Altcoin
Uniswap drives DEX trading volume spike as total trades hit $544 trillion
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Journalist
- DEX trading volume hiked by over 9% in 24 hours, with Uniswap leading the surge
- Uniswap’s total value locked (TVL) reached $4.9 billion, underlining a significant rise in activity
DEX Trading Volume has seen a significant surge over the past week, with the last 24 hours noting even more growth. Leading the way is the decentralized exchange Uniswap, with the same noting significant trading activity. This has contributed to the overall hike in volume and a rise in its total value locked (TVL).
DEX trading volume sees 24-hour spike
According to recent data, the DEX Trading Volume registered a sharp spike over the last seven days, with a notable uptick in the last 24 hours.
In fact, data from CoinGecko revealed that the volume surged by over 9% in the last 24 hours alone. The total trading volume surpassed $544 trillion, at the time of writing.
Uniswap dominates DEX trading volume
Further analysis revealed that Uniswap has been the most dominant player in the decentralized exchange space.
Over the past week, Uniswap recorded more than $10 billion in trading volume, significantly outpacing the second-ranked DEX. Uniswap’s 24-hour trading volume stood at over $1.8 billion, at press time.
Source: DefiLlama
Uniswap’s TVL nears $5 billion
In tandem with the rise in DEX trading volume, Uniswap has also seen a hike in its total value locked (TVL). At the time of writing, Uniswap’s TVL seemed to be approaching $5 billion, with data showing it had a value of $4.9 billion. This uptick in TVL aligned with the recent surge in trading activity.
The TVL began its uptrend on around 11 October, when it was recorded at approximately $4.5 billion. Since then, Uniswap has added nearly $500 million to its TVL – A sign of the growing interest and activity on the platform.
Source: DefiLlama
The spike in trading volume and TVL comes at a time when Uniswap has announced the launch of its Layer 2 (L2) solution. This launch is expected to further boost trading volume and attract more liquidity to the platform as users take advantage of the improved scalability and lower transaction fees that L2 solutions offer.
Trading volume highlights greater activity
The rise in DEX trading volume, particularly driven by Uniswap, highlights the increasing demand for decentralized finance (DeFi) services. As Uniswap continues to dominate the market and improve its infrastructure with Layer 2 solutions, its trading volume and TVL are likely to see further growth.
