Given the growing popularity of Uniswap, it is interesting to see what people are trading there. As one would expect, stablecoins are always a popular option. Several DeFi tokens are also making their mark, which is always worth keeping an eye on.
Uniswap Welcomes Stablecoin Traders
It is rather interesting to see how both USDT and USDC are the top two trading pairs on Uniswap. That is remarkable, as both coins can be found on all major exchanges. It appears that Uniswap’s ETH pairs for both currencies are of great interest to traders. Both of these currencies can be used across many decentralized finance applications and platforms, ensuring they will always be in demand.
Another stablecoin making its mark is DAI. This currency recently surpassed the $400 million market cap and is continuing down the same path. Combined, all three of these stablecoins generate over 22.5% of the total volume on Uniswap, This goes to show that most other currencies are not gaining too much traction on this DEX just yet.
DeFi Coins are Moving up
No one will be too surprised to learn that popular DeFi tokens generate decent trading volume. On Uniswap, the trades primarily pertain to YFi and AMPL, two currencies which have seen a surge in popularity as of late. Even though AMPL has also gone through a major price crash, the token is getting back on track.
Perhaps the most interesting pair on Uniswap is YFLINK/ETH. Although this currency was seemingly initially worthless, it is now being exchanged for real money. Currently one YFL is valued at over $230, which is a value few people expected to see. It has over $3 million in volume on Uniswap too.
Pushing the Boundaries
To date, Uniswap remains the most popular decentralized exchange by a landslide. It is unlikely that another platform will overtake it in the near future. That being said, just $208 million in daily trading volume is not going to impress everyone either.
It is pertinent for this project to keep pushing the boundaries at all times. Attracting more liquidity is direly needed to remain at the top. How that needs to be achieved, is a different matter altogether. DEXes are here to stay, but only if they can keep attracting more users willing to bail on centralized platforms.