- 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.
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.