  Sushiswap. For its 24-hour trading volume, Uniswap also reached almost $900 million, which is thrice the size of Sushiswap.

Uniswap’s assertion of strength is also reflected in the performance of its native asset. At the time of writing, Uniswap (UNI) token is trading at $18.96, according to CoinMarketCap. Its market capitalization is about $5.6 billion, which makes it the 15th largest cryptocurrency today.

Interestingly, the most-traded cryptocurrency on the Uniswap exchange is USD Coin (USDC), which is paired against Wrapped Ether (WETH). Tether’s stablecoin USDT falls way below USDC on many DEXs. Specifically, USDC reached at least $100 million for its 24-hour trading volume on Uniswap, while USDT logged only $3 million.

The strong market presence of DeFi may be the cause of USDT’s weakening in the stablecoin category. In fact, USDT lost 75% of its market dominance last week.

Additionally, other DeFi heavyweights, Maker and Aave, are overtaking more mainstream cryptocurrencies in market cap. In fact, Aave has already left in the dust Bitcoin SV and EOS — two cryptos who once held coveted spots in the top 10 list of CoinMarketCap. Meanwhile, Maker is close in competition with Tezos, which is also making its foray into the DeFi space of late.

Jesus is the Senior Editor of CoinQuora. He's been following the crypto space since 2016, and may possibly do so indefinitely. He covers various blockchain-based developments and crypto market trends.