- A new report confirms Uniswap’s dominance over other order books and AMM.
- Despite the dominance, activity on Uniswap and revenue generated on the network have taken a hit.
lately Transfer By Delphi Digital reported that Uniswap with Curve has outperformed AMMs (Automated Market Makers) and order books in terms of market capitalization and volume.
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Despite the volatility of the cryptocurrency market in recent months, Uniswap has managed to maintain its market dominance.
The data indicated that the two largest AMMs (Uniswap and Curve) have captured more than 60% of the entire market share by volume.
Source: Delphi Digital
Uniswap’s recent growth in size can be attributed to the increased activity that Uniswap is seeing on the social front.
According to data from LunarCrush, the number of social mentions and contributors to Uniswap has seen an exponential increase during the bear market.
This rise in mentions and contributors along with the launch of Uniswap’s NFT marketplace may be one of the reasons why the network continues to maintain its prominent position in the crypto market.
Why do you think that is
🧐 Insights: https://t.co/bKSydQkXtx pic.twitter.com/hkKEtVvFij
– LunarCrush (LunarCrush) December 21, 2022
Beyond the hype
Although Uniswap has managed to grow despite the volatility of the market, there is a possibility that things could take a turn for the worse.
One indication of the opportunity could be the decline in interest in Uniswap’s NFT market.
There was a lot of excitement surrounding Uniswap during its market launch. However, over time, the number of daily sales and users on the Uniswap NFT platform has decreased significantly.
According to data from Dune Analytics, the number of unique daily NFT sales on Uniswap decreased from 446 to 32 over the course of three weeks.
Another sign that Uniswap may be struggling to maintain its dominance is declining UNI and TVL revenues. According to Messari data, the revenue collected by Uniswap has decreased by 45.38% in the last 30 days.
At the time of publication, the total revenue collected by Uniswap is $2.70 million. Well, in the case of TVL, Uniswap felt the effects of the bear market. In the past 3 months, Uniswap’s total TVL has dropped from 3.1 billion to 2.4 billion.
Additionally, according to Santiment data, UNI’s daily active addresses have dropped significantly over the past month. Besides, his speed also decreased. Thus, indicating that the frequency of exchanging UNIs between addresses has decreased.
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However, at the time of writing, UNI was trading at $5.32 and its price was up 0.52% over the past 24 hours.