Report said that DEX Uniswap Protocol made waves by becoming the first project to exceed $3 billion in TVL. For now, it has fallen to $1.7 billion.
It has been reported that the DeFi market also had a wild year as the total value locked (TVL) in the sector grew 20 fold to surpass $14 billion.
However, the UNI token is also enjoying an uptrend, trading at $5 after a 43% rally over the past week. Currently, UNI is the 22nd largest cryptocurrency with a market cap of $1.34 billion.
The report said that after the “breakout year,” Uniswap is now working on V3 to improve automated market-making (AMM). In its 2021 roadmap, the team shared that they will be exploring scaling solutions for faster and cheaper transactions, with an emphasis on governance.
The team stated:
“V3’s design is driven by a desire to drastically improve the AMM experience for both swappers and LPs, increasing capital efficiency and flexibility while introducing superior execution.”
Likewise, the team also shared a review of 2020, a year in which the Uniswap V2 was launched bringing in support for arbitrary ERC20/ERC20 pairs and flash swaps that has generated $4.8 bln in volume since then, producing $14.4 mln in LP fees.
In the entire last year, the decentralized exchange recorded $58 bln in volume, up 15,000% from 2019’s $390 mln. Uniswap even passed Coinbase on weekly volume.
Thus, over 68,000 unique addresses are currently providing $2bn in liquidity across 27,000 unique trading pairs on the platform.
Source: Bitcoin Exchange Guide