DEX Trading Volume Surges by 9% in 24 Hours, Uniswap Leads the Way
The DEX trading volume has experienced a significant surge over the past week, with a notable uptick in the last 24 hours. Leading the way is decentralized exchange Uniswap, which has noted substantial trading activity. This has contributed to the overall hike in volume and a rise in its total value locked (TVL).
According to data from CoinGecko, the DEX trading volume surged by over 9% in the last 24 hours alone. The total trading volume surpassed $544 trillion at the time of writing. Uniswap has been the most dominant player in the decentralized exchange space, recording over $10 billion in trading volume over the past week.
Uniswap’s 24-hour trading volume stood at over $1.8 billion at press time. In tandem with the rise in DEX trading volume, Uniswap has also seen a hike in its total value locked (TVL). At the time of writing, Uniswap’s TVL seemed to be approaching $5 billion, with data showing it had a value of $4.9 billion.
This uptick in TVL aligned with the recent surge in trading activity. The spike in trading volume and TVL comes at a time when Uniswap has announced the launch of its Layer 2 (L2) solution. This launch is expected to further boost trading volume and attract more liquidity to the platform as users take advantage of the improved scalability and lower transaction fees that L2 solutions offer.
The rise in DEX trading volume, particularly driven by Uniswap, highlights the increasing demand for decentralized finance (DeFi) services. As Uniswap continues to dominate the market and improve its infrastructure with Layer 2 solutions, its trading volume and TVL are likely to see further growth.
