First DeFi Product in Crypto Top 10
The TVL for Uniswap is now more than $5 billion, seeing 5 percent growth day-over-day as their native UNI token keeps increasing in value. Uniswap’s UNI token is now in the top 10 cryptocurrencies in terms of market cap.
At the moment Uniswap is just above PancapeSwap in terms of daily active wallets, 51.9k vs 48.3k. However, in terms of 24h volume Uniswap is ahead of its Binance Smart Chain competitor. In the past 24 hours more than $1.1 billion in volume went through the decentralized exchange, while PancakeSwap does approximately 30 percent of that.
With the increase of value for UNI and other tokens, it’s no wonder that the TVL keeps increasing. On January 1st there was $2.2 billion in TVL, which means that the TVL is up almost 150%. Also the adjusted TVL, which removes the fluctuation of token prices, shows more than 100% growth in the past two months
With a market valuation of $17.5 billion, UNI outperforms older cryptocurrencies like Litecoin and Bitcoin Cash. It’s closing in on XRP, which has a $21.9 billion market cap.
Those who are active on Uniswap, can see all their liquidity pool activity and token holdings in the DappRadar Portfolio Tracker. Our tracker helps you gain insight and maintain an overview of all DeFi and NFT projects in your portfolio.
What is UNI?
UNI is the governance token for Uniswap, introduced in September 2020 through an innovative retrospective airdrop. It launched at a price of $3.44 per token, and since the start of the year the token valuation has increased 600%.
On Uniswap users can exchange tokens without the need of a centralized exchange platform. By interacting with smart contracts, traders can swap tokens instantly. Uniswap grew out to become a flagship product in DeFi, now serving more than 35 thousand users per day, with more than $5 billion in TVL.