Key facts:
At least 47 thousand assets are tradable on Uniswap in its V2 version.
The Uniswap protocol handles a trade volume of up to USD 1 billion every day.
Decentralized exchanges (DEX) have gained huge popularity over the last year, driven by the evolution of decentralized finance (DeFi) on the Ethereum network, with Uniswap being one of the largest DEX.
The data confirms this. According to the most recent report from cryptocurrency analytics firm, Coin Metrics , this DEX registered, in May, the highest peak of operations. It had, on average, 271 thousand daily transactions in all versions of the exchange’s protocol.
However, the analytical firm highlights that, after that peak, and in recent months, the number of operations has dropped to little more 100,000 daily transactions (-65%) in the V2 protocol and -35% in the V3; since V1 is not used mostly.
Even so, they maintain, the exchange Uniswap, which is at the top of the DEX list offered by DappRadar , remains one of the most popular on the Ethereum network, due to the fact that the number of tradable assets right now it continues to grow by the day.
In data, there are at least 47 thousand different widely tradable assets on Uniswap V2. “This creates an intricate system of markets to analyze,” they explain.
Regarding the number of unique daily addresses used in Uniswap, the report highlights that it also reached its maximum number in May of this year, for just over 100,000.
Billion Dollar Daily Trade
The Coin Metrics report also refers to Ethereum’s daily trade volume expressed in US dollars as a unit of account. It indicates that it reached its peak on May 19, with more than USD 3 billion.
This was one week after ether (ETH) reached its all-time high price of USD 4,362 on May 12. But there has been a decline: in recent months, that volume has only exceeded $ 1 billion in the V3 protocol of the exchange .
In general, this protocol is in charge of managing most of the ERC-20 tokens traded, “possibly due to the benefits of the concentrated liquidity introduced in V3 “, sustain from the site .
And what is the reason for the exponential growth registered by Uniswap in the middle of the year? From the firm they maintain that it responds to the rise in statistics at a macro level throughout the ecosystem of the Ethereum network.
In fact, it is reported that last year (along with the explosion of “defimania”) the daily transfers of ERC-20 and the supply of ethers in their compatible version to perform operations with Uniswap, increased considerably.
A network of tradable assets
Currently Uniswap is considered as a platform for tradable P2P (peer-to-peer) assets, contrary to centralized exchanges, which rely on a trade or exchange with a few fiat currencies or stablecoins .
According to the firm, DEXs such as Uniswap, emerged as essential systems for the exchange of digital assets within DeFi, also taking a an important part due to the total volume of crypto-asset trading.
Uniswap, which was released in November 2018 and is now in its third iteration, with the V3 protocol, is a creator automatic market maker ( automatic market maker ) which automatically sets prices based on supply and demand .
With this DEX, intermediaries are avoided and the trade is executed directly, through smart contracts, “which means that each operation is simply an interaction between a user and code that lives in Ethereum ”, they explain from Coin Metrics.
They also highlight that, unlike the common process of permitting new listings in DEX, Uniswap users generate, by themselves , markets on that exchange, which means that any user of the Ethereum network has the freedom to create a new market for tokens, if it does not already exist, that is, an organic network for tradable assets.
The third version and investigation of the SEC
In March, Uniswap announced the launch of its third platform version (V3), which was based on optimizing the performance and capital liquidity of the decentralized exchange .
As reported CriptoNoticias at the time, in Uniswap v3, the participants of the liquidity pool in the hundreds of different markets that are executed there, can choose the range of the exchange price in which they would contribute capital.
The popular decentralized exchange platform for tokens based In Ethereum, it gathers in its markets approximately 30% of the transactions of this network.
The popularity is such that the Securities and Exchange Commission of the United States (SEC) announced an investigation at the beginning of September against Uniswap Labs, which is the company behind the famous exchange , as we reported it from CriptoNoticias .
Lawyers for the regulatory agency were gathering information on how Uniswap works and how crypto assets are traded on the platform.
In response to the SEC investigation, Uniswap Labs indicated that they are “committed” to comply with the laws and regulations that govern the industry. . They also said they were willing to “provide information to regulators that will help them with any queries.”
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