Uniswap X Hits $1B Trading Volume, Dominates DEX Sector Despite Challenges

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Uniswap X Hits 1 Billion Dollar Trading Volume

Four months after its launch, Uniswap X has reached a trading volume of 1 billion dollars. According to information from Dune Analytics, this milestone would not have been possible without the involvement of market makers Tokka Labs and Wintermute.

A market maker is an individual or entity that provides liquidity for the market and in return makes profits from buying and selling. The Uniswap team launched Uniswap X in July with the mission to offer trading services across various automated market makers and liquidity providers.

Major Players Are Active

An evaluation of data from AMBCrypto revealed that Wintermute and Tokka Labs were involved in 60% to 80% of the total daily trading volume. This increase means that market participants are demanding more open-source trading protocols.

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Uniswap continues to lead in the decentralized exchange (DEX) sector, despite a decrease in Uniswap’s weekly volume. However, a notable change in the sector was KyberSwap, the main trading protocol of the Kyber Network liquidity hub. In the last seven days, KyberSwap’s DEX volume increased by 4831%, which is close to Uniswap’s 1.22 billion dollars.

Revenue Increase, But Now…

An evaluation of data from Dune Analytics showed that Uniswap’s revenue on November 23rd was 115,030 dollars. This value represents the highest daily turnover that the protocol has achieved since early November. The increase in revenue means that the protocol earned more trading fees and also saw an increase in the share of fees taken in by liquidity providers like Wintermute and Tokka Labs.

Network Growth and Active Addresses

At the same time, the number of active addresses in the Uniswap network jumped to a monthly high. Active addresses indicate the level of interaction users have with a project. Therefore, the increase means there were more transactions. However, data at press time showed that the metric has decreased, indicating a decline in network activity.

As for network growth, Santiment showed that the metric has fallen to 120. Network growth shows the number of new addresses participating in transfers. An increase in network growth means there is an increase in traction. However, Uniswap’s network growth has decreased, indicating that the protocol’s adoption is far from its all-time high.

Sources: Dune Analytics, AMBCrypto, Santiment

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