The leading DeFi decentralized exchange, Uniswap has crossed $2B in total value locked (TVL).
As per the data shown on DeFi Pulse and Etherscan, Uniswap clocked a record figure of over $2.06 billion worth of crypto assets locked in on Monday.
This clearly proves that there is now more value in Uniswap than what is there in the entire DeFi space – that’s what we call a neck-breaking growth.
The ETH-based platform, Uniswap uses an automated market-making system utilizing liquidity pools where users can swap or exchange between Ethereum or any ERC20 tokens.
Holders are rewarded with incentives for depositing tokens in these liquidity pools in the form of interest and a percentage of the swap fee. As far as Uniswap’s TVL is concerned, the total balance in these pools has already crossed $2B.
How did it happen?
Monday’s news shows us how much Uniswap’s fortune has changed in the last few weeks.
In early September, SushiSwap, Uniswap’s rival protocol, gained about $830m worth of liquidity causing Uniswap’s total value locked to drop to just $400m by September 10.
You should also note that it was not a zero value game. Before the SushiSwap saga began, Uniswap’s total value locked had an average value of around $230m.
After a week, to coax their users back, Uniswap launched their own UNI token and airdropped more than $500 million to wallets using the protocol before September.
This led users to quickly snap back to the Uniswap platform resulting in its TVL to shoot off the roof to approximately $1.8B only days after the launch of UNI.
Uniswap also plans to issue and distribute around 4 Billion UNI to the community over the next 4 years.
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