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Uniswap traffic soars 43% ...

Uniswap Traffic Soars 43%, and Centralized Exchanges Suffer
CONTENT

  • Internet traffic of most centralized exchanges drops.

  • Meanwhile, Uniswap, the most popular DEX exchange, grew 43% in traffic.

  • Ethereum is gearing up to launch ETH 2.0 migration soon to support DeFi.

International consortium of news organizations developing transparency standards.

Uniswap’s internet traffic recorded a strong increase in September. Meanwhile, its centralized competitors suffered losses.

Uniswap traffic soars 43% ...

According to the latest data from ICO Analytics, Decentralized Exchanges (DEX) have become the growth leaders, ahead of their centralized competitors. Heavyweights like Binance and Coinbase have recorded a 10 +% drop in internet traffic. Meanwhile, traffic from Uniswap, one of the world’s most popular decentralized platforms, grew 43% in September..

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Crypto exchange traffic, September 2020. Source: ICO Analytics

Of course, the September success of Uniswap was largely due to the fact that the platform launched its own management token – UNI. However, this was not the only reason for the massive migration of investors to the decentralized finance segment. The general shift in priorities is confirmed by the drop in Internet traffic from DEX competitors. So, for the well-known exchange Coinbase, this indicator decreased by 23%.

King of the DEX

As for the DEX segment itself, Uniswap is the undisputed leader here. The exchange is significantly ahead of its closest competitors in terms of trading volumes. According to analyst portal DeFi, Decentralized Finance (DeFi) is a financial service built on blockchain technology that offers users access to an open, efficient and … More Pulse, the total value of assets locked on Uniswap is $ 2.34 billion. second and third places are occupied by Curve Finance and Balancer, with $ 1.1 billion and $ 284 million, respectively.

Uniswap traffic soars 43% ...

The value of assets locked in DEX. Source: DeFi Pulse

These are not the only statistics that support Uniswap’s current leadership. Thus, according to Dune Analytics, Uniswap’s share of the DEX market is currently 77.9%. Its closest rival is Curve with 10.03%. Uniswap and Curve have weekly trading volumes of $ 2.67 billion and $ 344 million, respectively.

Market share distribution in the DEX segment. Source: Dune Analytics

We add that the Uniswap exchange is now preparing for the transition to full decentralization on October 17.

DeFi and Ethereum symbiosis

The boom in the DeFi segment has breathed new life into the Ethereum blockchain, which is home to this new industry. At the same time, an unprecedented influx of traders has provoked new problems, for example, an unprecedented increase in fees in the Ethereum network due to its congestion..

Uniswap traffic soars 43% ...

This prompted the Ethereum developers to intensify their efforts to find effective solutions to increase the scalability of this blockchain. One of the most anticipated events by the crypto community is the launch of Ethereum 2.0, which has been under development for more than one year..

According to the latest estimates, the release of Phase 0 ETH 2.0 should take place in November. Successful Protocol Upgrade May Provide Additional Support to the DeFi Market.

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