Uniswap X Surpasses $1 Bln In Trading Volume, UNI Price Up 24%
The post Uniswap X Surpasses $1 Bln In Trading Volume, UNI Price Up 24% appeared on BitcoinEthereumNews.com.
Uniswap X, the permissionless and open-source protocol for trading across Automated Market Makers (AMMs) and other liquidity sources, has reached a milestone, with its cumulative trading volume surpassing $1 billion since its launch in July this year. Market makers Wintermute and Tokka Labs have consistently dominated, accounting for 60%-80% of the daily trading volume. New Fillers Taking Over On Uniswap X Despite the current Defi market domination, there is room for new and different players to emerge on top. In a noteworthy event, a recently onboarded Filler on Uniswap X claimed the top spot within the past month. Currently, there are 15 active Fillers, with 4 more onboarding. The competition among Fillers is intensifying, raising questions about the optimal number of Fillers to achieve the best price and the shortest transaction time. In the last month, a new Filler disrupted the status quo by capturing over 50% of the volume since its onboarding, dramatically reducing the 2nd filler’s share from 90% at the launch to approximately 20%. The 3rd Filler also commands around 20% of the trading volume, and notably, all three top performers are market makers. Source: X A market observer and an X user initiated the conversation by sharing a spicy take, questioning the competitiveness of pricing when just a few market makers supply a significant portion of the volume. The ongoing criticism of Request for Quote (RFQ) in DeFi, where 2-3 market makers often dominate volume, raises intriguing considerations about the overall competitiveness of pricing. Also Read: BitMEX Founder Arthur Hayes Predicts Impending BTC Price Rally, Here’s Why Uniswap Surges As Defi Market Hits 14-Month High Since the latest crypto bullish wave, Uniswap (UNI) has been the best-performing top coin. Over the last seven days, the Uniswap price has increased by around 24%, from roughly $5.09 to…
Filed under: News - @ November 25, 2023 10:18 pm