The release of the UNI token positively affected the platform indicators.
Uniswap became the first DeFi protocol, with more than $2 billion in funds locked up for its needs. At the time of writing, the indicator is at the mark $2.07 billion. The total growth in 24 hours was + 3.3%. For comparison, the volume of funds blocked for the needs of the closest competitor of Uniswap – Maker – stopped at $ 1.95 billion.
Uniswap’s market dominance rate is 18.58%, according to DeFi Pulse. The total volume of funds blocked for the needs of DeFi projects, is $ 11.13 billion.
Market capitalization of decentralized finance, at the time of writing the news, is $ 16,337,466,046. Uniswap ranked 8th in the top 10 most capitalized projects. Compound is the leader.
Meanwhile, the closest competitor of Uniswap – SushiSwap – dropped to 10th line in the rating of DeFi projects, in terms of the volume of funds blocked for their needs.
Recall that Uniswap indicators showed positive dynamics amid the release of the UNI management token by the project team. The platform representatives decided to create their own cryptocurrency in response to the launch of an alternative decentralized exchange SushiSwap, which became a competitor to Uniswap.
One of the advantages of the new platform is the presence of its own token. The capabilities of the SushiSwap platform have attracted many Uniswap users. As a result, the migration of a number of projects to the new site followed. This is how Uniswap lost 75% of its liquidity. The UNI token became a tool thanks to which the project team was able to restore the platform’s position in the market.
It is noteworthy that it took Uniswap cryptocurrency only one day to break into the top 30 most capitalized digital assets. At the time of writing, the position of the token has deteriorated somewhat. UNI dropped to 40th place in the CoinMarketCap resource capitalization rating.
Against the background of the growth in the number of assets blocked for the needs of Uniswap on the network, information also appeared that hackers are using the exchange to launder funds stolen from KuCoin.