Uniswap

Uniswap X, the permissionless and open-source protocol for trading across Automated Market Makers (AMMs) and other liquidity sources, has reached a milestone, with its cumulative trading volume surpassing $1 billion since its launch in July this year.
Market makers Wintermute and Tokka Labs have consistently dominated, accounting for 60%-80% of the daily trading volume.
<h2 id="new-fillers-taking-over-on-uniswap-x">New Fillers Taking Over On Uniswap X</h2>
Despite the current <a href="https://coingape.com/glossary/defi-decentralized-finance/" target="_blank" rel="noopener noreferrer nofollow">Defi</a> market domination, there is room for new and different players to emerge on top. In a noteworthy event, a recently onboarded Filler on Uniswap X claimed the top spot within the past month.
Currently, there are 15 active Fillers, with 4 more onboarding. The competition among Fillers is intensifying, raising questions about the optimal number of Fillers to achieve the best price and the shortest transaction time.
In the last month, a new Filler disrupted the status quo by capturing over 50% of the volume since its onboarding, dramatically reducing the 2nd filler’s share from 90% at the launch to approximately 20%. The 3rd Filler also commands around 20% of the trading volume, and notably, all three top performers are market makers.
<figure id="attachment_166011" aria-describedby="caption-attachment-166011" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="wp-image-166011" src="https://coingape.com/wp-content/uploads/2023/11/F_u2sWZb0AAVJ8X.jpg" alt="uniswapx filler volume navigator chart" width="750" height="294" srcset="https://coingape.com/wp-content/uploads/2023/11/F_u2sWZb0AAVJ8X.jpg 1966w, https://coingape.com/wp-content/uploads/2023/11/F_u2sWZb0AAVJ8X-300x117.jpg 300w, https://coingape.com/wp-content/uploads/2023/11/F_u2sWZb0AAVJ8X-1224x479.jpg 1224w, https://coingape.com/wp-content/uploads/2023/11/F_u2sWZb0AAVJ8X-768x301.jpg 768w, https://coingape.com/wp-content/uploads/2023/11/F_u2sWZb0AAVJ8X-1536x602.jpg 1536w, https://coingape.com/wp-content/uploads/2023/11/F_u2sWZb0AAVJ8X-150x59.jpg 150w" sizes="(max-width: 750px) 100vw, 750px">
 <figcaption id="caption-attachment-166011" class="wp-caption-text">
 Source: X
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A market observer and an X user initiated the conversation by sharing a spicy take, questioning the competitiveness of pricing when just a few market makers supply a significant portion of the volume. The ongoing criticism of Request for Quote (RFQ) in DeFi, where 2-3 market makers often dominate volume, raises intriguing considerations about the overall competitiveness of pricing.
Also Read: <a href="https://coingape.com/bitmex-founder-arthur-hayes-predicts-impending-btc-price-rally/" target="_blank" rel="noopener noreferrer nofollow">BitMEX Founder Arthur Hayes Predicts Impending BTC Price Rally, Here’s Why</a>
<h2 id="uniswap-surges-as-defi-market-hits-14-month-high">Uniswap Surges As Defi Market Hits 14-Month High</h2>
Since the latest crypto bullish wave, Uniswap (UNI) has been the best-performing top coin. Over the last seven days, the <a href="https://coingape.com/price/uniswap/" target="_blank" rel="noopener noreferrer nofollow">Uniswap price</a> has increased by around 24%, from roughly $5.09 to $6.35.
The transaction lifted UNI’s market value to $4.8 billion, its highest level since August. UNI is currently valued more than Bitcoin Cash (BCH), but it is still 86% less than its all-time high, which reached its peak in 2021.
Additionally, it has been seen that <a href="https://coingape.com/glossary/token/" target="_blank" rel="noopener noreferrer nofollow">token</a> holders are cutting out a profit after the price jump. As per Lookonchain data, user stevu.eth withdrew a substantial amount of UNI tokens from Binance, holding a sizable amount valued at $3.18 million.
Talking about the whole Defi market, the ecosystem is blooming. As of November 2023, the total Defi market cap resides at $58 billion according to TradingView data. The Defi market hit the valuation 14 months after the previous Defi bubble in 2022.
Also Read: <a href="https://coingape.com/elon-musk-x-faces-potential-75-mln-ad-revenue-loss-major-brands-exiting/" target="_blank" rel="noopener noreferrer nofollow">Elon Musk’s X Faces Potential $75 Mln Ad Revenue Loss Amid Major Brands Exiting</a>
The post <a rel="noopener noreferrer nofollow" href="https://coingape.com/uniswap-x-surpasses-1-bln-trading-volume-since-july/">Uniswap X Surpasses $1 Bln In Trading Volume, UNI Price Up 24%</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coingape.com">CoinGape</a>.

Uniswap X Surpasses $1 Bln In Trading Volume, UNI Price Up 24%

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