Uniswap v3 Is Now The Second Largest Ethereum-Based DEX By Volume

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.

There are new opportunities for blockchain startups. Nervos and CMB International are raising funds for businesses to build platforms on their network. https://t.co/5gOZ0v3Y0C

- Cointelegraph (@Cointelegraph) May 20, 2021

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 downtime, 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 a total number of trades.

Source: Cointelegraph | Image: Oriental Trading Disclaimer