Thanks to the interest in yield farming, the decentralized exchange, or DEX, has managed to hit $1 billion in trading volume within a 24-hour window.
Even though Uniswap is a reasonably recent addition to the market, it’s already the third largest exchange based on normalised trade volume. The exchange has clocked in some $1.02 billion in ERC-20 in the monitored 24 hours.
The data was made available by CoinGecko, a crypto data aggregator company. With all popular cryptocurrencies using Uniswap’s popularity to boost awareness for their own project, it’s not entirely surprising to see Uniswap soar in trade volumes in the first place.
Yield farming has been an important part of Uniswap. Presently, Uniswap has locked 18.05% of the total value in the sector’s smart contracts, DeFi Pulse reported. However, Uniswap has to be on the lookout as competition in the vertical is intensifying.
According to Cointelegraph, rival companies are giving strong incentives to liquidity providers to join their own product instead. For example, SushiSwap has already managed to attract $1.47 billion in locked assets.
Uniswap has none of the aggressive marketing strategy that other platforms do, which, in a way, make it more down-to-earth. Yet, consumers might opt for the bigger bonuses in the end.
Speaking of gaming platforms, there are plenty of companies that offer great blockchain casino experience. You can trade tokens on Uniswap and use them right on some of the leading blockchain gaming platforms such as Bitcasino, FortuneJack, and 1xBit.