![Uniswap [UNI] becomes leading DeFi DEX but here’s the issue](https://news4global.website/wp-content/uploads/2022/07/post-it-notes-gfc1dba4b1_1280-1000x600.jpg)
The recent crypto credit crisis has shown the resilience of DeFi protocols as opposed to centralized lenders. Among those is Uniswap which has managed to stay afloat in these intense market conditions.
Up and away
Uniswap took big blows during the recent crypto winter much akin to the broader crypto industry.
But it has started to grow during the current relief period with promising data at hand. More recently, it was found that the market share of Uniswap in relation to Coinbase has approached a 50/50 split.
Recently, Uniswap eclipsed Curve as DeFi’s DEX with the highest Total Value Locked (TVL). Uniswap is the current leading DeFi DEX after surpassing Curve Finance. Interestingly, Curve had been leading this metric for more than a year until May when it suffered huge losses.
Since the beginning of May, Uniswap’s TVL has dropped by 24% as compared to Curve’s fall of 69%. This hints at massive withdrawals on Curve during the crash which eventually helped Uniswap.
Source: IntoTheBlock
Another area of dominance for Uniswap is shown in the volume processed by Ethereum DEXes.
The sum of Uniswap V2 and V3 makes up 65% of the total Ethereum DEXes market. This amounts to around $9.6 billion being processed on the protocol in the last seven days alone.
Source: IntoTheBlock
Now comes the total protocol revenue of Uniswap since July 2021. While the month is yet to end, an evident downtrend is at hand here after the May 2022 crash.
This also signals the tumbling conditions of DeFi DEXes during the crypto winter.
Source: IntoTheBlock
Wait, that’s not all
Uniswap is starting to be heavily used among whales recently as per WhaleStats. According to an update, Uniswap became one of the most used smart contracts among the top 1000 Binance whales on 24 July.
The UNI token is, however, not showing positive growth in the past week.
The native token has dropped by 1.97% in the last seven days to trade at $7.01 at press time. This comes despite a relief rally in the market.
