In the last few days the activity level of Uniswap has seen an overwhelming increase.
Records from on-chain analytics firm IntoTheBlock show that several indicators are reaching new milestones at Uniswap.
The log’s total daily traded volume increased 43% over the past two days. January 25th closed with a trading volume of just under 925 million US dollars.
Even without the liquidity incentives, @UniswapProtocol’s growth cannot be called into question.
In the last 15 days:
– Trading volume of USD 12.7 billion (average> 800 mm daily)
– Fees of $ 36.543 million (average 2.43 daily)
– Liquidity increased to $ 3.6 billion (up 24%). Pic.twitter.com/C9Zx135nOz
– IntoTheBlock (@intotheblock) January 25, 2021
That surge was accompanied by a similar move in Uniswap transaction fees – more than double that of Bitcoin.
Data from fee tracker Crypto Fees shows that transactions made on Uniswap account for around a quarter of the total fees on the Ethereum network. The total amount of fees paid for January 25th was $ 2.77 million.
The high gas prices recorded during this period show the unwavering willingness of traders to participate in the market at any price.
While Uniswap’s liquidity has surged over $ 3.5 billion, its pool of exchangeable funds has grown 63% year-to-date.
After the price of Ethereum spiked to new highs, Uniswap and Aave appear to have lagged behind the smart contract token as they entered the high-level discussion topics on social media platforms.
Data from Santiment shows that UNI ranks third among topics of interest to crypto enthusiasts. The native Uniswap token UNI came third, shortly after Aave and Ethereum on this list.
The recent Ethereum performance seems to have sparked that interest in related tokens. In the meantime, DeFi also took fourth place after UNI. The DeFi ecosystem, which is primarily present in the Ethereum network, is making up most of the exponential growth in interest in the smart contract token. This has added immensely to its overall value as some believe it could lead to a parabolic spike in ETH prices.
UNI Social Volume: Santiment
A closer look at the social volume metric for UNI explains the increasing engagements that began on Sunday. The volume, which stands at 62 points, corresponds to the recent surge in UNI price to $ 13 before being slightly traced back.
UNI is one of the many DeFi tokens that have seen significant gains in this bullish market. UNI closed just over $ 5 in 2020, posting an impressive 136% gain to $ 12.26.
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