Uniswap, the decentralized finance (DeFi) exchange has outshined various DeFi protocols including Maker (MKR) throughout the year 2020 and became the number one-ranked DeFi protocol. The automated market maker protocol has now succeeded in securing some mainstream media attention as it has been regarded as “the most sought-after crypto exchange” in a Bloomberg report.
Bloomberg said that the Uniswap exchange has become a leader in the decentralized finance industry because of the DeFi boom. Uniswap has emerged as the hottest cryptocurrency trading exchange over the course of the recent time in the DeFi sector, Bloomberg report noted.
As per the cryptocurrency data tracking site CoinMarketCap (CMC), the average daily trading volume of this decentralized exchange (DEX) has reached approximately $220 million within the duration of just two years after its launch.
A comparison was also made by Bloomberg between the world’s largest cryptocurrency exchange by trading volume Binance and the DeFi’s largest decentralized exchange Uniswap. As per Bloomberg, there are around 820 digital coins listed on the trading platform of the Binance exchange. While on the other hand, a total of 845 coins are listed currently on the Uniswap’s trading platform. Bloomberg also highlighted that the token issuers are not charged by Uniswap for listing a new digital token on its platform, unlike other traditional exchanges.
Apart from being the largest decentralized exchange in the DeFi industry, it is also the fourth-largest exchange in the world after Binance, OKEx, and Huobi cryptocurrency exchanges. Uniswap is also a leading protocol in terms of the total value locked (TVL) in it. According to the data from DeFi Pulse, an amount of $2.66 billion is locked in the Uniswap protocol out of the total value locked in DeFi that stands at $11 billion. The dominance of Uniswap in the DeFi market is also above 24 percent.
Uniswap has made serious progress throughout this year so far. Gaining mainstream media attention is the major achievement for this DEX so far. Another major achievement for the exchange was to surpass the leading digital currency exchange Coinbase in terms of recording higher 24-hour trading volume.