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Uniswap Reigns As Collective DEX Liquidity Soars To $10 Billion

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Decentralized exchange or DEXs are growing like never before. While Uniswap remained the undisputed leader.

The world of decentralized finance [DeFi] has consistently proliferated in prominence over the past year owing to a large part to the strong foundations established by decentralized exchanges [DEX]. These platforms have achieved a critical milestone. In the month of February, the collective DEX liquidity raked in a fresh high of a whopping $10 billion.

This was revealed by Researcher Rahul Rai on Messari’s latest edition. The Co-founder and Partner of Gamma Capital revealed that DEXs have surged to $72 billion in volume this February. Despite the rising numbers, automated market makers or AMMs have their own fair share of problems such as impermanent loss [IL], capital efficiency, slippage, gas costs, speed, and multi-token exposure that have caused impediments.

Nevertheless, over the last 24-hours alone, DEX volume was found to be at $1.56 billion. In addition, the figure was up by 18%.

DEX Market Share

Uniswap
Uniswap Reigns As Collective DEX Liquidity Soars To $10 Billion 2

Uniswap remains unbeaten as it accrued more than half of the total liquidity locked up in decentralized exchanges with a total value locked [TVL] of $5.4 billion. Despite its humble beginnings, Uniswap comprises an astonishing 63% of the total DEX volume. It currently accommodated approximately $6.5 billion worth of weekly trade.

TWJ had previously reported that Uniswap held a market share of 48% in January. According to the charts compiled by Dune Analytics, the dominance over the Ethereum-powered decentralized exchange realm was found to have been growing at a rapid pace

Following its trail was its controversial clone platform, SushiSwap whose market share was found to be a little over 14% with a volume of $1.55 billion.

Number of traders on Uniswap stood at 190,873 while that of SushiSwap stood at 10,698, at the time of writing.

In terms of market share, Curve, in the third spot, and 0x Native, in the fourth, were the next in line with a market share of 6.6%, and 5.3%, and weekly trade volume of $686 million and $552 million respectively.

Uniswap Still The Top Dog, But SushiSwap Isn’t Far Behind

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Uniswap has held the title of champion for a long time. But what started as a simple fork has evolved into a serious challenger. Yes, we are talking about SushiSwap which has emerged as a potential rival and has grown from just a clone to the third-largest decentralized exchange [DEX].

Originally popped out as a fork of Uniswap v2, SushiSwap was deemed a ‘lost cause’ by several notable market players the platform’s Co-creator ‘Chef Nomi’ dumpped all of his SUSHI tokens on the market for $14 million worth of ETH.

It was not until ‘0xMaki’, who happens to be SushiSwap’s co-founder, took the responsibility to lead the project which helped it to come back on track and exceed other notable decentralized finance [DeFi] platforms.

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Uniswap Still The Top Dog, But SushiSwap Isn't Far Behind 6

Months later, the market’s most popular duo is fighting against odds to retain their respective positions. According to DeFi Pulse, Uniswap was the second-largest DEX in terms of total value locked which was $4.13 billion. SushiSwap, on the other hand, stood at the third spot as mentioned earlier with a TVL of $3.60 billion.

Uniswap Wins But SushiSwap Emerges From The Ashes

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Uniswap Still The Top Dog, But SushiSwap Isn't Far Behind 7

In terms of market share, it is undoubtedly, Uniswap that has a clear lead with a whopping 54.8% trade volume while SushiSwap stands just right behind with 20.8%.

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Uniswap Still The Top Dog, But SushiSwap Isn't Far Behind 8

In addition to that, it was also found that over the past three weeks, Uniswap has averaged daily volume between $700 million and $1.35 billion. Simultaneously, SushiSwap showed an average daily volume of $300 million to $700 million.

Digging deeper, it was also observed that even as Uniswap continued to process twice as much volume as its rival, the monthly trend evidenced that SushiSwap has improved its figures to become a strong competitor.

Both the platforms’ governance token has also reached new all-time highs amid the bull season. What’s even more interesting is that both the DEXs have witnessed their goals diverge despite their controversial entry into the DeFi ecosystem. And while Uniswap still takes a lead, SushiSwap’s growth in the past several months cannot be ignored.

Uniswap [UNI] Skyrockets To ATH; Protocol Fees Surpasses Bitcoin

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DeFi darling Uniswap Protocol’s native UNI token witnessed its price skyrocket to a fresh all-time high above $12.8. UNI went on a ballistic rise rallying more than 162% since the beginning of the year, making it one of the best-performing digital tokens in the world.

Another big bullish sign for the DeFi token was depicted by ITB’s ‘Daily New Addresses’ metric which indicated an improving network growth throughout out the past several weeks.

According to the metric, the number of newly-created addresses on the network rose from roughly 1,500 on the 22nd of January to roughly 2,800 two days later. Besides, it is also important to note that figures have seen a steady uptrend from 925 addresses per day on the 25th of December last year.

Uniswap is the fourth-largest DeFi project in the world and has also hit a new ATH in terms of total value locked in which was found to be at a whopping $3.18 billion. The UNI token, on the other hand, has a market value of more than $3.4 billion, making it the 14th largest cryptocurrency in the world.

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Uniswap [UNI] Skyrockets To ATH; Protocol Fees Surpasses Bitcoin 12

Uniswap’s Market Share

In terms of total DEX volume, the protocol witnessed a sharp decline. Just a week back TWJ had reported that Unsiwap continued to dominate the charts. However, despite its large gains in value, its hard fork SushiSwap saw hot price action as the team prepares to roll-out its next product offering.

According to the latest data compiled by Dune Analytics, Uniswap continued to lead the DEX numbers, and its market share as found to be at 48.8% followed by SushiSwap with 20.3% and Curve with 11.2% among others.

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Uniswap [UNI] Skyrockets To ATH; Protocol Fees Surpasses Bitcoin 13

Uniswap Protocol Sees More Fees Than Bitcoin

On the 25th of January, the decentralized exchange reportedly generated more network fees than Bitcoin. This is the first time that a DeFi protocol has surpassed Bitcoin figures with respect to fees which depicted that user activity on the platform has intensified in the present bull run.

Furthermore, it also evidenced that even as the conversations surrounding DeFi have taken a back seat, this has, in no way. adversely affected the usage of the protocol which continued to soar.

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Uniswap [UNI] Skyrockets To ATH; Protocol Fees Surpasses Bitcoin 14

How Far Has Uniswap And Sushiswap Come?

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Two weeks into 2021, where do Uniswap and Sushiswap platforms stand?

2021 started off with a bang for the cryptocurrency market and the world of decentralized finance [DeFi] was not left behind. Last year was a big year for the DeFi space and experts argue this year could be even better. Two of the most talked-about platforms in the sector were Uniswap and its clone Sushiswap whose battles kept the community occupied most part of 2020.

A Wrap up of Uniswap & Sushiswap

Uniswap

Uniswap has seen astonishing growth over the past several months. As per Total Value Locked [TVL] in terms of the US Dollar, the DeFi platform stood at the third position totaling a whopping $2.65 billion. Moreover, Uniswap had 70.3K Bitcoins and 2.4 million Ether locked in it.

Sushiswap, on the other hand, was positioned at the 7th spot with $1.74 billion in terms of TVL in USD with 1.6 million Ether and 46.3k Bitcoin locked in it.

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Even as TVL is undoubtedly the most popular metric for measuring the growth and activity of DeFi dApps, it, however, projects an incomplete picture of the various ways the DeFi wave has intensified over the past couple of months, especially on the Ethereum network. Hence, to comprehend the activity on both the protocols, it is important to complement the TVL figures of the respective protocols with other metrics.

Important Metrics To Consider

In terms of userbase, Sushiswap has 49,816 as of the 14th of January and has witnessed a steady growth since its inception back in September 2020. It recorded a 24-hour trading volume of $163 million. Uniswap, however, boasts a much higher figure both in terms of users, which was found to be at 728,180 while its trading volume currently stood at $1.22 billion.

Moreover, Uniswap’s gas consumption has been reported to be quite high. Owing to the creation of nearly 25k different markets for trading and the massive userbase, Uniswap surpasses every other DeFi application on Ethereum with respect to gas consumption.

In terms of the total DEX volume as well, Unsiwap takes the cake home with 99.8% of the share while Sushiswap stands at 0.23%. Despite being arch-nemesis, both the projects have managed to create a niche for themselves in the market thanks to the advantages that a decentralized system in place which makes that possible. Messari’s Ryan Watkins, on a similar note, stated,

“The best part about the competition between Uniswap and SushiSwap is that it is completely transparent and trackable in real-time. No need to wait for financial filings, no need to make estimates, It’s all auditable on-chain. An open window into competition at hyper-speed.”

Along the same line, Erik Voorhees, the CEO of ShapeShift also noted,

“A public, real-time liquidity battle between two relatively decentralized crypto pools. It exists in cyberspace, nobody is forced to participate, & nobody can turn it off. This is sci-fi digital hyper-capitalism finance… and it’s coming for the banking system”

SushiSwap and Uniswap Drama: Is SUSHI Handling More Value Than UNI?

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Blockchain activity has been exhibiting that SushiSwap’s native SUSHI token was handling a significantly higher value than Uniswap’s UNI token. As of December 16th, SUSHI tokens were responsible for 74.35% in terms of the combined value transferred by the two tokens. UNI’s share on the other hand was found to be at a meager 25.65%.

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As depicted by the above chart, Pink represents SUSHI’s share while Green represented UNI’s share.

The reason as to why the vampire protocol’s token, SUSHI has been moving more value can be attributed to the fact that SushiSwap provides greater support for liquidity mining. This is a critical process by which the token holders in the market can earn each platform’s native token.

Why is Uniswap lagging?

This has been a setback for Uniswap which ran liquidity mining starting from the period of18th of September to the 17th of November. During the two months, Uniswap distributed 20 million UNI. However, the decentralized exchange has not notified if it plans to continue this feature. Moreover, a vote to continue running liquidity mining with lower rewards has so far failed to meet quorum.

Despite this, Unsiwap’s overall trading volume far exceeds that of its clone which handles quite less volume than the former. While acknowledging that UNI held an undeniable moat in the market, DeFiance Capital’s Eugin Lee noted that new products and innovations could still disrupt it, something that the community is seeing in SUSHI currently.

The two rival protocols have every ardent follower, but according to Lee, “both can do well”. Justifying the argument, Lee went on to provide a “moat” that is possessed by both UNI and SUSHI and stated that can essentially both list tokens that centralized exchanges cannot.

In addition, the liquidity provisions in UNI and SUSHI returns an LP token collateral that can be re-staked or restructured into other farm or collaterals protocol. This is something that their centralized counterparts or even aggregators do not offer.

Furthermore, Low transaction fees and slippage among other decentralized exchanges is another plus point according to the analyst who asserted that low trans fees and slippages mean that aggregators will prioritize UNI and SUSHI since the transaction fees and slippages for both DEXs were currently the same.

In short, though market participants may prefer Uniswap as an exchange, it cannot be ignored that the market was found to be moving a larger amount of SushiSwap’s native token. And considering the nascency of the space, there is enough space in the industry to accommodate both and let time decide what drives up the appeal of both the tokens in the coming days.

 

SushiSwap Just Averted a Large Scale Attack; Praised For Quick Fix

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Not long ago, SushiSwap earned the tag of an “exit scam”. Despite several controversies, the decentralized finance [DeFi] platform has performed significantly well. In a recent development, the once infamous vampire protocol of Uniswap appears to have dodged a high-profile attack on its platform.

According to reports, an anonymous entity allegedly poked a hole in SushiSwap smart contracts and swindled approximately $15k before the team of the AMM [automated market maker] exchange headed by developer 0xMaki took steps to mitigate it.

As confirmed on Twitter by 0xMaki, General Manager at SushiSwap, the fraudulent actor siphoned off with $10-15K so far from the 0.05% fees cut of SushiSwap, however, the LP funds are currently safe. SUSHI’s Discord channel also disclosed that the exploit was on the Sushibar for fees. The lost user funds will be covered by the platform’s treasury.

The developer was commended by several in the community for the quick response for not just detecting the exploit, but coordinating a response team, and also close to the identity of who the exploiter was. In one such attempt, 0xMaki sent the attacker a message via a transaction that read, “I see you, we are working on fixing it.  Contact me on Discord for a bug bounty.”

Daniel Que, who had previously worked with cryptocurrency exchange Coinbase, tweeted,

“People are sleeping on 0xMaki. Seeing him in action, he’s a capable general manager: from the detection of the exploit to coordinating a response team, and even getting super close to figuring out who the exploiter is.”

The DeFi ecosystem seen several major cases of hack and flash loan attacks over the past several months. SushiSwap crisis aversion was a significant development in the wake of rampant exploits in the space.

SushiSwap has been highly controversial in the DeFi realm especially due to draining liquidity from rival AMM Uniswap. Its Co-founder, known by the alias “Chef Nomi,” did little to help the situation. Shortly after the popularity of the decentralized exchange, the exec liquidated his SUSHI holdings which led to a massive decline in the SushiSwap government token’s {SUSHI] price. Many criticized the move and deemed it as an”exit scam” as the community called Nomi for dumping the project.

But the latest news could finally be the moment where the platform could gain good press.

DeFi Platform Uniswap Bears A Loss as SushiSwap Adopts a Clever Strategy

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The decentralized finance [DeFi] realm has taken a back seat after an impressive streak. DeFi’s darling, Uniswap for instance was struggling to retain its position as the world’s largest decentralized exchange [DEX]. This was evident from its abrupt drop in terms of the total value locked [USD] in the protocol.

Since registering $2.71 billion on the 17th of November to drastically falling by more than 5% as the TVL figures dropped to $1.19 billion just two days later, trouble seemed to have been brewing for Uniswap.

TVL

Meanwhile, its vampire clone SushiSwap has significantly increased its TVL and is aggressively pursuing additional liquidity as revealed in the latest insights published by blockchain analytic platform Santiment. On the 17th of November, SushiSwap’s TVL rose from $406.7 million and $1.052 billion in a period of less than 48 hours posting an increase of nearly 160%.

In an interesting turn of events, Uniswap’s fall and its rival’s rise coincided with the conclusion of its UNI liquidity rewards program on the same day.

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As Uniswap’s liquidity took a massive hit, the UNI token holders have commenced the process of voting for a new governance proposal that aimed to reestablish rewards in the form of the native UNI tokens for liquidity providers.

Uniswap-SushiSwap Battle Goes On

Advanced by Audius’ Strategy Lead, Cooper Turley, this proposal essentially seeks to cuts the amount of UNI rewards in half compared to the earlier program. With this, the new proposal would see 1.25 million UNI allocated to each pool monthly for a period of two months that corresponds to 10 million UNI tokens total, which in turn makes up for approximately 4.6% of the native token’s current circulating supply.

This essentially depicted that Sushiswap has once again extracted Uniswap’s liquidity yet again. Liquidity providers [LPs] from the latter jumped ship after the native token’s liquidity mining rewards ended and are moving to Sushiswap for SUSHI rewards.

Previously, the four pairs on Uniswap, which were DAI-ETH, USDT-ETH, USDC-ETH, and WBTC-ETH basically grabbed the fees from the AMM desk and UNI token rewards. However, following the conclusion of the incentives, LPs exited the ecosystem in search of more profits. Taking an advantage of which, Sushiswap announced liquidity mining rewards just a day before Uniswap’s expiry.