Along with the rest of the cryptocurrencies, the exchanges also suffered the ‘dip’.Despite massive popularity, Decentralized Exchanges weren’t alien to the same. Even so, Uniswap managed to maintain its position as the biggest DEX and further cemented it.
King DEX – Uniswap
Since November began, the daily and weekly traded volume on Decentralized exchanges took a significant hit. Uniswap, the leading DEX, witnessed a 53% drop in weekly volumes from $26 billion to $12 billion.
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But other DEXs lost much more than Uniswap did. SushiSwap and Curve, the second and third largest decentralized exchanges, lost over 74% and 42%, respectively.
However, in the case of Curve, the losses were lower because the volume traded on the DEX was also lesser than that of the other two DEXes.
SushiSwap, which conducted about $3.1 billion worth of trades in a week in November, handled only $838 million worth of transactions last week.
Thus due to this fall in volume on other decentralized exchanges, Uniswap gained the upper hand. And, its domination grew. Amongst all the DEXes in the market, currently, Uniswap dominates 78% of the weekly volumes, followed by SushiSwap and Curve at 6.3% and 4.8%, respectively.
The same figures in November stood at 61%, 22%, and 6.4%, which shows that while Uniswap gained the most, SushiSwap was somewhat on the losing end.
Recovery coming soon?
Looking at the network statistics, recovery is looking pretty bleak at the moment since the overall transactions on-chain have dropped significantly. Transaction volume, which stood at $224 million at its peak in November, is at $15 million at press time. Although the volume did peak at $493 million on 26 February during the 23% rally; it fell down the next day.
This is also because Uniswap’s number of active investors has decreased remarkably. In November 2021, about 2.12k investors were active on-chain which have since come down to just 753.
On top of that, this week’s 22.73% plunge in the price eliminates the hope of a massive gain in the next few days. Put simply, it seems like Uniswap would take a little time to witness recovery.
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