Metrics

Uniswap V3 Trading Volume And Generated Fees Rise By Over 22% In 24 Hours

Uniswap v3 notes strong momentum, with all markets rebounding. The leading decentralized exchange sees an influx of trading volume, fees, and TVL, which somewhat confirms that confidence has been restored. Moreover, ETH, USDC, and WBTC remain the three currencies with the most trading volume.

Uniswap V3 Is Soaring Again

The brutal crypto market trend since mid-2021 has caused significant repercussions for all platforms, protocols, and service providers. That also affects decentralized exchanges like Uniswap, where people often deposit funds into liquidity pools to earn a share of trading fees. However, overall volume on DEXes dropped significantly in recent months, which isn’t entirely surprising either. 

Thankfully, the crypto markets see a rebound, which is a welcome sign. The big mover is Ethereum, which recovered over 40% in lost value this week alone. Additionally, Bitcoin has surpassed $22,000 again after a tedious period, which often paves the way for other currencies to become more bullish. As Uniswap V3 is mainly Ethereum-based – although it runs on Arbitrum, Polygon, Optimism, and Celo too – bullish momentum for the Ethereum network will lead to a renewed interest in its native DApps.

For Uniswap V3, the past 24 hours have proven prominent. A 25% increase in daily trading volume is always welcome. However, one must consider that Uniswap V2 is still a popular trading platform, too, even if it does not offer the same efficiencies that V3 brings to the table. Additionally, there is still tremendous liquidity on Uniswap V2 that never migrated to the newer version of the protocol. 

Furthermore, the protocol generated over $2 million in daily fees again, representing a 22.15% gain. Last but not least, the Total Value Locked on Uniswap V3 hit $4.27 billion, a 2.61% increase. It will take a while to reach the peak at $5.27 billion again, noted in April 2022. It is not impossible for Uniswap to surpass $5 billion in TVL again, although there is still some market uncertainty to deal with. 

Where Is The USDT Volume?

One interesting development is how USDT volume on Ethereum continues to decrease. More specifically, the largest stablecoin by market cap is accessible across various blockchains. However, its Ethereum-based volume – and more specifically, that on Uniswap V3 – sits at just over $186 million. Moreover, its TVL is $188.46 million, which seems pretty low. 

Volume-wise, USDT remains ahead of DAI – which has yet to surpass $78 million – but DAI has far more liquidity at over $938 million. Tether USD is a very intriguing creature in this regard, but it has clearly been surpassed by USD Coin (USDC). More specifically, USDC has $1.3 billion in liquidity and $1.31 billion in 24-hour volume. It is second behind only Ethereum, even if USDC has nearly twice ETH’s TVL. 

It is also intriguing to see the ongoing popularity of Wrapped BTC (WBTC) on Uniswap V3. Its daily volume of over $288 million is well ahead of USDT and DAI, and well ahead of anything else. WBTC also ranks well in the WBTC/ETH liquidity pool, although it is far behind USDC/ETH.


None of the information on this website is investment or financial advice and does not necessarily reflect the views of CryptoMode or the author. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. Always conduct your research before making financial commitments, especially with third-party reviews, presales, and other opportunities.

JP Buntinx

JP Buntinx has been writing about cryptocurrency since 2012. His interest in crypto, blockchain, fintech, and finance allows him to cover a broad range of different topics.

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