Uniswap Becomes Largest DeFi Protocol With Over $2 Billion TVL

Unicorn uniswap

Fresh data on DeF Pulse reveals that Uniswap has become the first DeFi protocol to hit $2.08 billion in total value locked (TVL). This makes the popular decentralized exchange the largest DeFi project at the time of writing.

From a current circulating supply of 110.5 million ETH, Uniswap now has a total of 2.9M ETH (2.58%) locked while MakerDAO is closely behind with 2.8M ETH (2.52%) and $1.97 billion TVL. 

Uniswap is the largest fully decentralized exchange for automated inequity based on Ethereum. The DEX allows for the exchange of ERC20 tokens and converting ETH to ERC20, and vice-versa without an intermediary.

Uniswap has Ether (ETH), Tether (USDT), and Wrapped Bitcoin (WBTC) as it topped three tokens by liquidity. The feat of ranking first in the list of DeFi protocols with a significant TVL of over $2 billion came after the exchange has recorded other achievements.

Recently, Uniswap launched four ETH-based liquidity pools and corresponding UNI token. Currently, the four ETH-based pools own more than $ 1.6 billion, and over $ 800 million in ETH. 

After airdropping its native token UNI, to historic users earlier this month, the value of the cryptocurrency grew from zero to over $8. However, UNI retraced after the frenzy and is currently trading around 4.70.

Despite intimidating gas fees on the Ethereum network, Uniswap continues to record massive growth in terms of daily volumes. In August, the DEX saw more trading volume than US-based crypto exchanges like Binance US, Gemini, and Poloniex combined.

The daily volume on Uniswap over the last 24 hours was more than $249 million.

See also: Survey: 40% of DeFi Yield Farmers Can’t Read Smart Contracts and Associated Risks

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