- Uniswap’s fee collection dominance showcases its supremacy in the decentralized exchange market.
- A surge in network activity and strategic partnerships contribute to Uniswap’s remarkable success.
- Despite fee collection triumphs, UNI token faces challenges in breaking free from a low price range.
In decentralized exchanges (DEXes), Uniswap has maintained a solid lead against its competitors, even during slower market phases. One key metric that underscores Uniswap’s dominance is the fees it has collected over the last six months, setting it apart from the rest, per a Reflexivity Research report.
DEXes (decentralized exchanges) listed by fees generated over the last 180 days:
— Reflexivity Research (@reflexivityres) September 27, 2023
1) Uniswap $255.5 million
2) PancakeSwap $31.6 million
3) SushiSwap $23.1 million pic.twitter.com/yDPgWQwItU
Uniswap’s daily cumulative fees over the past six months hit a peak of $255.5 million. This remarkable figure dwarfed the competition, with PancakeSwap coming in second at $31.6 million in daily cumulative fees. The sevenfold difference between Uniswap and PancakeSwap illustrates the magnitude of Uniswap’s lead in the DEX market.
Uniswap, among other top DEXes, has greatly benefited from the success and robust activity on Ethereum Layer 2 networks. One noteworthy addition to this list is Base, which has contributed a substantial $270 million in trading volume to Uniswap.
Uniswap was one of the 1st DEXs launched on Base & now has over $270M in trading volume!#ScalingSummer wraps up with @BuildOnBase 🔵 Don’t miss the last @layer3xyz quest, hosted by Uniswap!
— Uniswap Labs 🦄 (@Uniswap) September 26, 2023
There’s something special coming if you’ve done them all 😉https://t.co/vA5uDCgFoI
Uniswap’s impressive fee growth is no fluke; it results from a surge in network activity and organic growth. A closer look at active addresses over the last six months reveals a significant uptick in network activity, especially from mid-May to the final week of July. Furthermore, the network witnessed its highest spike in transaction count in June.
This surge in on-chain activity is particularly evident in Uniswap V3 transactions, which saw their highest activity levels between June and August. Even in the third week of September, transaction activity remained notably high.
Despite the surge in transactions and fees, the UNI token struggled to gain sufficient bullish momentum to break free from September’s low range. This struggle persisted despite signs of accumulation in the month’s latter half.
Currently, Uniswap’s price stands at $4.29, with a 24-hour trading volume of $81,882,032. Uniswap holds the 27th position on CoinMarketCap, boasting a live market cap of $2,476,973,652. The circulating supply of UNI coins is 577,501,031, with a maximum collection of 1,000,000,000.
