When it comes to the spot market, Uniswap is already in a difficult situation. In fact, it is putting up every effort to maintain its #15 position. However, its performance in DeFi is gradually becoming a source of concern.
However, as Uniswap suffers a setback, the rest of the DEX market appears to be recovering.
Uniswap and DEXs
Decentralized Exchanges had an especially fantastic week this week (DEXs). Despite the fact that the DeFi space is still in its infancy, it has managed to attract a sizable following in recent weeks.
Surprisingly, the DEX’s total trading volume increased by 33.3 percent in just one week, crossing $43.8 billion. PancakSwap, which was up 56.71 percent, was the company with the highest gains. Furthermore, while Uniswap saw a 40 percent increase in volume, it has been losing members to the network.
In fact, roughly two weeks ago, the number of daily active users on Uniswap V2 jumped to 55,000. They’ve since gone below the 40k mark. Furthermore, its general liquidity decreased, allowing Sushi and PancakeSwap to overtake it.
The interesting observation, however, is that despite having a higher TVL and significantly more users, most of the top DEXs do not enjoy much popularity. In fact, except for Pancakeswap and Uniswap, none of the top DEXs are even featured on the top 10 DEXs by social signal.
Shibaswap, Babyswap, and LZswap, among others, are at the top of the list, with a combined value of less than $900 million. This demonstrates that the SHIB and DOGE trend continues to fascinate the community.
Notably, any named asset/protocol appears to be banking on their social presence, regardless of whether DOGE or SHIB is collapsing.
Furthermore, there are a number of reputable protocols that could benefit from a boost. However, it appears that the community is always more concerned with fame than with function.