Uniswap is the largest DeFi platform by total blocked value and trading volume between DEXes.
As of September 29, 2020, (8:00 UTC), the total amount blocked in the DeFi protocols was about $11.11 billion. The dominant platforms with the largest TVL are Uniswap, Maker, Aave and Curve Finance, all of which have more than $1 billion in assets blocked in the Ethereum blockchain.
But among decentralized exchanges (DEXes), Uniswap has the highest value on TVL, almost 50%.
DeFi Pulse, which tracks data in the Decentralized Finance (DeFi) space, indicates that $4.2 billion is blocked in DEXes. Of that amount, Ethereum-based Uniswap has $2.07 and a dominance rate of 49.47%.
Curve Finance has the next highest blocked at $1.23 billion, followed by Balancer at $486 million.
The Uniswap Sushiswap clone, which threatened to overtake the former through its „vampire mining“ approach, fell to fourth place with about $389 million in blocked assets. Sushiswap accounted for more than $1.4 billion of the ecosystem’s TVL at its peak in mid-September.
Largest DEX by volume
The increase in the total blocked value at Uniswap coincided with the launch of its UNI governance token, with an increase in turnover observed in the last two weeks. At the moment, Uniswap is the largest DEX per trading volume.
According to blockchain company Dune Analytics, decentralized trading space grew by over 150% last month and over 23% in the last 24 hours. In the period, turnover reached $24.11 billion in 30 days and more than $3.7 billion in the last 7 days.
In the last 7 days, Uniswap turnover exceeded $2.4 billion, or more than 63% of all DEX turnover. Curve Finance is the second largest DEX in 7-day turnover, with about $872 million, or 23.1%.
The market action for the UNI token is not as good for the bulls at the moment. According to CoinMarketCap, the UNI/USD pair is trading around $4.19, down 14% in the last 24 hours and about 2% in the last 7 days. The token traded up $8.6 at Coinbase on September 20 before falling to a low of $3.7 following the crypto market trend last week.
Currently bulls are facing a difficult hurdle around $5.5, above which a new test of all-time highs remains possible.