Boosting Trade Efficiency: XRPL’s fixReducedOffersV1 Upgrade

The “fixReducedOffersV1” amendment, which is currently in its final activation countdown phase, is about to bring about a significant improvement to the XRP Ledger (XRPL), which is nearing completion. This modification is a crucial upgrade for XRPL, signifying a step forward in resolving important concerns, notably within its Decentralized Exchange (DEX) services. It has received approval from more over 80% of the validators, signaling that it is ready for implementation.

Taking on the Challenges of the DEX: The major objective of fixReducedOffersV1 is to lessen the impact that decreased offer prices have on the order books of trades conducted on XRPL’s DEX. By ensuring that trade operations are both more visible and more efficient, the purpose of this update is to improve the overall functioning and dependability of XRPL.

Enhancing Exchange Rates This modification might result in rounding the exchange rate of a lowered offer to make it more attractive than the initial offer for takers on XRPL’s DEXs. This would be done in order to enhance exchange rates. This method could make it possible for additional matching offers to consume the decreased offer, which might eventually lead to trade situations that are more efficient and fair.

Requirements for Upgrades In order for this amendment to be successfully implemented, it is required that more than eighty percent of updates be completed within a timeframe of fourteen days. Users that depend on previous versions of rippled, notably v1.11.0 or earlier, are recommended to upgrade their systems in order to continue successfully engaging in XRPL’s ecosystem and to prevent disruptions.

Taking Action Against Unfavorable Rates In the absence of this modification, bids with very little money left over have a greater chance of being awarded considerably unfavorable exchange rates after rounding, in comparison to the value they had initially. This circumstance may make it more difficult to accept offers that are more advantageous, which would create difficulties for decentralized brokerage systems based on XRPL.

Update for XRPL v1.12.0: The correctionReducedOffersV1 was a component of the more extensive XRPL version 1.12.0 upgrade that was released in September. This update also includes many bug fixes and revisions relating to Automated Market Maker (AMM) and Clawback functionalities. Users were needed to upgrade to the most recent version in order to maintain uninterrupted interaction after this update, which was necessary for the ongoing progress of XRPL.

favorable Outlook and Security Audits: The XRPL has undergone considerable internal and external advancements, which have contributed to its more favorable outlook. Additionally, security audits have been conducted. XRPL’s prospects have been further strengthened by the conclusion of the most recent security assessment for the Xahau sidechain, which underlines the company’s commitment to maintaining high levels of security and dependability.

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DWF Ventures Explores Innovations in Perpetual DEXs Landscape

On October 11, 2023, DWF Ventures disclosed its primary investment focus on derivative protocols, particularly perpetuals, through a comprehensive Hindsight article. The piece aims to dissect the landscape of decentralized exchanges (DEXs) concerning perpetuals, shedding light on prevalent innovations in this domain.

The journey of perpetuals commenced with Bitmex introducing them in 2016. Since then, the growth trajectory has been striking, with perpetuals now embodying a whopping 97% of the crypto market trading volume. The burgeoning interest in perpetual DEXs underscores the discernible disparity between centralized exchanges (CEX) and DEXs, and the boundless growth potential inherent in perpetual DEXs.

A stark contrast exists between CEX and DEX, especially in terms of central limit order books (CLOB) and trading processes. The blockchain constraints have posed a substantial challenge in mirroring or outstripping the user-centric experience provided by CEX on DEX platforms.

Efforts are being channeled to create a decentralized “CEX experience.” Protocols like dYdX are at the forefront of replicating the Limit Order Book (LOB) model, while HyperliquidX is pushing the envelope in the decentralization spectrum.

In the vein of embracing DeFi innovation, perpprotocol emerged as a trailblazer by introducing the vAMM model. This model serves as a viable alternative for traders yearning for decentralization coupled with instant on-chain liquidity.

DriftProtocol has ventured into a hybrid approach to tackle the inherent limitations of on-chain LOB and vAMMs. This novel methodology involves routing orders through three distinct sources to achieve effective on-chain matching, bridging the gap between traditional order books and automated market makers.

A notable divergence is witnessed in the rise of Liquidity Pool (LP) models in perpetual DEXs. Spearheaded by GMX, the peer-to-pool model departs from the conventional vAMM model, providing a fresh perspective on liquidity management. is playing a pivotal role in revolutionizing the LP model by leveraging the Synthetix Debt Pool. This innovative tactic minimizes slippage by pooling and transferring liquidity across various markets, fostering a conducive environment for trading synthetic assets and perpetual futures.

The perpetual DEX landscape is ripe for continued innovation. The unique structural differences between DEXs and CEXs have spurred a wave of DeFi innovations, manifesting in models like vAMMs and liquidity pools. DWF Ventures expressed an anticipatory stance towards how each protocol would navigate the challenges and further mold the future of perpetual DEXs.

DWF Ventures’ discourse underscores the blend of decentralization and innovation as a driving force for perpetual DEX advancements. The continuous exploration and adaptation of new models signify a promising horizon for the perpetual DEX landscape, with each protocol contributing to a more robust and user-centric decentralized trading ecosystem.

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Cross-Chain Crime Hits $7B: North Korean Ties Unveiled

Elliptic, a reputable blockchain analytics entity, shed light on the expanding realm of cross-chain crime. Their 2023 report, ‘The State of Cross-chain Crime,’ delineated that an alarming $7 billion of illicit or high-risk funds have been navigated through cross-chain and cross-asset services. The report further unmasked the Lazarus Group, tied to North Korean hackers, as a notable perpetrator, orchestrating $900 million of the cross-chain crime. The findings underscore an escalating issue, exceeding prior anticipations and posing a grave concern for the blockchain domain.

Reflecting on the trajectory, Elliptic’s initial report released in October 2022 illustrated that $4.1 billion of illicit funds were laundered through decentralized exchanges, cross-chain bridges, and coin swap services up until July 2022. The analytics firm had then forecasted this figure to ascend to $6.5 billion by the end of 2023, and further to $10.5 billion by 2025. Contrary to these projections, recent data reveals an accelerated pace, with $2.7 billion being laundered between July 2022 and July 2023, signaling a surpassing of earlier estimations.

Utilizing cutting-edge research methodologies, and Holistic blockchain analytics, Elliptic has managed to unmask the true scope of cross-chain crime. The analysis divulged that sanctioned and terrorist entities are now in possession of over 80 different assets distributed across more than 26 blockchains. The report also hinted at an enhanced sophistication in laundering techniques with criminals adopting complex cross-chain methods like derivatives trading and limit orders to veil their activities.

Lazarus Group: Emerging as a Significant Cross-Chain Criminal

The Lazarus Group has been pinpointed as a major culprit, standing as the largest source of illicit funds funneled through cross-chain bridges and ranking third in overall cross-chain crime. Their actions echo a rising menace within the crypto arena, accentuating the pressing necessity for fortified security frameworks and adept blockchain analytics to counter cross-chain crime.

Dr. Tom Robinson, Co-founder and Chief Scientist at Elliptic, expressed the firm’s enduring dedication towards diminishing risks and augmenting transparency within blockchain networks by detecting and tracing illicit activities within the crypto sphere. As cross-chain crime trends upward, the imperative for innovative insights via advanced blockchain analytics is underscored to shield the industry from malicious adversaries.

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Solidus Labs Reports $2 Billion in Wash Trades on Decentralized Exchanges

Solidus Labs, a leading entity in crypto-native trade surveillance and risk monitoring, has recently unveiled that a minimum of $2 billion worth of cryptocurrency has been wash-traded on Ethereum-based decentralized exchanges (DEXs) since 2020. This revelation is part of Solidus Labs’ latest Crypto Market Manipulation Report.

The study, which analyzed around 30,000 DEX liquidity pools, found that 67% of these pools were tainted by wash traders. These traders, often executing transparent or concealed self-trades, aim to artificially influence crypto tokens’ prices or volumes. Notably, wash trading represented 16% of the total trading volume in the manipulated pools. Given the sample size, this figure is a conservative estimate of the actual volume of DEX-based wash trading.

Asaf Meir, Solidus Labs’ Founder and CEO, commented on the findings, stating, “Market manipulation remains a significant challenge within the crypto industry, especially in an era of greater regulatory scrutiny and institutional adoption.” He further emphasized the need to curb such activities for the crypto and DeFi sectors to thrive.

The report, being the second in Solidus’ series on Crypto Market Manipulation, offers detailed data and instances of the primary wash trading techniques employed by wrongdoers. One such case highlighted by Solidus involved a coordinated group of wallets that manipulated the trading of a meme token, “SHIBAFARM.” This group attracted speculators, altered its price, and subsequently defrauded those speculators, making over $2 million in the process.

While traditional markets have mechanisms to address wash trading, the responsibility for detecting and preventing it on DEXs remains a regulatory gray area. In response to this challenge, Solidus Labs has been proactive in developing tools to identify and counteract market manipulation. Their solutions, including Token Sniffer and DEX-based A-A Wash Trading Detection, are gaining traction among crypto exchanges, regulatory bodies, and investors.

Solidus Labs is known for its monitoring software, as reported by Blockchain.News, Solidus Labs announced a strategic partnership with EDX Markets on August 10, 2023. EDX Markets, a prominent crypto exchange supported by major Wall Street firms, will integrate Solidus Labs’ HALO platform to enhance its transaction monitoring. This collaboration is in line with Solidus Labs’ mission to ensure safe crypto trading across both centralized and DeFi markets. Asaf Meir, Solidus Labs’ Founder and Chief Executive, expressed pride in supporting EDX’s vision, emphasizing the importance of bridging traditional and digital finance with crypto-native risk mitigation tools. The partnership aims to set higher standards for secure and integrity-driven crypto trading.

About Solidus Labs

Solidus Labs stands at the forefront of crypto-native market integrity solutions, offering services like trade surveillance, transaction monitoring, and threat intelligence. With a vision to promote safe crypto trading across all markets, both centralized and DeFi, Solidus is a trusted partner for crypto exchanges, financial institutions, and regulators worldwide.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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Crypto Market Consolidation and Key Trends in Q2 2023

According to the CoinGecko report, the entire cryptocurrency market saw a slight increase of 0.14%, with the total market cap rising from $1.238 trillion on March 31, 2023, to $1.240 trillion on June 30, 2023. This period was characterized by a consolidation of gains, following the exuberance of Q1

Bitcoin (BTC) and Ethereum (ETH), the two leading cryptocurrencies, experienced growth during this quarter. Bitcoin prices rose by 6.9%, increasing from $28,517 to $30,481, outperforming the total crypto market cap. This growth was despite a 58.7% decline in average daily trading volume from $33.4 billion in Q1 to $13.8 billion in Q2. Ethereum also saw an increase of 6.0% in Q2, with prices hovering around $1,900.

The report also highlighted a 3.5% shrinkage in the stablecoin market, with USD Coin (USDC) and Binance USD (BUSD) being the biggest losers. In contrast, Tether (USDT) strengthened its foothold, adding 4.4% ($3.48 billion) to its market cap and ending Q2 with a 66% market share of the stablecoin market.

A significant trend in the Ethereum ecosystem was the growth of ETH staking by 30.3% in Q2 2023, reaching 23.6 million ETH staked. This represented a gain of 5.6 million and was facilitated by the enabling of withdrawals.

Despite the growing popularity of Bitcoin Ordinals, the non-fungible token (NFT) trading volume saw a 35.0% drop, from $4.84 billion in Q1 to $3.15 billion in Q2. Ethereum remained the dominant platform for NFT trading in Q2, capturing 83.0% of the volume.

Trading volumes on both centralized and decentralized exchanges fell by 43.2% and 28.1% respectively. Binance, the leading centralized exchange, saw its market share drop to 52%. In the decentralized exchange market, Uniswap maintained its dominance.

The report provides valuable insights into the crypto market landscape, including deep dives into the decentralized finance (DeFi) and NFT ecosystems, and reviews of exchange performance. These insights are crucial for understanding the trends and dynamics shaping the cryptocurrency market as it continues to evolve

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CoinMarketCap Crypto Report: Top 20 Exchanges Mark a 36% Drop in Spot Trade Volume from Previous Quarter

In the first half of 2023, the cryptocurrency market has seen significant shifts in exchange activities, according to a comprehensive analysis by CoinMarketCap. The report examines the overall health, size, and activity level of the crypto market, considering both centralized and decentralized exchanges.

The top 20 exchanges contributed $1.67 trillion in total spot trade volume in Q2 2023, marking a 36% drop compared to the previous quarter. This decline indicates a slowdown in market activities, following Q1’s active trading spurred by Bitcoin’s price doubling.

Binance maintained its dominant position in the market throughout H1 2023, with a total spot trading volume share of 59.99%. The top five exchanges, including Binance, Coinbase, and Kraken, accounted for approximately 85% of the total spot market volume.

The market continues to offer a healthy number of trading pairs and available coins, with a steady increase in new listings. Binance dominated liquidity in the large-cap space, focusing its new listings on high-quality mainstream coins.

BitForex and Bitget were among the most active in adding new coins during the memecoin season from April to June 2023.

Binance ($57 billion), OKX ($10 billion), and Bitfinex ($10 billion) exhibited the highest amount of Proof of Reserve Assets. Despite recent market FUD leading to capital outflows from Binance, the exchange still maintains a healthy amount of Proof of Reserve assets.

In H1 2023, the majority of exchange tokens achieved net positive returns, although most were unable to outperform Bitcoin (+182% YTD).

Decentralized exchanges (DEX) saw their peak trading volume in March, with a total DEX volume of $189 billion in Q2, a 24% decrease compared to Q1. Uniswap dominated the DEX market with a 57.5% market share, and its monthly volume has been on par with Coinbase’s spot volume.

The DEX to CEX ratio has increased to around 1:8, attributed to advancements in DEX products, regulatory concerns about CEX, lower gas fees, and a higher proportion of crypto-native participants.

Approximately 80% of the DEX trade volume occurred on Ethereum and its Layer2 chains in H1 2023. However, BNB has been rapidly gaining a larger share of the DEX trading market in Q2.


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What Did The SEC’s G. Gensler Say To The WaPo About Stablecoins And Evergrande?

The Chairman of the Securities Exchange Commission, Gary Gensler, showed his cards. He spoke with legacy-media-operation The Washington Post and host David Ignatius for their series “The Path Forward” and spilled the beans. We at NewsBTC saw the whole interview so you don’t have to. We selected the most crucial quotes, and present them in all their splendor for you all to read them and reach your own conclusions. 

Of course, we’re going to offer our two cents. We’re not made of steel. In general, though, you’ll get Gary Gensler’s unadulterated words. They’re shocking enough as it is.

Gary Gensler Is Looking Directly At Stablecoins

Even though host David Ignatius had no questions about stablecoins, the topic was on Gensler’s mind. The SEC’s Chair brought it up a couple of times. First, he said:

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“On something called stablecoins, and how the banking agencies–and we, too, market agencies–coordinate because these stablecoins may have attributes of investment contracts, have some attributes like banking products, but the banking authorities right now don’t have the full gamut of what they need.”

But his organization is not only thinking about stablecoins and trying to define them and isolate their attributes. They’re preparing a formal document:

“We’re working right now under the guidance of Secretary Yellen and working on a report around stablecoins, and in the world of stablecoins, I do think that there would be some help from Congress.” 

This doesn’t seem that bad. Their report could conclude that stablecoins are a useful innovation and tool that the whole financial system can benefit from, right? Wrong. This is what Gensler and the SEC think about stablecoins, and pay attention to the language:

“These stablecoins are acting almost like poker chips at the casino right now; so, add to the Wild West analogy. I mean, we’ve got a lot of casinos here in the Wild West and the poker chip is these stablecoins, you know, at the casino gaming tables.”

Things are about to get interesting for stablecoins, it seems.

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USDT market capitalization - TradingView

USDT market capitalization - TradingView

USDT Market Cap by Cryptocap | Source: USDT on

Does The SEC Want Crypto Exchanges To Register?

Look, there are no two ways about this. Gary Gensler wants all exchanges, including decentralized ones, to register with the Securities Exchange Commission. To convince them, he asks for the exchanges to come to him:

“I think it would be better–the platforms that are trading securities, the platforms that have lending products, who have what’s called “staking products,” and I’m glad to describe that for your listeners, but where you actually put a coin at the platform and you earn a return–that they come in and we sort through, figure out how best to get them within the perimeter.”

And, you might ask, what perimeter is that? Well, this quote makes it very clear:

“I think at $2 trillion, 5- or 6,000 projects, that it would be better to be inside investor-consumer protection, inside the tax compliance and anti-money laundering and financial stability.”

This goes in line with recent declarations from Gensler about the need for crypto regulation:

“Gensler believes that if the market is to grow, then it needs to embrace regulation. The SEC chairman explained that regulation would provide trust in the market, which is important if the market does not want to become irrelevant over time. “Finance is about trust, ultimately,” Gensler said. Gensler’s focus is mostly on trading platforms, given that this is where the majority (~95%) of activities in the crypto market are carried out.”

Is Gary Gensler Even a Cryptocurrency Enthusiast?

Since the new Head of the SEC once taught a class on Cryptocurrencies at MIT, people assumed he would be a pro-crypto legislator. Is he, though? Let’s read what he said about the subject specifically:

“I do think this new technology is a very interesting–and whomever she was, Satoshi Nakamoto, it’s led to change. It’s pushing at the side of central banks around the globe to reconsider how to provide payment systems. It’s pushing on the side as a catalyst for change in finance, so-called “fintech,” the intersection of new technologies and finance.”

So, a non-comital opinion. However, Gensler feels strongly about bringing cryptocurrencies into a public policy framework. So strongly, that he said, “I don’t think technologies long last outside of a social and public policy framework.” And then, “I think it’s better to bring it inside the public policy framework and ensure that we address these important public policy goals.” And later on one more time, “So, new technology is generally a good thing; it challenges the establishment. But I don’t think that new technologies really long exist outside of public policy frameworks.

Does Any Of This Have To Do With Evergrande?

Days after our report about the situation, Evergrande became one of the biggest stories of the year. We explained that the company reportedly owes $300B, and the most likely cause for all that:

“Apparently, China Evergrande was caught in a loop. The company was pre-selling apartments and using that money to fund other projects, in which they also pre-sold the apartments and the cycle started again. Evergrande bonds are suspended, and there’s a chance they won’t be active ever again. They might be worthless. The stock is near its all-time low, it has lost nearly 80% of its value this year.”

Of course, The Washington Post’s Mr. Ignatius had to bring the subject up. He said that analysts are worried that there could be “contagion in financial markets, like what we remember from 2008 and the failure of Lehman Brothers.” Then, he asked: “Are you confident that our financial markets today are protected in the event that there was such a failure, not necessarily over this company but any large company with that level of debt?” 

Gensler refused to comment on a Chinese company, that’s out of his jurisdiction. To the question, he answered:

“I do think the reforms after the 2008 crisis stood up a much stronger U.S. financial system. It doesn’t mean that there aren’t issues that we look at, at the SEC and other important regulators like the Federal Reserve and the bank regulators and CFTC, that I once was honored to chair. But I do think that we’re in better position in 2021 to absorb some of those shocks than we were prior to the ’08 crisis, but it doesn’t mean we’re isolated. Our economies are connected around the globe.”

Featured Image: Screenshoot from the interview | Charts by TradingView


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Exchange Tokens Hit New All-time Highs as Stock Traders Rush to Crypto

Some retail equities traders, frustrated with recent restrictions on stock buying on trading platforms including Robinhood, are turning their attention to centralized and decentralized cryptocurrency exchanges (CEX and DEX, respectively), according to new data. That’s helping to drive several of these exchanges’ tokens to new highs.

Last week GameStop (GME) and and other stocks involved in a battle between a short-selling hedge fund and a Reddit group captured the imagination of the general public, a battle that drove these stocks’ prices higher and squeezed the short seller.

Now, some of that buying excitement has spilled over to crypto where CEX and DEX trading volumes have risen over the past week, according to several crypto trading data sites.

Read More: After GME, Dogecoin and Bitcoin, Chinese Traders Are Betting What Will Pump Next

CEX volumes rise, taking tokens with them

Trading volumes for bitcoin futures on Binance and FTX surged over the weekend, according to data site Skew.

Source: Skew

Binance’s BNB token hit a new all-time high at $50.27 during early U.S. trading hours on Monday, while FTX’s FTT token logged a record price of $12.95 on Friday, according to data from Messari.

“ATH [all-time highs] on a few different matrices” [for BNB], Changpeng Zhao, chief executive of Binance, tweeted earlier Monday.

Through a spokesperson, Zhao told CoinDesk that Binance’s utility token’s price rally is driven by its multiple use cases.

“[BNB’s] use cases have expanded to hundreds of applications on numerous platforms and projects within the crypto ecosystem [and] these are reflected in its growing price,” said the spokesperson, quoting Zhao. “…To become a true mass-adopted application, BNB must be able to facilitate billions of transactions per day. In its current form, we still have a long way to go.”

The traffic spike last weekend pushing BNB and FTT to the record highs likely resulted from increased trading traffic by retail traders coming from the traditional stock market, according John Todaro, director of institutional research at TradeBlock. (Cryptocurrency analytics firm TradeBlock is a subsidiary of CoinDesk.)

“The recent retail trading saga has shown that trading platforms, brokerages and even exchanges can shut down aspects of the trade process without much notice,” Todaro said. “This pushed some retail traders into cryptocurrency markets, as we saw with dogecoin, xrp, and stellar lumens catching a bid on the week.”

Read More: Crypto Long & Short: GameStop, Dogecoin and a New Market Paradigm

In an effort to capitalize on the retail trading frenzy caused by the GameStop stock drama, FTX last week listed a WallStreetBets (WSB) index quarterly futures contract, named for the Reddit group involved with the GameStop drama. The basket of stocks in the contract include GameStop plus Nokia (NOK), BlackBerry (BB), AMC Entertainment (AMC) plus the iShares Silver Trust (SLV) because of recent interest in silver.

Read More: FTX Exchange Lists WallStreetBets Futures to Capitalize on Investing Movement

“FTX lists tokenized equities, so investors could also be anticipating that Robinhood users and others may switch over to FTX to continue investing in stocks without the limits that various traditional brokerages have applied on their retail users,” Todaro added.

As of press time, FTX did not respond to CoinDesk’s requests for comment.

UniSwap and SushiSwap lead way for DEXs

Activity in decentralized finance (DeFi) is on the upswing. Total January trading volume on DEXs soared to an all-time high above $50 billion. On a seven-day basis, UniSwap and SushiSwap, the two leading DEXs, took 48.8% and 23.3%, respectively, of all DEX trading volumes, according to Dune Analytics’ DEX metrics tracker.

Read More: Decentralized Exchange Volumes Hit Record Above $50B in January

Monthly trading volumes on Uniswap and Sushiswap since September 2020.

Source: Dune Analytics

“Overall, the [crypto] market has had a lot of volume increased, both on CEX and DeFi,” Peter Chan, lead quant trader at Hong Kong-based OneBit Quant, told CoinDesk. He credits growing trade volume on SushiSwap for its SUSHI token’s price surge.

At the same time, Uniswap (UNI) and SushiSwap tokens exceeded their previous high prices, on Jan 31. and Feb. 1, respectively, according to data from Messari’s decentralized finance tracker.

Retail traders appear to be driving at least part of the price movement. The number of Google searches for “Uniswap,” the biggest decentralized exchange by market cap, is almost as high as during last year’s “DeFi summer” boom. That is an indicator of retail demand for DEXs, according to TradeBlock’s weekly newsletter of Feb. 1. It also reflects some retail traders’ growing concerns regarding centralized trading platforms, with more people wanting to learn about decentralized exchanges such as Uniswap.

Uniswap Google search interest over time.

Source: TradeBlock

“Within DeFi, arguably the most ostensible applications in the sector are the DEXs [such as] Uniswap and SushiSwap,” Todaro said. “As the sector heats up, UNI and SUSHI have been the primary benefactors as they are the most visible.”



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The Age of Uniswap: DEX Volume Grows 1100x Year-Over-Year

The greater DeFi category has given birth to a variety of cryptocurrency market winners over the last year or so, but few have become as dominant as Uniswap.

Not only has the related UNI token performed incredibly well itself, Uniswap’s dominance has resulted in DEX volume growing more than 1,000 times from this point last year until now. What’s behind this explosive trend, and when – if ever – will it come to an end?

DEX Trading Volume Grows More Than 1000x In The Last Year

The “DeFi summer” of 2020 put the category on the map, and gave birth to the next wave of altcoin all-stars. During the tail end of the ultra-hot trend, Uniswap debuted its UNI token, which has since risen 700% from its November low.

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Related Reading | Millions Learn About DeFi From Wheel Of Fortune Contestant

Demand for the token is soaring, signaling that there’s magic happening on the platform itself, and investors know it.

Uniswap dominates all other DEX platforms, driving the 1100% increase | Source: Dune Analytics

Uniswap has not only experienced rising trading volume as a result, total decentralized exchange (DEX) volumes have grown by over 1,100x from one year ago from $39.5 million, to $43.5 billion, according to the most recent monthly report from Arcane Research.

All major platforms ballooned from rising crypto market interest, but few have dominated like Uniswap has. Of January’s decentralized exchange volume breakdown, Uniswap represents 46% of the total volume, or nearly $20 billion.

The platform represents nearly half of all DEX volume | Source: Arcane Research

Decentralized exchanges such as Uniswap, allow investors to quickly and easily swap one token for another, all through a privately-owned Ethereum wallet.

The Rise And Dominance Of DeFi Platform Uniswap

Exchanges of this nature have existed for some time, but Uniswap’s unique take, Unicorn logo, and vibrant colors provided the allure that attracted investors to begin actually using them.

The brand power of Uniswap and the fact that it is thriving as a platform has put its native UNI token in similar demand. The buying frenzy has taken the token to as high as $13, up from under $1 per token.

uniswap uni defi

uniswap uni defi

Uniswap is up over 700% from the November low | Source: UNIUSDT on

A large portion of UNI tokens were initially given away for free. At the time, worth roughly $3 per token, the 400 free UNI were essentially the cryptocurrency market’s form of a stimulus check.

Related Reading | Altcoin Expert: Buy Crypto That Holds Up During Bitcoin Breakdown

What it stimulated, however, was the platform and token’s longevity, and cemented it as a major contender in the DeFi space. Decentralized exchange volume’s 1,100x year-over-year growth is proof of its impact, and it only just the beginning for the young, budding brand.

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