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BTC $48249.12 (2.11%)
ETH $3427.73 (0.52%)
USDT $0.99 (-0.0%)
BCH $628.09 (1.38%)
BSV $156.68 (-1.8%)
LTC $181.31 (0.59%)
BNB $410.84 (1.06%)
ADA $2.37 (0.65%)
DOGE $0.24 (0.25%)

Uniswap v3 Volume Surpasses SushiSwap, v2 Next

Uniswap_v3_overtakes_SushiSwap_by_volume,_on_track_to_surpass_v2
  • Uniswap v3 surpassed SushiSwap and is now the second largest DEX on Ethereum.
  • Uniswap v2 and v3 now control 60% of DEX trade volume on Ethereum.
  • v3 also set a new daily processing record amid yesterday’s market crash.

Uniswap v3 is now the second largest decentralized exchange (DEX) on the Ethereum network. The DEX is now second only to Uniswap v2, after surpassing SushiSwap.

With Uniswap v2 and v3 first and second respectively, this means Uniswap now controls about 60% of all Ethereum based DEX trade. In addition, v3 has achieved this after launching only two weeks ago.

Source 1
Source: Messari

Also, v3 is on track to surpass v2 by the end of the month (May). Data aggregator Messari reported that v3 handled 81% of v2’s daily volume on May 19. Prior to that, v3 had surpassed SushiSwap daily volume by 15%.

Senior Messari researcher and analyst, Ryan Watkins, noted the most impressive thing about v3’s performance. Watkins shared that v3 is achieving all this using a fraction of the capital in comparison to the other DEXs. In fact, v3 only holds about 15% of the total value locked (TVL) held by v2.

Watkins added that v3 is the only DEX turning over more than 100% of it’s TVL on a daily basis. Meaning, v3 has attained the efficiency goal set by Uniswap. However, Uniswap is not yet satisfied and intends to address the high transaction costs on v3.

Notably, v3 set a new daily processing record of $2.6 billion yesterday (May 19). v3 set the new record amid a Bitcoin price crash. Also, at the same time, several central exchanges (CEX) like Binance and Coinbase either crashed or experienced technical difficulties. 

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