Report said that Uniswap v3 is now the second-largest Ethereum-based decentralized exchange (DEX) by volume, ranking only behind Uniswap v2.
It has been reported that Uniswap v3 has already overtaken SushiSwap to rank as the second-largest DEX by trade volume, as on May 20, Ryan Watkins of crypto data aggregator Messari noted that v3 had hosted 81% of the volume hosted by v2 over 24 hours earlier this week.
However, the researcher shared data showing that as of May 16, v3 had processed 15% more weekly volume than major Ethereum-based DEX SushiSwap, beating out Sushi’s $5.6 billion with $6.5 billion.
The report said that 0x ranked behind SushiSwap with $3 billion, followed by Curve with $1.9 billion, and Balancer with $1.2 billion. With v3 coming within reach of v2’s daily volume despite only holding 15% of the total value locked (TVL), v3 appears to be realizing its mission of increased capital efficiency.
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Watkins said that v3 is the only automated market maker that turns over more than 100% of its $900 million TVL each day, beating out its rivals by more than 400%. V3’s turnover is equal to 104% of the platform’s TVL, Uniswap v2 ranks second with 20%, followed by SushiSwap with 16%, Bancor with 6%, and Balancer with 5%.
Likewise, the combined market share of v2 and v3 suggests Uniswap now represents more than 60% of all Ethereum-based DEX trade.
The early success of Uniswap V3 plus the continued dominance of Uniswap V2 has led to Uniswap increasing its market share to a new 2021 high of 61%. pic.twitter.com/LBAvs1wmgB — Ryan Watkins (@RyanWatkins_) May 19, 2021
Hayden Adams, the founder of Uniswap, tweeted that v3’s daily volume surged to 3.3 times its $900 TVL amid yesterday’s frenzied crash that saw Bitcoin test support at roughly $30,000, with v3 processing more than $2.6 billion worth of trades in 24 hours — beating out its previous record by more than $1 billion. He added that layer-two scaling is next on v3’s roadmap to lower fees for users.
1/ 🤯 Crazy day in crypto (especially for all the newbies). How did @Uniswap perform? ✅ No down time, unlike most CEX, although fees were high 🚀 Insane all time high daily volume of ~$6.3b 3⃣ ~$2.7b volume in 2 week old Uniswap v3 on only ~$900m TVL (3.3x vol/TVL) — Hayden Adams 🦄 (@haydenzadams) May 20, 2021
Uniswap v3’s volume initially appeared to have bolstered by the speculative dog-token frenzy that briefly gripped the markets in early May, with the Ether/Shiba Inu ($SHIB) pairing ranking as v3’s dominant pair by fees generated and a total number of trades and third by weekly volume five days after the platform’s launch.
Thus, Akita Inu ($AKITA) and Dogelon Mars ($ELON) also ranked fifth and sixth by total number of trades.