• Uniswap’s network has outpaced Bitcoin (BTC) and Cardano (ADA) in the volume of cryptocurrency traded during the past 24 hours.

• Uniswap has said that its achievement is primarily attributed to liquidity. 

In a new twist of events, a bullish attitude is shown by the trading volume on Uniswap, which includes UNI among the select networks exhibiting optimism. Uniswap’s network has outpaced both Bitcoin (BTC) and Cardano (ADA) regarding the volume of cryptocurrency traded during the past 24 hours while being rated 24th in market capitalization among cryptocurrencies.

Uniswap (UNI) has solidified its position as the leading decentralized exchange (DEX) within the Web 3.0 ecosystem. According to recent data from GeckoTerminal, a crypto analytics platform, Uniswap V3 has experienced substantial growth in its 24-hour trading volume. The data reveals that the protocol has facilitated a total trading volume of $391 million, surpassing its closest competitor, Balancer V2, which has recorded a trading volume of $174 million.

The success of the Uniswap network becomes evident through the significant surge in trading volume witnessed over the past 24 hours. In contrast to the rest of the crypto market, which is experiencing a decline, Uniswap has been steadily approaching a 10% gain. According to reports, the Uniswap decentralized exchange has recently achieved a milestone of 200 million unique transactions, indicating a growing level of interest among market participants in the network.

FTX Fallout and the Boost for Decentralized Exchanges: A Paradigm Shift

Having debuted in 2018, Uniswap has emerged as the foremost decentralized exchange (DEX) within the Ethereum (ETH) ecosystem. It enables users to convert ERC-20 tokens to one another effortlessly. Being the preferred option for numerous new Ethereum-based project launchpads, industry experts anticipate a prominent role for decentralized derivatives platforms like Uniswap in the upcoming wave of decentralized finance (DeFi) frenzy.

In an interview with Cointelegraph, Apollo Capital’s Chief Investment Officer (CIO), Henrik Andersson, said that on-chain derivatives are projected to become the next significant growth sector within the decentralized finance (DeFi) space. Drawing from his expert analysis, Andersson notes a gradual increase in market share for decentralized exchanges (DEXs) compared to their centralized exchange counterparts, with this trend becoming more prominent following the downfall of FTX, the cryptocurrency empire led by Sam Bankman-Fried.

According to Andersson, the FTX incident instilled fear among investors regarding centralized exchanges, and the resulting overflow of fear, uncertainty, and doubt (FUD) has worked in favor of decentralized exchanges. Among the DEXs that have particularly benefited from this shift, Uniswap is at the forefront.

Uniswap Credits Liquidity for its Remarkable Success

While the Chief Investment Officer (CIO) of Apollo Capital attributes the success of decentralized exchanges (DEXs) to investor fear and the subsequent avoidance of centralized exchanges, Uniswap has said that its achievement is primarily attributed to liquidity. Uniswap’s network allows traders to execute significant trades within their desired price range, contributing to its popularity and effectiveness.

Notably, decentralized finance (DeFi) has experienced a notable surge in liquidity compared to centralized alternatives like Binance and Coinbase. This can be attributed to DeFi offering highly efficient and cost-effective methods for trading tokens.

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