The traditional investors are coming to the world of decentralization. Uniswap allows users to front-run the rest of the world amidst the ongoing censoring.
UNI, the 13th largest cryptocurrency by market cap of $5.14 billion, is the largest DeFi token. The digital asset that enjoyed an uptrend throughout last week to reach nearly $20 is up 275% YTD.
These gains made the UNI airdrop currently worth a whopping more than $7,000. The popular decentralized exchange (DEX) Uniswap launched its governance token UNI in September, less than five months back. UNI tokens were airdropped to all of the users who provided liquidity to the platform before Sept. 1st.
UNI tokens’ worth is increasing as more and more users are using the decentralized exchange, which gained momentum after the Robinhood fiasco. The zero-commission broker halted the trading of popular stocks like GME and has now limited the number of shares that can be purchased. The popular retail app also halted crypto trading last week.
This pushed the traditional investors to the world of decentralized finance (DeFi).
Uniswap is actually allowing traders to front-run the rest of the world as it is open for trading 24/7/365, as is the entire crypto space.
This is silver on Uniswap, powered by DeFi platform https://t.co/wxiyGWy7vg, letting DeFi traders front-run the whole world over the weekend. Welcome to the future. $SLV $mSLV $MIR pic.twitter.com/alqlWqgtpB
— Alex Krüger (@krugermacro) January 31, 2021
This can be seen in the Google search volumes for “Uniswap,” which is now reaching their DeFi summer levels. The search volumes gained momentum last week just as the WallStreetBets vs. Wall Street battle intensified with trading platforms and social media platforms limited the retail traders’ scope.
Another indicator showing an increased interest in using Uniswap can be seen in its volumes.
Interestingly, throughout January, the decentralized exchange (DEX) has been recording higher than ever volumes. All four weeks of Jan. saw $5.5 billion of volume, as per Uniswap.info.
When it comes to daily volume, it kept above $700 million, and several times it went over $1 billion.
According to Dune Analytics, Uniswap did over $25 billion in volume in January, while its competitor Sushiswap did $12.17 billion, and $6.7 billion was recorded by Curve.
The total DEX volume recorded in the last 30 days was $54 billion, with Uniswap accounting for 48.4% of the share, followed by SushiSwap’s 23.5% and Curve’s 9.6%.
“The writing is on the wall. The majority of non-fiat trading will end up on decentralized, borderless, uncensorable venues,” commented Erik Voorhees, the CEO of the self-custody crypto platform ShapeShift, which is integrating with decentralized protocols and apps.
This article is Originally posted on CoinCentral.com