bitcoinworld.co.in
DEX unicorn Uniswap becomes the first decentralized trading platform to process over $100 billion in cumulative volume. Meantime, the $UNI token currently set a new all-time high. The platform now claims about $4 billion in TVL (total value locked). Tweeting on Monday, platform creator Hayden Adams unveiled that Uniswap had exceeded $100 billion in cumulative trading volume.
Moreover, Uniswap is the first DEX to reach this milestone and further testament to the enormous growth in DEX activity after mid 2020. Uniswap’s milestone comes precisely three months after reaching the $50 billion mark back in December 2020. Uniswap functions on Ethereum and is widely considered a “blue chip” of its expanding DeFi ecosystem. The exchange’s 24-hour volume usually exceeds that of major centralized exchanges like Coinbase.
Uniswap ranks fifth in Total Value Locked
Besides settling over $100 billion in cumulative transactions, Uniswap ranks fifth in TVL with approximately $4 billion in Ether’s total value locked on the platform. Uniswap is also the second-highest rated DEX based on TVL, with SushiSwap less than half a billion dollars away from Uniswap’s haul. Moreover, in late 2020, the exchange airdropped 400 UNI tokens to users that had earlier contributed to its liquidity. Through the airdrop, the 400 UNI were worth about $3,500. The tokens are now worth a combined $8,400.
Moreover, UNI reached a new all-time earlier in February. However, the move then met with a quick retrace that led to its price cascading below the $20 mark on the token price front. The downtrend seemed to have bottomed out at $19, with UNI staging a bounce over $21, driving for another advance past its all-time high price. Moreover, the team’s Unisocks offering is recently worth more than one Bitcoin. Unisocks came into existence in an edition of 500 in 2019. They trade on a bonding curve. The SOCKS token is redeemable for a couple of Unisocks, and there are presently only 314 in circulation. Adams advocated that SOCKS had exceeded $50,000 yesterday. Currently, the price has jumped to $60,917.65, which very likely makes Unisocks the most expensive socks in the world.