- UniSwap V3 now surpasses the UniSwap V2 and Bitcoin.
- It has now become the largest decentralized exchange (DEX) on Ethereum.
Since its launch on May 5, 2021, UniSwap V3 is booming. It has now become the largest decentralized exchange (DEX) on Ethereum. UniSwap V3 now surpasses the UniSwap V2 and Bitcoin.
Uniswap is a permissionless, decentralized exchange that operates on Ethereum. In the past 7 days, V3 has expedited over $4.6 million in volume. This helped the exchange to become the largest DEX on Ethereum.
While V3 surpassed V2 in the daily transaction volumes, both have individually flipped Bitcoin in daily trading fees. A Twitter account by the name of David Mihal first noticed the surge. However, Bitcoin flipped back UniSwap V2 to become the third DEX at the time of writing.
We’ve got a new protocol on https://t.co/ky2lbnavWl…
Yesterday Uniswap V3 overtook V2, @Uniswap is now the #2 & #3 protocol listed on the site.
— David Mihal (@dmihal) May 25, 2021
Cryptofees showed that V3 made $4.5M, with v2 generating $3.8M in fees for the day. However, Bitcoin was behind them at the time, with $3.7 million in daily fee generation.
Last week, a data aggregator, Messari, reported that v3 handled 81% of v2’s daily volume on May 19. Before that, v3 had surpassed SushiSwap daily volume by 15%.
After being launched on Ethereum just 2 weeks ago, Uniswap V3 passed SushiSwap. Besides, it was ranked as the second-largest Ethereum-based DEX by trade volume.
The success of V3 and the continued dominance of V2 has led to Uniswap increasing its market share. It rose to a new 2021 high of 61%, as per Messari.
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