Decentralized Surge: Uniswap’s Wallet Numbers Soar 140% in 12 Months
The total number of Uniswap (UNI) wallets has more than doubled in the last 12 months, demonstrating its growing adoption.
Wallet growth has coincided with the rise of other metrics such as the platform surpassing $2 trillion in cumulative trading volume.
Uniswap, the decentralized cryptocurrency exchange, has staged remarkable growth over the past 12 months. New data from Dune Analytics data shows that Uniswap’s wallet numbers have surged 140% in the past 12 months. The platform which was established in 2018 saw its total number of wallets rise from 3.03 million in May 2023 to 7.26 million in May 2024.
The growth in wallet addresses coincides with an increase in trading volume. The new data shows that Uniswap has surpassed a historic $2 trillion in cumulative trading volume. Furthermore, the platform has extended its lead as the biggest DEX platform with a total value locked at $5.31 billion. PancakeSwap has emerged second at nearly $2 billion.
Uniswap has been extending its reach to become a leading trading platform. As CNF reported, the platform has recently integrated Robinhood Connect to enable users to purchase crypto directly from the Robinhood balance or credit cards. Following this partnership, Uniswap mobile app users can buy crypto with a credit card or directly from their Robinhood balance through Robinhood Connect.
Although the platform has celebrated immense growth, the platform has faced regulatory scrutiny. As highlighted by CNF, Uniswap Labs has revealed that it has received a Wells Notice from the U.S. SEC. This notice implies that the SEC intends to sue the company behind the Uniswap platform. This is a similar pattern as observed with Coinbase which is currently entangled in legal dispute with the SEC.
As pointed out by experts, this is the first time the SEC is coming after a decentralized trading platform. This implies the SEC could be coming after DeFi platforms as it extends its regulatory overreach.
Following the revelation, Uniswap’s native token UNI experienced volatility with whales cashing out and retailer panic selling. UNI prices have since found stability as investors back Uniswap to win any potential case. The platform has further hiked its trading fees, a move that experts argue is in response to the case.
As the SEC v. Ripple case has shown, crypto cases can be long and expensive. With this in mind, Uniswap has hiked its swap fees as it prepares for a legal showdown with the Gary Gensler-led agency. Dan Smith of Blockworks Research revealed the new fee structure. The analyst explained, “The new policy now charges 0.25% on all swaps through the UI and wallet, except stablecoin pairs and wrapping/unwrapping WETH,”
At the time of press, UNI is trading at $7.52 after a marginal change in the last 24 hours. However, the altcoin has posted a 5% plunge in the last 7 days.
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Filed under: Bitcoin - @ May 6, 2024 12:00 am