Leading decentralized exchange, or DEX, Site Uniswap continues to dominate the market, with an estimated annual trading rate of $1 billion a day for the month of January.
Just two-thirds of the month and the network have already exceeded the previous monthly trading volume mark of $15.3 billion set during the DeFi boom in September. DEX reached $17 billion this morning and is on pace to reach $25 billion by the end of January with a daily average of $855 million.
Uniswap traders are spoilt for choice with 1,558 coins exchanged in more than 2,400 pairs, but the rest prefer to favor less volatile trades. Trade between stablecoins, such as USDC, Tether and DAI, and ETH, accounted for 45 percent of the $1.1 billion exchanged over the last 24 hours.
On December 15, Uniswap founder Hayden Adams tweeted that the network had invested $50 billion in all-time trading and asked the world if it would reach $1 trillion. About 50 percent of respondents indicated that this will occur in 2021.
Actually residing at $70 billion in all-time trading rates, the DEX will require an average of around $2.7 billion a day to reach $1 trillion by the end of the year.
Uniswap Plan Chief Matteo Leibowitz is now saying $1 billion in trading volume is here to stay:
“$1bn volume/day is the new normal.”
Adams related this to the New York Stock Exchange, claiming, “2 percent of [NYSE] is new to Uniswap. When is it 100 percent? ”
Uniswap is a legitimate business with $1 billion in daily volume, generating $30 million in daily revenue.
All with next to $0 in operating costs, created with nothing but lines of code.
Employees of uniswap are its liquidity providers
This is unprecedented in society https://t.co/zklYhny8wj
— adambrush.eth (@brush_10) January 19, 2021
In general, DEX has been on a solid growth path over the last 30 days, rising by 112 per cent. The average amount traded over the last 30 days is $43.3 billion, with about $1.5 billion added per day.
SushiSwap is the second best DEX with $8.2 billion exchanged in January to date, already double its previous $3 billion monthly figure, set in December last year.
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