Uniswap V3 trading volume and fees rise 22% in 24 hours.
All markets are rebounding, says Uniswap v3. The leading decentralized exchange shows an increase in trade volume, fees, and TVL, indicating trust. ETH, USDC, and WBTC are the most traded currencies.
Uniswap V3 Soars
Since mid-2021, the severe crypto market trend has affected all platforms, protocols, and service providers. This impacts decentralized exchanges like Uniswap, where people deposit funds to gain trading fees. Overall DEX volume has declined, which isn't surprising.
The crypto markets' resurgence is welcome. Ethereum gained nearly 40% this week. Bitcoin has crossed $22,000 after a long period, which often boosts other currencies. As Uniswap V3 is mostly Ethereum-based (it also works on Arbitrum, Polygon, Optimism, and Celo), Ethereum's bullish momentum will boost its native DApps.
24 hours have been important for Uniswap V3. A 25% increase in daily volume is welcome. Uniswap V2 is still a popular trading platform, albeit lacking V3's efficiency. Uniswap V2 still has a lot of liquidity that hasn't transferred to the newer version.
The protocol's daily costs grew by 22.15 percent to $2 million. Total Value Locked on Uniswap V3 rose 2.61 percent to $4.27 billion. The $5.27 billion high won't be reached until April 2022. Uniswap to surpass $5 billion in TVL, despite market uncertainty.
What's USDT's volume?
USDT volume on Ethereum is decreasing, which is noteworthy. The greatest stablecoin by market cap is on many blockchains. Uniswap V3's Ethereum-based volume is above $186 million. Its TVL, $188.46 million, seems low.
DAI has greater liquidity than USDT, which hasn't surpassed $78 million in volume. USD Coin has overtaken Tether USD in this aspect (USDC). USDC's liquidity and 24-hour volume total $1.3 billion. It's second behind Ethereum, despite having twice as much TVL.
Wrapped BTC (WBTC) on Uniswap V3 remains popular. Its $288 million daily volume is far higher than USDT and DAI. WBTC scores well in WBTC/ETH, although it's much behind USDC/ETH.