For the past couple of years, the cryptocurrency industry has been flying really high. Every day a cryptocurrency or a cryptocurrency exchange is heard breaking each other’s records. This time, it is one of the most prominent decentralized cryptocurrency exchanges ‘Uniswap’ that has earned the spotlight.
The crypto-exchange has defeated all other decentralized crypto-exchanges in the race of becoming the largest DeFi protocol. At present, Uniswap is ranked as the first decentralized crypto-exchange for hitting $2 billion in total value locked (TVL).
A decentralized finance analyzing firm known as DeFi Pulse has recently released the statistics related to DeFi protocols. The firm revealed that currently, Uniswap makes up for 18.59% of the total DeFi market’s TVL percentage. The DeFi market’s total TVL at present is $11.11 billion where Uniswap’s TVL alone is at $2 billion.
The firm also revealed the names of the decentralized crypto-exchanges that currently hold the second and the third position. The second decentralized crypto-exchange with DeFi protocol is ‘Maker’ with $1.95 billion as total value locked (TVL).
On third place, it is the decentralized cryptocurrency exchange ‘Aave’ with DeFi protocol that is worth $1.56 billion as total value locked (TVL)
As far as Uniswap is concerned, it became the top DeFi protocol right after it launched its native and governed token. As soon as Uniswap launched its native token ‘UNI’, the protocol started experiencing a surge in its popularity. The number of investors kept on increasing for the protocol as the exchange also launched its token through other crypto-exchanges as well.
Some of the most prominent crypto-exchanges that launched Uniswap’s governed token were Coinbase and Binance.
As soon as the token was launched, a large volume of users rushed to claim the tokens. This caused a huge congestion in the Ethereum network and resulted in spiking the transaction fees on the Ethereum platform.
On 18th of September, 2020 the gas prices were recorded to be highest for the month. The recorded prices were 700gwei while Uniswap alone was responsible for consuming 35% of the total gas.