- Uniswap’s daily volume surpassed that of NYSE and NASDAQ combined.
- High development activity, ETH burns, and institutional collaborations bolster Uniswap’s position.
Uniswap [UNI] has solidified its position as one of the largest decentralized exchanges (DEX) in the cryptocurrency sector, reaping substantial benefits from the recent surge in interest across the crypto space.
Uniswap’s volume Surge
A noteworthy milestone for Uniswap emerged as its daily trading volume surpassed that of both the New York Stock Exchange (NYSE) and the NASDAQ combined.
The Nasdaq Stock Market is an American stock exchange based in New York City that holds substantial influence in the traditional financial market.
Uniswap’s ability to outperform the NASDAQ in trading volume signals a shift in market dynamics, highlighting the growing relevance of decentralized finance (DeFi) platforms.
Today,
volume was higher than NYSE and NASDAQ combined
Hope everyone is having a wonderful holiday
— hayden.eth
The fall season witnessed a surge in development activity with impressive statistics showcasing the community’s commitment. The robust development ecosystem on Uniswap bodes well for the network’s continued innovation and resilience.
Fall was a big season for devs building on Uniswap.
— Uniswap Labs
Elevated development activity not only enhances the functionality of the platform but also fosters a thriving community.
Continuous improvements and new features contribute to user satisfaction and may attract more participants, solidifying Uniswap’s position as a leading DEX.
ETH Burns and collaborations
Moreover, Uniswap Routers have burned a significant amount of Ethereum , totaling 18,699 ETH in the past 30 days. This represents 15% of all ETH burned during this period.
The burning of ETH is a deflationary mechanism that can potentially contribute to scarcity, impacting UNI’s value positively in the long run.
When it comes to burning ETH we’re #1.
Uniswap Routers have burned 18,699 ETH in the past 30 days.
That’s 15% of all ETH burned.
https://t.co/dzq9KS3W0Q pic.twitter.com/bTOl3i8KUV
— Uniswap Labs
But that’s not it, the platform has also been very active in terms of collaborations.
Recently, Uniswap Labs entered into a strategic partnership with Talos, an institutional investing technology firm, to bring DeFi liquidity to institutional traders.
The collaboration involves providing the network’s Trading APIs to Talos clients, introducing institutional access to the UniswapX ecosystem.
Is your portfolio green? Check out the UNI Profit Calculator
State of UNI
UNI was trading at $6.74 at press time, and had experienced a slight decline of -1.38% in the last 24 hours. The price, influenced by various factors, remains dynamic in response to market trends and ongoing developments.
Source: Santiment
