Weekly Trading Volumes on Uniswap Set New Record
According to statistics from Uniswap Analytics, a decentralized exchange recorded a weekly transaction volume of over $ 10 billion for the first time. More specifically, the results were $ 10.17 billion, up 26% from the previous week. This suggests that despite the high transaction fees on the Ethereum blockchain, users continue to pay attention to DeFi platforms.
Decentralized Exchanges (DEX) offer users the ability to exchange tokens without transferring them to a third party for safekeeping. Uniswap is one of the leading decentralized exchanges built on top of Ethereum. Although in recent times several new competitors have emerged, for example SushiSwap and 1inch. Analogs have also been created on other blockchains, for example PancakeSwap on the Binance Smart Chain. They have proved to be quite popular, as traders aim to get away from high fees on the Ethereum network, which on average exceeds $ 20. On the last day, the volume of trading deals on PancakeSwap was over $ 4 billion, whereas on Uniswap it was $ 1.8 billion.
Uniswap recognizes the need and importance to remain a competitive marketplace. The Uniswap V3 update will launch on May 5th and will improve both liquidity and trading efficiency. Uniswap V3 will optimise the scaling solution on the Ethereum network once it is launched.
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