UniSwap Continues to Break Record with Transaction Volume
Uniswap is a decentralized Ethereum based protocol designed to facilitate the exchange between ETH and ERC20 tokens in general .In decentralized exchange, a user can add their address to Uniswap’s swap menu and easily transfer any cryptocurrency asset into the platform. The simplification of this process paves the way for many projects to be listed on Uniswap.
Uniswap reached a transaction volume of $ 6.7 billion as of Thursday morning, surpassing the record transaction volume seen in August in the first 10 days of September. Considering that there are almost three weeks to the end of the month, we can consider it a pretty good performance for the trading volume of an exchange.
With DeFi projects bouncing since July, there are incredible increases, especially in the transaction volume metric of decentralized exchanges. The best example of these exchanges is Uniswap. In the table below, you can see the increase in Uniswap’s transaction volume per month.
Curve is considered the second largest decentralized exchange in terms of trading volume, according to data provided by Dune Analytics. Curve reached a transaction volume of $ 1.9 billion, surpassing its previous record of $ 1.87 billion on Thursday.
On the other hand, the liquidity on Uniswap has decreased by more than 60% since Tuesday, as the popular SushiSwap project shifted from Uniswap to the decentralized exchange of FTX, Serum.
SushiSwap Completes the Transition
Having made a stormy entry into the DeFi area, SushiSwap, the fork of UniSwap, successfully completed the liquidity transition. The protocol is currently working on its own. The process took several hours and was led by Sam Bankman-Fried, CEO of popular cryptocurrency derivatives platform FTX.