It is safe to say that Uniswap will remain the leading DEX for some time to come. Its overall trading volume keeps growing, indicating that users appreciate this project. Of the many trading pairs, it is evident that stablecoins remain of great interest.
Stablecoins and Uniswap
In the world of decentralized finance, stablecoins are often a solid bet. They make it easy to partake in DeFi offerings. Moreover, a stablecoin can – in theory – never lose value. For those looking to diversify, it is a worthwhile option to explore. Being able to earn some interest on crypto holdings is always a viable option to explore.
Keeping that in mind, it is not hard to see why stablecoins are so popular on Uniswap. USDT, DAI, USDC, and sUSD are all very prominent trading pairs. Tether’s USDT clearly has a lead over DAI and USDC, but they all generate ample trading volume. All of these pegged currencies are traded against Ethereum, rather than one another.
For investors looking to enter DeFi, obtaining any of these stablecoins is necessary. It remains interesting how USDC is gaining much more traction in this space. Compared to the rest of the industry opportunities, USDC isn’t used for much else. No one really knows why that is, but decentralized finance has certainly provided a lifeline to this currency.
New Currencies Rise up
Given the current state of DeFi, YFI has become a popular asset. It is the first non-stablecoin on the Uniswap list ranked by volume. Valued at over $14,000, one has to wonder how long this project can maintain its seemingly inflated status. The value of this token is much greater than the TVL on the Yearn.finance platform. Sustaining this growth – and hype – will be a major challenge.
Other interesting popular coins on Uniswap are Parsiq and Mantra Dao. Both of these projects are fairly new and generate decent liquidity already. Thanks to platforms such as Uniswap, it has become a lot easier for new tokens to find a market right away. Whether that is a good or bad thing for the industry, remains to be seen.
Some DeFi enthusiasts will be pleased to hear that YAM is still trading. More specifically, the YAMv2 token can be exchanged for Ethereum on the platform as of right now. It has over $5 million in daily trading volume too, which is fairly impressive. Considering all of the things that happened to YAM in recent weeks, it is a small miracle that people are still willing to give it a chance.
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