In the Web3.0 realm, Uniswap (UNI) is solidifying its position as the leading decentralised exchange (DEX). A recent update from the cryptocurrency monitoring portal GeckoTerminal revealed that the 24-hour trading volume of Uniswap V3 has grown significantly. According to the disclosed statistics, the protocol has seen a total trading volume of $391 million, beating its nearest competitor, Balancer V2, which has seen a total trading volume of $174 million.
A favourable growing trend in its price action is the consequence of decentralised exchange customers increasingly choosing Uniswap as their preferred trading location. At the time of writing, the spot price for the trading engine’s native currency, UNI, is $5.41. The 24-hour price movement is down 2%, while the token’s week-to-date (WTD) growth rate has remained constant at 7%.
In addition to being a DEX trading industry innovator, Uniswap is also the largest platform in terms of total value locked (TVL) and market capitalization. Beyond the minor pullback it is now experiencing, the present trading volume has contributed to the price action’s durability, and it is expected to continue making gains in the next months.
Echoing Uniswap difference
Uniswap, which is presently rated as the 24th largest digital currency, has a persistent association with Bitcoin (BTC), but it also stands out since it plots a radically divergent growth path even when market momentum indicates that it shouldn’t.
In addition to its price action, Uniswap stands apart because, according to a previous U.Today study, it promotes proactive developer experiences via which it intends to deliver a new code draught.
Industry executives have strongly criticised Uniswap for its centralised posture, however the protocol nevertheless performs well when crucial growth measures are taken into account.
